As the credit crunch bites, fixed rates come to an end, and cash flow dries up, more and more investors are feeling the squeeze. Whether we are individually 'hurting' yet or not, this is a wake up call to us all. Make sure your head is not in the sand and take some action NOW!
As the credit crunch bites, fixed rates come to an end, and cash flow dries up, more and more investors are feeling the squeeze. Countless investors I talk to are finding things tough with several even going back to work full time, and only last week a high profile lead provider was in the spotlight on the forums as his Ready Made Deal partner went into liquidation. These things are never nice to hear but will, I fear, become more commonplace in the months ahead.
Whether we are individually 'hurting' yet or not, this is a wake up call to us all. It is all too easy to get complacent when cash flow is rolling OK and the feel good factor of easy money is around. But as they say, the only thing we can be certain of is 'change' and the successful people are those that are prepared for and adapt to changing conditions.
If you are 'hurting' or feel that you will be shortly then PLEASE make sure your head is not in the sand and take some action NOW! I remember several years ago when I got made redundant again and things got on top of me as it took me 8 months to find work. I continually felt so overwhelmed and I will never forget the feeling of instant relief when I faced up to the mess we were slipping into and TOOK ACTION. It was an unbelievable feeling of the proverbial weight being taken off of my shoulders and there was far more help around than I ever imagined once I faced up to the fact that I needed it – understanding listeners to talk to, experienced people to advise and guide, clear sighted help from an independent viewpoint who could see through the fog when I couldn’t.
As I have said many times in the past, property can be a lonely business at the best of times but even more so if you are struggling and not facing up to it. Confide in a partner, trusted friend or mentor. Speak to your creditors as early as possible to put them in the picture and gain their support and understanding. Look at all possible income sources and brainstorm ways to raise capital or generate extra income. Its incredible how resourceful we can all be when we put our minds to it and it can be surprisingly good fun too. It is also important to look at ways to reduce your outgoings to help bridge the cash flow gap – both personally and in your businesses.
On a brighter note its certainly not all doom and gloom out there with many BMV bargains still to be had out there and more financing options available. The biggest stumbling block is still the lenders themselves but that is an issue we cannot control, and why those who have looked after their cash reserves in anticipation of this market will be doing the deals that others can’t.
(c) 2008 John Rattigan
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