Procrastination! frustration! irritation! They say that communication is the response you get so I thought perhaps there was someone out there that can see something that I have missed.
In brief, 4 years ago I quite my J.O.B.(Senior Management and very well paid) to begin a business with my fiance, that business today is doing very well (Business Brokerage) At the time I thought I was doing the right thing to move forward and get out of the rat race. Two years ago I started yet another journey and that was to begin my education in investing. I started with a Peter Spann seminar, followed by the manadatory gathering of graduates each month for the min required period before we all realised we were going nowhere, then I went to a seminar with Brad Sugars and off we went to his Entrepreneur training that cost (what seemed to be at the time) a small fortune. We sold our house to take that action. Whilst the week long sabatical to Qld was an awesome experience we still haven’t taken any action. My library of books and tapes is extensive and I have read a heap of ‘stuff’ and will continue to do so but I F.E.A.R. (false expectations appearing real) analysis paralysis is my latest ailment. Several months ago we retained an Action Business Coach who has assisted us to expand our business which is moving along nicely however, here is my dilema and the reason for this post……… Having given up my JOB to work with my partner I also gave up the ability to borrow money, over the past 4 years I have been inactive as far as credit goes because I haven’t needed to borrow any money so now Baycorp tell me I have no credit rating. My partner carries the ‘bad’ consumer debt (i.e. credit cards) so to get a loan under his name we would need to eliminate those and for me to borrow money we would need to split his income to me (which will reduce his borrowing capacity) and then find at least $20 000 as a deposit which we are finding difficult because we don’t have cash flow that can pay out the $30 000 consumer debt and provide for a deposit. We currently rent and work from home. How do I break this deadlock and get to do want I am passionate about, property trading and investing. As business brokers I am a registered real estate rep and my partner holds a trienniel certificate so we can trade property to our hearts content which is handy. I have investigated the John Burley concept a little and thought that with my expertise I could broker property here in Perth for ‘money partners’ and get in that way. I have looked at everything but I know there is something that I have missed cos I keep hitting these bricks walls. I have the time, the passion, the education and resources to DO IT – BUT!!!! can anyone give me some advice and push me in the right direction?
In summary, my partner has the income but holds the bad debt, I have the time and expertise but don’t have the income, we both have clear credit histories and we don’t have the cash flow to get into the property market. Perturbation… you bet
PS I have read all of Steves books and listened to his tapes which are hugely motivating and have guided me to this forum. His wealth guardian is an excellent resource and responsible for the structure we have put in place along with the Buyer Beware resource. Can’t get enough, just started reading his latest book. I am ll seminared out and now need to take serious action to get some return on my investment.
Servant HeartHi Servant Heart,
It seems to me that you have done all the theoretical training but still have a difficulty taking the first step. First of all be assured that this is not unusual and that you are not the first and you won’t be the last.
I wonder if part of the issue is that you do not know why (in specific terms) you want to be a property investor. Work out your preferred investment regime and your goals and then go for it.
You need to be aware that no amount of theoretical learning will adequately prepare you for the practical stuff. Sure you can do all the reading you want bt at the end of the day you only become a property investor when you own an investment property.
I suggest you do set yourself a time limit (write it down), find out what you can borrow, do your research and then buy a property starting with something ‘safe’ – let time come into play and bed down the process you need to have in place to run your property business and start expanding if/when you can do so.
Who has told you that you cannot borrow money, a bank? There are some brokers who can ‘do magic’ and still work within the guidelines so I suggest that you get in touch with a reputable broker. Someone I know was told that he couldn’t borrow anymore money yet going to a different broker saw him secure a loan for $200K+.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Servant Heart,
You took the leap into the unknown to do the Business Broker thing. Investing is the next leap.
Try to put yourself into the mindset you were in when you decided to leave your safe corporate job to be a business broker. Think about WHY you made that decision & WHY you want now to invest.
Remember also that by becoming a Business broker you did invest in yourself – so you are already an investor.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
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