NUTS & BOLTS COACHES CORNER
STRATEGIES: REITs Think Realty Coaches
PAM GOODWIN , The Power Broker Expertise: Commercial Investments S ometimes fear is really an indica- tor that it is time to break out of a
Adding More Pieces to the Puzzle
early every real estate investor out there, from the greenest “newbie” to the most experienced industry veter- an, has one thing in common: they know about fear. Think Realty Coaches Eddie Wilson, Sonia Booker, and Pam Good- win have very different perspectives on what fear can do to an investor and how to leverage it to make your leap into real estate as profitable as possible. Here, they explain in personal detail how they overcame their fears to create successful real estate investing careers. N Panel in Print: “Timing Your Leap” THINK REALTY COACHES DISCUSS OVERCOMING FEAR AND SUCCESSFUL INVESTING.
banks to get financing for a $1.6-mil- lion project that I was working on. “I had presented it to several in- vestors I knew already and they had turned it down. In the past, I would have probably assumed they knew something I didn’t and given up on it, but I had run the numbers myself and I knew it was a great investment
so I did not. That in itself was scary. “I ended up partnering with a friend who is also in commercial real estate. When we sold that property last year it was the most profitable property I have ever sold. Furthermore, it was one of my proudest moments because I didn’t give up. I knew it was a good deal, and it was really one of the best.”
comfort zone. Of course, that’s scary! One of my proudest moments and best deals came as a result of getting into something that I was not comfortable with: the financial fine print on the deal. I wanted to learn that angle of commer- cial real estate, so I went to a variety of
THINK REALTY’S COACHING PROGRAM IS CONSTANTLY GROWING TO BETTER SERVE INVESTORS.
by Carmen Inman
SONIA BOOKER , The Wealth Builder Expertise: Wealth Building I t’s incredibly important to start off right in real estate, but you can- not let the fear of starting off wrong
his month, I am so excited to introduce Pamela J. Goodwin! She brings yet another dimension to the coaching program with her commer- cial real estate expertise. For many residential investors, once they have hit a rhythm, commercial real estate feels like the next step. Pam does a great job of laying the groundwork for someone that’s ready to progress from residential to commercial investing. She even provides the guidance for starting off on the commercial side with no residential experience. T
of industry voices and teachers have tried to place them in. “For example, if you’re the type of person that doesn’t want to do fix- and-flips and you don’t want to learn about them but everyone tells you that is how you get started, you are probably going to be afraid to take the leap. Really, you probably just should be looking at something else, an option that might let you do some long-term buying and holding. You just need the right plan.
“I see so much failure and frus- tration in this business, and it does not have to be that way if you will just take time on the front end to map out what you want to accomplish and what investing strategy will fit you and your goals. We’re all investing for an end result, be it legacy-building, wealth-building, or just replacing an income or paying the bills. Self-dis- covery of who you are and what you want to accomplish will go a long way toward eliminating that initial fear.”
prevent you from taking action! My focus as a Think Realty coach revolves in large part around getting people started in real estate correct- ly, looking at the industry and digging in to find the path that fits your goals, your budget, and your lifestyle. I think that people fear real estate mainly because they cannot visualize themselves in the molds that a lot
I can see Pam’s coaching providing a lot of momentum for active investors wanting to break into commercial invest- ing, and I really admire her approach to developing and keeping good working relationships with past, cur- rent, and potentially future contacts in her network. That practice essentially helped bridge the gap for her when she left corporate America. As the Think Realty coaching program develops, we are continuously rolling out new courses from existing coaches as well as adding new coaches to the team. This continuous building process is a piece of the coaching program that makes me very proud and makes our program profoundly unique. Our coaches not only provide Think Realty members with the essentials for solid investing, but they also offer guidance on building a strong personal foundation. We are thrilled to release new coaching courses from Abhi
EDDIE WILSON , The Deal Maker Expertise: Private Lending & Lead Generation S o often, people miss opportuni- ties that they should be jumping
COACH PAMELA J. GOODWIN
huge opportunities on the table for asset-based lenders thanks, in large part, to regulations that were placed on banks after the housing crash. However, that huge opportunity means that there is more demand, and that means that private lenders are having to get more competitive with their rates. “Before 2008, a hard-money loan might have earned you as much as 20 percent. Now, there are groups lending to real estate investors at
seven percent, which, by the way, is still an incredible rate of return on a really safe, highly-collateralized investment. “Don’t be afraid to get into the action at a competitive point rather than holding out for a home run like that 20 percent loan that may never come your way or that really might be too risky anyway. At the end of the day, fear of missing out can be as real a threat to real estate inves- tors’ success as fear of failure.”
Golhar and Eddie Wilson this quarter. Abhi continues to provide wholesaling insight while Eddie introduces the topic of marketing strategy for investors. Together, our team is assembling all pieces of the puzzle investors can use to design and align their processes with their goals. I look forward to seeing more Think Realty members putting this training into action! •
to take because they are afraid of missing something better. Real estate investors who are completely equipped for success end up sitting on the sidelines their entire lives instead of getting into the action. “For example, a lot of private lenders will pass on great loans be- cause they are afraid that once they deploy their funds, a higher rate of return will come along. There are
The first episode of each course from each coach is viewable at the free, introductory level of
Carmen Inman works closely with the Think Realty coaching team, membership, and educational programs at all tiers of the organization. She may be reached at cinman@thinkrealty.com.
Think Realty membership at www.thinkrealty.com/coaches .
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