Think you need big cash and experience to do apartments? Well, Lance Edwards is living proof that you can start with multifamily investing - just like he did and using none of his own money. Utilizing the multifamily apartment strategies he now teaches and writes about, Lance retired from his job in July, 2005. For more information on how you can achieve financial freedom using other people's money, visit http://www.ApartmentWealthMachine.com
It is our job as entrepreneurs who are raising private money to learn how to direct energy, other people's energy, into vehicles that produce more income for us and for them. It is all about managing the energy. You have a choice when it comes to raising private money for real estate investing: you can put your energy and time into a deal or you can put in your money into a deal. The goal is to put in your energy with someone else's money. But how do you do that if you are paralyzed by fear?
The number one fear of real estate entrepreneurs is that they can not do a multifamily deal because they do not have any cash or credit. The other fear is that they are going to run out of money or not have enough money to close the deals. No matter where you look, it always comes back to money. You have to remove that fear.
In order to remove that fear, you need to empower yourself with terminology that has powerful connotations. Begin by referring to yourself as a real estate entrepreneur instead of a real estate investor. An investor is someone that brings investing money to the deal.
If being an investor means you have money and you really do not, then subconsciously your mind says "Who are you kidding, you're not a real estate investor! You don't have any money and you don't know what you are doing." That little voice strips you of your self-confidence and you are already out of the game. It is a natural defense mechanism because you are out of your comfort zone.
Entrepreneurs, on the other hand, bring deals to the money. They use other people's time, talent and resources to achieve their vision. You are the dealmaker. If you declare yourself an entrepreneur from the outset, everybody understands your role; there is no confusion. You are not expected to have any money. You are expected to bring all of the pieces together and make the deal happen.
If you remember that mindset is one of the most powerful tools you have, then you will be able to overcome your fears and insecurities. The words that we use to describe and portray ourselves are very powerful and can either lift us up or limit us. In the world of multifamily investing, the words you choose can make or break the deal.
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