…the credit crunch is here, really?
October 30, 2008
It does not matter where you turn yourself to today, the “credit crunch is here”. People say that the unemployment rate has been the highest since the Great Depression of 1929, foreclosures spreading all over the country, two wars happening and an election ahead of us. It is indeed a lot!
The main question is, what are you going to do? The last ten month have been the most successful of my commercial real estate career – we closed over 1,200 units. Is that because I am luck? Is that because the credit crunch hasn’t gotten to me yet? Of course not, it is because I believe that in the tough moments we will separate the boys from the men. My investment career is not a hobby, it’s my life. It’s where I am at the best of my abilities. What about you?
The credit crunch is here, so what? We can’t stay still and hope that better days will come. You have to go and make your better days today. Don’t get me wrong, it is more difficult to get finance to purchase multi-family buildings. Banks are asking for higher debt coverage ratio and more reserves. That should not be an excuse for you to give up. That is a reason for you to become the best you can be. Remember that it was in the toughest financial moments that fortunes were made.
The credit crunch is here. Face it! But never fear it! Now it is time to make yourself your best asset.
Carlos Vaz, The Multi-Family Mentor, www.themultifamilymentor.com
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