“Foreclosures are at an all-time high.”
“Banks are out of money to lend.”
“Commercial retail properties are closing up shop.”
With daily U.S. news reports full of doom-and-gloom about property values and the credit markets, what’s a real-estate investor to do now?
Reinvent yourself.
There is always money to be made, no matter what a market, a category, a segment or the overall economy is doing. Whether you are still generating wealth has a lot to do with your mindset: Are you “gloom-and-doom,” simply committed to “riding it out”? Or do you see yourself as a real estate entrepreneur –constantly on the lookout for new opportunities?
“Think of the recession as a refiner’s fire – melting away all the extraneous and making you a leaner, more productive achiever.”
Are you trying new things, getting your creative juices flowing and meeting with others who think outside the box? If your answer to those last questions is no, it’s time to transform your mind.
What can you do that’s new?
A positive change in thinking naturally leads to charting a new course of action, and it should get you energized and excited again. In the domestic real-estate segment, you may need to switch from flipping individual, upscale single-family homes to multi-unit rentals you can instantly fill. With traditional lending institutions tightening credit, your area of expertise may lend itself perfectly to creative financing opportunities.
If acquiring properties remains your strength, it may be time to go beyond the borders. Properties in Asia, South America or other faraway places may be calling your name. Or it could be just the right time to leverage your knowledge and humor and into a package of motivational speeches, seminars or products you can sell via the web or even on TV.
Keep developing your edge
Success comes when you stay on top of your game, reinventing and stretching yourself when challenges arrive. The toughest times in your life are when you grow and learn the most. Appreciate the hard times for the changes they bring. In a tight economy, you suddenly can’t afford to slack off, overspend, or get lazy.
Think of the recession as a refiner’s fire – melting away all the extraneous junk and making you a leaner, more productive achiever. It will sharpen and polish you if you let it.
Tags: credit, mindset, REAL ESTATE, reinvent