Our first call was looking at income vs debt.
The theme of our 2nd coaching call was FOCUS
A lot of people including our mentors have been affected by the current economy. The lending industry and real estate market have completely changed the way we do business.
Unless you have a lot of cash, over 720 credit score, a great W2 job and low debt to income ratio, obtaining a loan is like pulling teeth. In fact having your tooth extracted is probably easier and probably less painful. The credit card companies have lowered the credit limit and increased the interest rates despite having a great record of paying on time and having a high credit score.
Despite low mortgage rates, trying to get a loan modified or refinanced is challenging and a lot of times not possible. The housing market have fallen so a lot of homes are worth less than what is owed.
Okay “So what Now what” is what Paul at the Cash Machine told us. We will have to look more closely at our financials in more detail and think of alternatives.
We need to focus on INCOME and figure out what things we need to do. I know there are solutions. Our situation is not unique. I know there are so many other people willing and able to help.
There are other ways to acquire real estate besides getting a loan with the bank. The market has changed and we need to change accordingly. What worked before will have to be adjusted to the way things are now.
So while dealing with debt is important, the focus needs to be on income.
I need to focus on what we know and that is investing in Cash Flow Properties.
What is your FOCUS?
Investing in Your Future