I’m always excited to answer your questions because no one gets into the real estate game alone.
The more you talk to me, the more people I can help get into the game.
Today, I have 2 fantastic questions from my readers about:
– How veterans can get started as 10X Investors
– How to manage responsibilities and time as a 10X Investor parent
Let’s get started.
Question #1: What Funding Options Do Veterans Have?
When you don’t have that much to start with but see the potential, what are my options for funding when you don’t have cash and want to start? I have a VA loan and they limit the second property to and what your ability is for funding due to lack of financial resources you have and the limits they have set on Veterans for the loans. Any suggestions on where I can go for lenders or grants? – Jami R.
Jami, you know I love veterans. All my respect to you guys, and I hope you had a good Veteran’s Day.
In my crash course, I talked about how a VA loan is one of those traditional mortgages that limit your options based on your income.
Many veterans are tempted to use a VA loan because you can put no money down.
But as you said, banks limit the number of properties you can use these loans for.
And these loans will only get you 4 units at most.
They’re just not going to cash-flow enough for you.
So I want to zoom in on what you said about your lack of financial resources.
Remember: a great deal is senior to EVERYTHING — including funding the deal
If I were you, I would keep studying and walking deals till I find that one life-changing deal.
It has to be a deal I love SO MUCH that I will do whatever it takes…
To scrape together my own money and increase my income…
To take this GREAT deal to the people who’ve GOT my money…
Also, I would stop talking to regular banks…
And start talking to the commercial lenders in my market who love multifamily…
Because based on my experience, once I find a great deal, it’ll likely be very hard for my network and bank to say no.*
Question #2: How to Manage Responsibilities and Time as a Parent and 10X Investor?
What’s the best way to push through the obstacles of too many responsibilities and not enough time/money to do them or hire them out, when you’re the mom/boss/wife/brain/house & business manager? – Tracy B.
Hey Tracy, I have great respect for what you and all the Chief Family Officers out there do for your families.
Although I don’t have some scientific formula for your question that will magically make this easier, I can tell you one thing:
If you start with a commitment to success and then agree to control time…
You will create an agenda that accommodates all you want to achieve as a 10X Investor.
So the first thing I want you to do is to decide what is important to you.
Yes, you have tons of responsibilities, but in which areas do you most want to achieve success?
Write those down in order of importance.
Then figure out the total amount of time you have available… and how much time you will allot to your priorities.
Also, log how you are spending your time daily, and see how much time you spend on activities that in no way contribute to your success.
Those activities simply HAVE to go.
Then, get yourself and your family members on a schedule that allows you to do the things that are a priority for you.
When my first daughter was born, the first thing my wife and I did was to agree that I would get up one hour earlier each day and take my daughter on an outing each morning.
This ensured I would have quality time with my daughter… before I went to the office and became consumed by the day’s events. (And my wife got to catch up on her sleep too!)
Next, get everyone necessary — your family, colleagues, associates, employees — to recognize the priorities that are most important to you.
If you don’t do this, you will have people with different agendas pulling you in all sorts of directions.
Finally, keep an open mind when I say this: we cannot blame the kids when we don’t go after our potential and our dreams.
They should be the reason we want to succeed.
I Want to Hear from You Too
Everyone deserves an opportunity to potentially build wealth… the kind that takes care of themselves and their families for the years to come.
So if you have questions about multifamily investing, or you want to share a real estate success story with me, email me at firstname.lastname@example.org today.
I’m not a lawyer or financial advisor, so I can’t give you actual advice. That said, you know I’m passionate about getting as many people into the real estate game as possible. Just make sure to do your own research and due diligence before making any decisions.
* Disclaimer: This content is intended to be used for educational and informational purposes only. Before investing, you should always do your own analysis based on your own financial and personal circumstances before making any investment. Grant Cardone is an industry expert who has been investing for over 30 years and his opinion is based solely on his own personal experience and circumstances. Individual results may vary. You should perform your own due diligence and seek the advice from a professional to verify any information on our website or materials that you are relying upon if you choose to make an investment. Investment involves great risk and there is no guarantee of performance or results.
We are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content presented should not be taken as professional advice. We recommend seeking the advice of a financial professional before you invest, and we accept no liability whatsoever for any loss or damage you may incur.