People say if you find the deals, the money will come. When you’re just starting out, though, finding the deals is the hardest part. What are some of the ways you can prove yourself to partners in those early phases? How can you can talk to your lenders to get better terms? What should you be cautious of as you build teams and partner up with other people?
On this episode, I’m joined by investor, entrepreneur, author and speaker, Greg Herlean, who shares how he has built up from his first deal to where he is today.
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It’s never about your actual resources, it’s about how resourceful you can be. -Chris Naugle
Three Things We Learned from Greg Herlean
The biggest team mistake investors make
Choose partners and build your team wisely. If you have the same strengths and do the exact same thing, it’s not going to help the company. Create a team or referral network of individuals who are great at the things you’re not good at so you not only learn from them but also make the business stronger.
How to be more wise with the terms on your money
Pay attention to what you’re paying on money, if you’re borrowing money, you don’t necessarily have to pay huge rates. Ask your lender what they are looking for with that money. The terms they give you might actually be better than you expect. Because we’re so anxious to get money in the beginning, we end up giving it away, so ask for better terms before you just accept what you think they want.
Navigating the haters
As we all go through our journey, we are going to get haters and people who have something negative to say about us. You can either allow that to affect you and change your course of direction, or just use it as jet fuel.
When we’re starting out, it’s so important to avoid being controlled by the anxiety around getting a deal. We have to be willing to take a step back sometimes in order to prove ourselves and build the key relationships. This will set us up for success as we build up. Confidence is one of the most powerful things we can have in our investing careers, and when we combine that with experience and knowledge of deals, we become unstoppable.
Greg is an entrepreneur, author and speaker. He is the founder of multiple companies that serve to enhance the financial lives of American investors. Greg’s focus is on presenting today’s investors with investment strategies that will build a stronger financial future. Greg’s focus areas include the use of self directed retirement vehicles, passive investment vehicles and real estate fund offerings. To get Greg’s book Bank On This, go to http://www.gregherlean.com/.
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