I am hearing lots of chatter about a CRASH! For some, that means the real estate market, for others the stock market. Frankly, I see both coming to into a period of significant adjustment.
WHEN (not if) these things happen, how will you react? Are you the type of person that will lead or falter? I for one, intend to lead (big shocker huh). Our reaction to market fluctuations is what determines our individual financial and emotional outcome. I hear lots of people talking about how they “missed” the last “down” market. These people generally continue on to complain about how they can’t find a deal because the market is just “too hot”. While I agree that the number of properties that are “for sale” have diminished, that does not mean that all opportunity is lost.
Step one: Forget about the term “market”, this word is grossly over-used almost to the point of abuse. The market is an intangible, you can’t touch it, smell it, see it or any of that. Instead of focusing on what can only be described as a ghost, focus on solving problems instead.
Clues in the news is a phrase I first heard from The Real Estate Guys Radio show, they teach their listeners to watch what goes on in the news to discover trends. Today, we hear lots of talk regarding fake news, that meaning dishonest or inaccurate reporting by the press. I agree that much of what is reported by the media is tweaked to make it more interesting or engaging, sometimes totally inaccurate for a myriad of reasons that are far to complex for this blog post.
On my YouTube Channel, I just posted a new video on how to use the local news (small newspapers) to find leads, head over there to check out that video here: https://youtu.be/-5ce1Gpp0Ew
Followers tend to get nervous, stop buying or flat-out panic at reports of market fluctuations. This includes investors, bankers, Realtors and other trades in the industry.
Leaders position themselves to buy and conquer when there is “blood in the streets” as Warren Buffet says. By “position” I mean by working overtime now to raise capital from other investors, building your team, building your database and honing your skills.
Change is coming for sure, however, that does not have to be a bad thing. I for one am excited about the coming market fluctuations mainly because the overreaction of others will make me a fortune as an owner of lots of Multi-Family real estate.
In my 12 week program the Mailbox Money Mastermind, we deep dive into the skills revolving around “how can I keep this”. By this, I mean learning how to structure creative acquisition deals that don’t involve banks. When the last market correction happened, banks pulled up the welcome mat and stored it in the janitor’s closet. Those reliant on banks and credit cards wound up in a serious pickle.
By taking the time to master the art of creative deal structure now when the music stops later, a chair will remain for you because you have learned and applied new skills. If you want to learn more about the Mailbox Money Mastermind you can do so at http://MailboxMoneyMastermind.com