The Aladdin Factor was a life changing book for me.
Its premise is that you can improve the quality of your life by getting over the fear of rejection and skillfully asking for what you want.
To me, this meant I had to deal with my self-limiting beliefs if I wanted to move to a higher level of abundance.
To summarize, the authors said if you want to live a more abundant life you’ll need to:
1 – Develop the skill needed to ask for what you want
2 – Free yourself from the thinking it’s bad to ask for what you want
3 – Know your “why” so you can overcome the fear of potential rejection
4 – Set aside your pride that suggests asking makes your weak
5 – Build your self-esteem so you feel worthy of asking
Ask for Mortgage Forbearance
There’s a chain of grace that’s happening….
The federal government is offering trillions to help out large institutions.
And those institutions are expect to help out borrowers.
However, borrowers must ask for assistance.
You need to ask your bank for forbearance (payment postponement) or it won’t happen.
If you live through 9-11 and 2008 as a real estate investor, you understand how this current crises colors my thinking.
During those past crises, I drained my reserves dry before I asking for help. My pride prevented me from asking for help. But I won’t make that mistake again.
Is It Wise to Postponing Your Payments?
Even if your tenants don’t ask right away, if you ask for forbearance, you’ll have the capacity to assist them.
And once you have both capacity and reserves, you’ll be able to scoop up the deals that come once this crisis passes.
All you have to do is ask.
So use the Aladdin Factor. Get over yourself and ask for help.
How can asking for forbearance affect your future ability to get a loan?
Let’s say one was to ask for forbearance now, and then was looking to get in on some of those deals where you pick up properties for pennies on the dollar.
How would the fact that you were in forbearance affect your relationship with your lender when you come to them to look for a loan on a house 9 months later?
Great question. The CA governor and other leader got the top 5 leader to agree to grant forbearance without penalty to credit or additional interest. The declaration of emergencies gives you cover these lending relationships. Honestly, this isn’t your fault and you shouldn’t expect to be penalized. Your business reserves are for your business… not for global crises where you asked to stay home and not do business as usual.