If you’re looking at entering the market in the next 3 to 6 months, then there are three things you should prepare for.
I explain them in this video, and also in the text below for those who prefer to read 🙂
Here’s Where The Opportunity Lies
First thing’s first.
If you want to benefit from the opportunities that are hiding in the market… you need to get ready NOW for when the opportunity or the deal presents itself LATER.
Opportunities are worthless if you can’t act on them!
I spent the last 10 years of my career, if not more, preparing for opportunities. And I’ll spend the future 5 to 10 years doing the same. Because opportunities will ALWAYS come up.
And if you’re not prepared for them – financially, emotionally, and physically – you’ll definitely miss out.
You’ll sit on the sidelines, watching someone else cash in on your deal.
Oftentimes, people decide to buy on a whim.
They hear on the news that properties are going up in price, and they don’t want to miss out. Or they’ve come into some money and they’ve gone “Yep, let’s go do something with it.”
That’s a really bad way to go looking for cracker deals.
Instead, you may want to start taking these actions A.S.A.P.!
- Refinancing your properties
- Getting your equity available (so you can put that big deposit down)
- Paying cash for things and cutting up your credit cards
- Talking to your finance broker
- Talking to your bank
- Getting your tax returns down
- Selling down your car
- Reducing personal debt
Those are the common things almost everyone should start with when getting Deal-Ready.
Of course, to each their own unique circumstances and their own steps. But that checklist is at the very least a great start.
If you’re not deal ready, you should start working on that TODYA.
Preparation can take three months, six months, even twelve months before you can actually pull the trigger.
I think that a lot of people just aren’t proactive enough.
People aren’t future-focused enough.
They’re kind of just stuck in the moment of right now.
Getting the kids through school… dealing with COVID… working from home… all that stuff.
I get it, and it’s all normal.
However, if you want to be ahead of the market, ahead of the game, I think there are definitely opportunities coming up in the next 6 to 12 months. That’s all based on the interest rate rises we’re saying and the banks actual projections.
And you want to be prepared for those opportunities. Which brings me to…
The second thing you absolutely need to do
OK, so in order to get deal-ready, you actually need to get your head around what is it you want to do?
- Are you going to do a renovation?
- Are you going to do a mini boarding house?
- Are you gonna do multiple sources of income?
- Are you going to build a duplex?
- Are you going to do a subdivision?
- Are you going to do a triplex that you can do a triple lot subdivision?
Just be realistic, OK?
In a rising market, you can make every possible mistakes and still survive and prosper.
But in a declining market, you want to start where you’re at.
Let me repeat that again, because this is so vitally important:
IN A DECLINING MARKET, YOU WANT TO START WHERE YOU’RE AT.
If you don’t know what you’re doing, don’t jump into a bigger deal.
For example, if you’ve never done a Reno before, you probably shouldn’t don’t do a 5-lot subdivision as your first deal.
This is something I actually discussed in depth here:
Anyway, that’s the second piece of advice I have for you: figure out what you want to do so you can get ready to do just that.
Now, thirdly, you need to…
Forget About The Damn Joneses!!!
Don’t try to keep up with the Joneses.
Don’t try to chase the fast buck.
Chasing the fast buck in anything but a booming market really doesn’t work. You’re gonna get yourself into trouble.
It’s all well and good to be able to borrow money from the bank or borrow money from a second or third-tier lender. But if you don’t know what you’re doing, it’s going to eat you up.
I heard lately from one of my colleagues that someone in the marketplace was late by one week on a shark lender, and they had a penalty rate. And it was $35,000 because it was late by one week.
$35,000 in anyone’s language is expensive.
You just don’t want to be swimming with the sharks. You don’t. Sooner or later, you’re gonna get eaten for breakfast.
Success is all about growing gradually.
One step at a time.
One deal at a time.
One project at a time.
I know, I know. Maybe you just hate your job, hate your circumstances, and you want the fast way out.
I completely get that.
But trust me, these three steps I just gave you are the fast track to property success:
- Get deal ready so when the perfect opportunity comes, you can actually grab it
- Get clear about what kind of opportunity and project you want to be looking for – otherwise you’ll just be wandering aimlessly. And don’t take on more than you can chew
- Stop looking at what other people are doing –– it will only confuse you and fill you with doubts. Focus on your own growth and on your own plans.
Keep transacting. Keep doing deals. Keep learning.
And you’ll become a master before you know it.
If you want to learn more from me about creating freedom for life through property, check out my online bootcamp: