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Dec 06 '09, 08:17 PMMy "Boom goes the dynamite" thread has seen a lot of hits and has hopefully inspired newbies to keep going after their dreams of becoming a full time investor. I wanted to thank everyone who has read and posted on the thread. The posts about me inspiring you means a lot to me. I hope this thread will inspire you more.
I started my mentorship with Nick "Motv8td" Johnson in Feb of 2009 and completed it at the end of June after closing my first two deals. I use the term completely loosely because Nick and I still talk almost everyday. Before Nick, I was spinning me wheels so he helped me out a lot. Total time from taking investing seriously to close of my first deal was 8 months. Believe me, the first one is the hardest.
So, where are am I now?
Since closing the first two deals in June, I have closed an additional 4 properties and I'm actively negotiating about 10 more properties.
The deals were:
The Condo - Lead was given to me by our very own Will Barnard and I used Rich and Will's funding for the double close.
The Junker - A really bad house which I whole-taled to an investor/homeowner. This house was a mess, but you can negotiate steep discounts with the bank on unlivable properties.
The Joint Venture - Another deal I closed with Nick. Used Rich and Will's funding. Lesson learned - never use two different title companies on a double close. Huh, Nick? :D
The Missing Docs House - This deal closed last Friday and funds are transferring today. This was a Canadian buyer who lived VERY far aware and it took over week for the docs to get to us.
I also picked up a property at auction last week, that I am rehabbing. This is another source of income that I have been studying for the last 8 weeks. Buying at auction.
For all the newbies, a few lessons I've learned along the way:
1. FOCUS on one strategy. Do not try to learn them all, you will only burn yourself out.
2. Get you marketing plan developed and stick with it. If your phone is not ringing, then you will never find a lead. If you have money, this should be where you are spending it. I really mean this, you need to market yourself.
3. The first deal is hardest and the best deal. It feels great to close your first deal, but more importantly you will build your network during your first deal. As you can see, I closed another two deals with the help of fellow BP members. Get your name out there, tell everyone you buy and sell real estate.
4. If you are struggling, find a mentor. The good ones are a great resource and will pay for themselves when they continue to do joint venture deals and refer you to others. Nick is obviously a great choice if your focus is short sales or sub2s.
It is very hard to close your first deal, especially when you have very little money to spend. But after you close that first deal, your investing career will grow by leaps and bounds. You will no longer have to worry about $560 on 2,000 $0.28 post card stamps.
If you are thinking about quiting, DON'T!. I spent 4-5 hours per day after work for 8 long months trying to get my first deal, but since then have closed another 5 deals in 5 months. I still spend almost 4-5 hours per day after work building my business. Keep at it and you will get there.
Thank you are for reading, and I hope this will inspire you more to keep going after your goals. Good luck and I wish you the best.
