Have Passion?

Many people ask me how I became successful with Real Estate investing. Now I can point to deals, knowledge, etc. I could show them rehabs, happy tenants and bank accounts.

I could walk them through the countless seminars, books, etc that I accumulated or attended through the years, but in reality none of these was the true root cause of my success.

We have all heard people say that it isn't work if you love it. Well that couldn't be more true and more importantly should be the guiding concept for EVERYONE in this world.

DO WHAT YOU LOVE!!!

I can't stress that enough. I love real estate. I love buying property. I get a thrill when I have a day set up to go through potential deals. I walk in an out of like 15-20 homes in a day and at the end of the day, putting together the numbers for the offer.

Watching the contractors go to town on Demo then returning the home to a livable condition. Running an open house for potential tenants and seeing their eyes light up at how amazing the home is.

Then dealing with the appraiser to show them the love that was put into the home so he/she will value it correctly and do the refinance for me.

Can you tell I love this stuff? The question is.... DO YOU? If you are just in it because you heard you could make money, here is a little secret. YOU CAN MAKE MONEY DOING ANYTHING. It's true, you can. Think about the FOAM FINGER at sporting events. That made someone money. How about the Wacky Wall Walkers.. this made money for someone.

You see, it isn't about what you do, it is that you LOVE IT!

Find out for yourself

Welcome to my newly created Blog here on Bigger Pockets. I will try to update this weekly, but sometimes it migth be bi-weekly.

I live on the Northside of Chicago, but invest all over. I have properties in NW Indiana, the Northside of Chicago, as well as the South and Southwest Suburbs. I have been the National Director of a RE Club for the past few years. We have several hundred members and I really enjoy running the club and helping people. http://www.WCRT.org

So let me get on with the topic... Find Out For Yourself.

What does that mean? Well it quite simply means that you shoudl do your own research and get your own information. Yes get guidance and information from others, but until you have done actual deals or have had several dealings with a person enough to just trust their numbers, then VERIFY it all yourself.

To many times I have been approached by people that have invested in properties or given out loans that are now not doing what they were supposed to do. These people want me to somehow wave a magic wand and save them from their mistake. Now all of them will say, "so and so screwed me over". Then I start asking questions and find out that they never checked things for themselves.

Why is it we will research the heck out of a car before deciding to buy one, but we will give our name to be used as a credit partner, loan out our hard earned money, or put our name on a contract for someone that we just met, or without doing our homework?

Recently I had a person come to me to say they gave a private loan that was to be secured by real estate. The person is not paying them back, won't return their calls, and had their cell phone disconnected. We decided to look up the property to see if the loan was recorded. Well it was recorded, but it was the 6th, yes 6th mortgage. The mortgages totaled like 300K, but the property was maybe worth 180K max. Now all this person had to do was to look at the website I did, and see that other loans were recorded prior to him giving the loan. One quick website, but no, we just take the word of someone that claims to be a guru and now you are out 20,000.00.

Nothing I can do to help there. Yes you can get an attorney and go after the person, but more than likely the borrower has no money left, no assets, etc. So now the lender will be out more legal fees and heartache.

So, in the end, LOOK BEFORE YOU JUMP. Don't jump into a swimming pool if you don't know how to get out first. Do your own research, get references, etc. In the end, YOU ALONE are responsible for your success and just as much for your failures.

You are bound to make mistakes, just be honest about them, not only with others, but mainly with yourself and you will be fine!

See you in a week! Happy Investing!

Chicagoland Real Estate Investing

Have Passion?

Find out for yourself