When it became about something more than just myself
(This post is long overdue)
Two of the best pieces advice I ever received in real estate (or life, for that matter) played a large part in my first deal earlier this summer...
1. Look to be a problem solver to each seller who calls you (Karen Rittenhouse, BPP episode 2)
2. You become more successful at a job when it becomes about more than just making money.
I met my friend Chris at my first REIA meeting in late 2013. In early 2014, I started apprenticing at the same office as he did, working for a wholesaler in Richmond, VA. The arrangement was we would bring him deals and in return he would pay us a portion of the deal (depending on our contributions beyond bringing in the lead).
To make a long story short, we discovered we didn't see a long future working with this individual. The last straw for me was when he cut Chris completely out of deal- where Chris had not only brought him the lead, but the buyer as well (entitling him to 50%)- and then "fired" him. If he did that to him, I knew he would do that to me.
It bothered me immensely that Chris had saved his money so he could quit his job and work for this person full-time, only to be treated like that. Even though I had no control over the situation, I wanted to somehow right the wrong that had been done.
One of the sellers our former "mentor" had badly mistreated contacted me (I had taken their call and brought the lead to the aforementioned investor). It turns he was mistreating them as well- not returning their calls- and that he never had a valid contract with them (no depsoit, termed and never brought to a closing agent). They were in a bad situation and I looked to help them.
I called Chris in as we had discussed working together in some capacity. We successfully wholesaled the distressed seller's property, getting them cash and allowing them to settle judgments and back taxes as well. Chris and I split the deal.
Since that time, Chris has gotten his real estate license. That led to my favorite transaction in the real estate business...
A family called me looking to sell a property their son had been living in. They owed $128k and were only asking for $132k.
Chris and I ran some numbers. After reviewing, I got back to the seller and told them I believed their best move would be to list their property, as they could get a lot more than $132k. They did...6 days after Chris listed the house, they got an all-cash offer for $140k.
Chris and I have grown in real estate individually and have worked on several deals together since that time. I am so excited about the future as we both look to accomplish our respective goals as entrepreneurs and I know we will be rooting for each other every step of the way.