Lesson 1: Don’t place all your eggs in one basket. Although necessary, risk should never be painstaking.
Fortunately, my investment was cash-flowing and I officially became an entrepreneur.
High on investing, I planned to move forward with another deal. What does a motivated entrepreneur do? Find money.
I didn’t hesitate to ask for a loan. Friends, family, banks. Denied, denied, DENIED. I had no investor network, minimal investment history, and an average income. In short, I had no lending credibility.
Lesson 2: No one is obligated to give you money. Earn it with work, knowledge, associations, and credibility.
My goal remained delayed until a networking event inspired change. A speaker intently spoke about the ease of business funding. Moreover, he claimed effort and resourcefulness separated the haves from the have-nots.
Sounded great, so I investigated.
Google searches really make dreams come true. A few key words went a long way. Aspiring and seasoned entrepreneurs were accessing large sums of money I formerly thought were hard to reach.
‘Creative financing’ became my favorite phrase:
- business credit
- cash-out refinancing
- master leasing
- seller financing
All methods I now considered options.
Lesson 3: Take advantage of free resources. Things like internet searches, downloadable documents, and networking events accelerate your efforts.
Back in action, ready for a deal. Yes! I just knew I’d have more properties in no time. Unfortunately, it wasn’t that simple. I kept running into properties that didn’t pan out. I couldn’t believe it! I had financing options with no deals to close. Then I realized why I was stuck, AGAIN.
Solely focused on financing, I placed no effort in actively pursuing a deal. At the time, I figured I had to achieve one goal before beginning on another.
Lesson 4: Success is not linear. Work on your goals simultaneously to maximize on time and efficiency.
Had I owned this mindset, I would’ve closed on my next deal sooner.
Lesson 5: JUST GET STARTED, embrace risk. Never stray away from pursuing what you want regardless of the challenge.
Things may not happen as planned. Commit to the end-goal and you will earn the result you desire.