What’s Your Excuse?
12. Nov, 2009 
7 Comments
I spent the day with my Mom Tuesday. She needed to run some errands and she doesn’t drive anymore due to macular degeneration and glaucoma that’s slowly taking her sight. I have to tell you that it’s one of the benefits of being self-employed and free of time constraints that allows me to just take off during the day and hang out with my Mom.
She lives about 30 minutes away and as I was driving there I listened to my latest CD from Tony Robbins. It’s part of his New Money Master Series which is all about a new breed of marketer – internet marketers. The guy being interviewed was Eben Pagan and one of the things he said was “Success leaves clues.” Then Tony Robbins chimed in and said, “Failure leaves clues, too.”
It’s true.
The clues that failure leaves are usually revealed in excuses.
In October, I released a new course, Bulk REO Secrets. The bulk REO investment strategy is awesome since it can all be done virtually – with just a computer and a telephone.
Interestingly, TWO people who have purchased the course have now written to me and said they can’t do a bulk REO investing strategy because they work full-time jobs during the day and they can’t call banks.
You want to know what I think?
Bullshit.
Making an excuse like that is announcing that you just don’t want it bad enough.
Don’t say you can’t; just say you won’t. Because that’s the real truth.
I was 29 years old when I first started investing in real estate. I had a full-time job with Hertz and I made it happen. On lunch breaks, before work, after work, on the way to work… you name it.
I was working at Pulte Mortgage in 2000 when I decided to open my own mortgage brokerage. I had to build up a client base first so I originated investor loans AND ran a part-time online software business all while working full-time at Pulte during the day.
My office was my car. I took every break in my car with my cell phone and a clipboard. I followed up with clients, called banks, appraisers, underwriters, you name it. I made it a priority and I found a way to get it done. There was an office park nearby that had a little pond and sometimes I’d drive over there and park my “office” for a change of scenery. 
The bottom line is if you want it bad enough you will find a way to make it happen. You won’t make excuses for why you CAN’T. You’ll brag about ways you CAN.
So, Tony is right. Failure does leave clues. And one of the most obvious is the excuse.
What’s your excuse?
Amen, Sister.
If you want it bad enough, you will do WHATEVER IT TAKES to get it done. Period.
Great post!
I am finding it very challenging to find my niche in REI – I really want to buy REO properties that need less the 15000 in repairs fix them and sell to build my cash. My company is to new to get any loan help, my company is my current source of employment, so again no loans for me – your Portfolio Blueprints is for some one with great credit and a history of REI. This is why I wonder about you Bulk REO training is it for a newbie? Do you need much cash or stellar credit? And if you act as a broker for these tapes who is going to buy them? I purchased a course from another guru who claims to partner with you on deals but so far I cannot seem to find those top 1% he wants.
Finding a niche can sometimes be a challenge. I tried a bunch before settling on mine – multifamily syndication. I tried tax liens, rehabbing, lease options… nothing really suited my strengths until multifamily.
I always say you need to let the financing determine your strategy. If you have poor credit then rehabbing isn’t for you unless you raise private money. Maybe start with wholesaling or bird-dogging for your own buyer’s list. Instead of having one buyer such as this guru, your chances are better if you have more buyers on your list.
REO is a great strategy if you’re comfortable building a buyers list – a big one – and negotiating. Beginners can absolutely do it. But like anything it requires work. Do some real thinking about your niche and make sure it’s suited to your strengths – financial and entrepreneurial.
Hello Susan,
I must say you have quite a business going. I just listened to your Bulk REO secrets and i loved it. I am not a real estate person but am helping my husband out with his company. After listenning, i thought to myself real estate might not be bad after all. I will be following you and look forward to learning more from you. I am 28yrs and am a year younger than you were when you entered into the real estate market. I moved from i think i want to do this, to i know i want to do this.
Dear Susan,
I have been a REI for 30 years. I am now going into Apt Building Investing. I have $450,000 in my Rental Single
family home giving me $700 in cash flow. Can I get a loan
which takes into account my equity in this property? The apt blgd I am looking at is about 2.6M. Owner will carry some (10%) and I can get an 80% loan. I am short on cash and I thought a blanket loan could help me. What is your opinion.
Thanks a million.
Farok
Farok – a blanket loan is typically to wrap up several residential properties into one loan. If you own your rental free and clear you should be able to get a loan and use the cash to buy your apt bldg.
Know that the lender on the 80% will not like to see a seller carry against the subject property. I’d ask the seller to make a loan against the single family and use that as your down on the apt.
Make sure the terms match your apt bldg exit.
Hey Susan, I just got turned on to your website yesterday, 08/31/10 and have been reading your posts ever since…..this blog about excuses is PRICELESS !!!! I wish that every REI meeting would start off with the reading of it…I work full time in excess of 50 hours per week and still do RE before and after work, and full time investors still come to me for advice and guidance…RE investing is a thrill like a rollercoaster, getting all junk and false promises from the “gurus” will make you toss your lunch, but, getting a nice check helping someone solve their RE problem makes you wanna jump in line again!
Thanks for your straight forward approach and guidance and look forward to being one of your students!