My 7 month business success summary
A year and a half ago, I started listening to the BP podcasts everyday. Those podcasts turned me onto Grant Cardone who is a great motivation for me. Every time I felt limitations, I would hear a BP podcast of somebody who maybe even started at a lower point than me and now is dominating real estate much more than I was and am. I looked at grant and said he owns 5 businesses, I'm starting a business. That was 7 months ago. I sold my house, took every penny I had, and got involved with real estate. Found funding through HML's, wrote plans to present to people, almost quit because I didn't know how, but I kept forcing myself to figure out how to find out who owns the property, how to start a business, what documentation do I need, how the heck do I get it, and of course how do I analyze deals? Lenders saying send me this, send me that, and denying me in the beginning. I am broke every month. Everything goes to my business. I started flipping houses, and I bought one with some money I had and financing through HML's. I got into contract on a another property 2 months later before the other one had sold, and three days before closing I was short 20k unexpectedly not because of illegitimate costs, but because I'm newer to this and I forgot closing costs. I asked myself, how can I get that 20k I'm buying this flip no matter what. So I did, and I closed on time. Sold the first property, and the day I sold the second I closed on two 4 Plex's that I will self manage to learn what to look for when start using a PM. That was March 14th. I am rehabing with tenants(which is complicated), and doing the BRRRR strat. on both of these 4 Plex's, but will still have 40-50k in the deal at the end unless the market really goes up. I'm also raising the rent $100 and the tenants are all staying because they see me inproving the way they'll be living. Closing on another flip on the 28th this month and in between lent a good amount of money to somebody for 1 week for a 3k profit. I don't know EXACTLY what I'm doing going into any of these deals. I learned the basics from reading, and the podcasts. I prepare the numbers make sure they look great, get contractor bids ahead of time, and find more problems then I originally prepared for EVERY SINGLE TIME. The costs have been unexpected, but I either adjusted, or accepted that I'm taking less of a ROI. But I haven't lost money yet. I attribute that to because when it's all on the line, there is no way that I will let myself fail. I am scared every time. But I always try my best to prepare for the worst. I find myself fighting my average, middle class habits trying to talk myself out of deals that make sense, because I did everything I could to make sure they make sense, not because anybody told me they do. I force myself to pay people contractors, accountants, lawyers, even though it feels like it's limiting my potential in a way, and I have to tell myself that it's for the best, even if less goes back into the real estate. I'm scared everyday, but my drive far outweighs my fear, and even though I have not made it yet, not even close, more opportunities open up every day. Even though I may question everything I'm doing here and there I have bigger reasons than just to get rich, and when I do question myself I remind myself of the all of the people who have done so much more than I have, Brandon Turner, Grant Cardone, 10x, and all of the BP books and success stories I have heard on the BP podcasts has helped me to force myself to change my mentality(the mentality of the middle class), so that I can start thinking on a different level. BTW a month before I started my business, I quit my job completely so that I would not have any choice but to go for it, and dominate. I was even offered to work 3 days a week; I said no, so that every part of me not only wants, but NEEDS to dominate and be creative thinking of new ways to do things on a daily basis. "If you want to take the island right?" I have listened to all the advice from everyone and even with doubt and not knowing the perfect way have figured much of it out along the way. I will say, I no longer relate well, or can have a conversation with my friends, because they don't understand where I'm at even though they try. So, at times, I feel I'm the only one I truly know doing this. I mean, I am. My goals are so much bigger than anybody I know, and my business and real estate are the most important thing to me, for my future, and to retire my family who will never retire alone, and who always took care of me. It's funny, most of the time, I feel like I have not really accomplished anything, and that I need to be doing much more. Thanks for reading, and I hope through writing this out, I have helped somebody to not let that fear control the action one takes, or what they think they are capable of. This was just kind of a rant brought over here from me trying to motivate somebody to get started on ANYTHING, and I thought that maybe somebody on BP would enjoy it.
