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Interest Rates

Interest Rates

With interest rates going up and houses being sold at the top of the market, the biggest question right now is, “Is it too late for me to become a successful real estate investor?” The answer to that is a definitive no.

For some reason investors forget this but the reason behind someone’s need to sell a property could be as follows,

  • Death

  • Debt

  • Sickness

  • Serious illness

  • Divorce

  • Retirement

  • Inheritance

  • Estate taxes

  • Unpaid income taxes

  • And many more.

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One of the key secrets that people seem to forget is, what you do for a living isn’t who you are. You might be an engineer, school teacher, or a factory worker. When someone asks, “What do you do?” You should not tell them what you do for a living, instead say, “I’m a real estate investor, do you know anybody that’s looking to buy or sell a property in the near future?”

You become what you say you are, to become a successful real estate investor everybody in your network needs to know that’s what you do. You’ll start getting phone calls from individuals asking for your help in getting rid of a property or asking for your help in acquiring a property.

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This does not require you to be a licensed real estate agent. You have to be an agent if you’re assisting someone in buying or selling a property and making a fee or commission off the sale or purchase of that property, meaning you are the buyer of the property, or you are the seller of the property. Some things that many people don’t do are simple and obvious, like having business cards with your details on them so people can get back with you.

You also should have a website that describes what you do. Helping people in need is a great honor and gives a lot of satisfaction as well. When people go into assisted living care, memory care, or a nursing home they will usually sell their house in short order to help pay expenses. Our current market, with the fed raising interest rates, will have a chilling effect. A counterbalance of that which we are also experiencing is runaway inflation. Food, gasoline, and other commodities have almost doubled in the last year and a half. The need for rental properties is going to go up dramatically because the number of people who qualify for a mortgage will be going down. The chance of finding good tenants in the future is very high. Timing is everything, don’t be discouraged by what you see on the news. In fact, why watch the news? Why don’t you go make your own news and call it your success story as a real estate investor?

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Areas of Review

Takeaway

Big picture takeaway points

  1. A business is created to fulfill a need.
  2. Is the business created to make money or create a new lifestyle?
  3. The right mindset is key to being successful in any venture.

Reflection

Self-reflection questions to think more about the content

  1. What is the “why” behind my business?
  2. What do I consider my current mindset to be and am I doing everything I can to change it if needed?
  3. What is my plan for making the most efficient use of my time in order to grow my business?

Legacy’s Building Wealth Club offers you the financial education needed to pursue your goals. Let our education and experience lead the way!

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