I have been hammering away at trying to start a fix and flip real estate business of single homes in the Chicago market. I have tried pursuing several avenues to identify opportunity including knocking on homeowner's doors, working with wholesalers and brokers, trying to buy notes and calling attorneys for their lists of potential foreclosures and short sales. I am now at the 10 month mark and have not closed a single deal. There always seems to be some problem that causes the deal to fail such as investor issues or seller issues. I am beyond frustrated and not sure whether I should call it quits or try to find a mentor to show me what I might be doing wrong. It has been so difficult to just identify opportunity in this over inundated market with little supply. Anyone have any ideas? I have seen the concept floated around about a local investor's coaching program but I don't have any money to spend aside from splitting the profits of a deal 50/50 nor do I know where to identify such a program. Help!!!

Can't fail if you don't quit. Of course, if you quit now, you'll never know what could have been. There's been more times than I can count I've laid awake in bed, stressed about the deal I couldn't get out of, not having any deals, running out of cash, etc. The best quote I've ever read that applies so much to this business is "This too shall pass." When times are rough, I read it every day. When times are flush, I try not to remember it!

It can take a long time to get going, but once you do you usually gain some momentum and things get easier. Remember there are only 2 kind of real estate investors: 1) Those that make a ton on money. 2) Those that give up to soon.

@Brian Gibbons As a mentor, you are great. You make so much available for free, and your time is invaluable. I love your coaching program, not just in real estate, but your experience in using the internet, marketing, etc. is amazing. For anyone out there that's interested in putting another arrow in your quiver, check with Brian.

With each opportunity, you will learn something new which will make you more knowledgable and wiser down the road. It took me almost a year to do my first deal in my niche. Though, I kept going despite the obstacles. The key is to stay focused. If you decide to get a mentor, it's best to work with someone who understands your needs and goals. Hope that helps!

Find a Mentor or Quit?

Sam Craven

Houston, TX · Member since 2011 · 673 posts · 360 votes

12y

Kenneth, What have you done for marketing besides door knocking? How did you choose this marketing and why?

Starting out is always frustrating. Attend a local REIA and there will be plenty of people there offering to coach/mentor for a fee or by taking a % of the deal. If they take 75% and teach you some good habits along the way, then it just might be worth it.

Find a Mentor or Quit?

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