I am often amazed at how lazy new investors can be with their money. Often novice real estate investor is someone in his or her thirties or forties, tired of his or her job, and making a steady median income. Since he or she has a stable job, this person is able to obtain easy credit and financing from banks. Often these investors will have access to a home equity line of credit, a wide arsenal of credit cards and will have an RRSP account with $30,000 to $40,000 (if their responsible) and have $10,000 to $20,000 cash savings ready to do a deal. These investors are tired of the rat race and are ready to take the plunge into real estate with their own money.
The sad thing is that this type of new investor has been working since they were eighteen years old to reach this cash position and they are now in their mid thirties and ready to start investing. The investor has done things the slow way, and it has cost them decades of their life to reach this postion. Time is the only real currency in life, and to do things faster, we must be educated. Education is where all wealth comes from because all wealth originates in the mind.
No matter how prepared we are or how much money we start with, the truth of the matter is, in business or real estate, we will always run out of money. No matter how much cash and credit we have, it always get’s tied up’ in the deal and we eventually run out. This happens to every investor, whether you are Donald Trump or Warran Buffet. There is always a point where the investor must go out and raise capital to keep investing.
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