College Drop out to First Deal

Real Estate Deal Analysis & Advice
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College Drop out to First Deal

Garrett Gable
Investor · Aurora, OH · Member since 2015 · 32 posts · 20 votes

Hey Guys,

Thought I'd share my first deal with everyone :)

I dropped out of college March of 2015. 

My friends and associates looked down on me thinking I was turning into a bum. Other parents would call mine saying, "I'm so sorry to hear about Garrett."

Little did they know I had been reading books and attending wealth seminars for quite some time. 

I knew what I wanted and finally took a leap of faith.

I started reading, listening, and watching videos online for a solid month before I had my first break through. Anything business, finance, real estate, and motivation related inspired the hell out of me. 

I started asking questions of people who are where I wanted to be.

It led me to Toledo! Thanks Engelo Rumora (I know you'll get notified Mr. Key Word.)

Anyways, my first deal was through a yellow letter.

An older gentleman called and wanted to sell his house for 65,000.

After three weeks of negotiation I got him to sell me the property for 35,000

Long story short, I sold it 3 days later for 53,000 without moving a paint brush :)

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Kevin Bellavance
Investor · Sherbrooke, Québec · Member since 2015 · 52 posts · 50 votes
11y

@Garrett Gable

Great idea for the flips!


However, I hope you know stock market is in most case just luck. In fact, studies showed that a monkey randomly selecting shares of companies can achieve the same yearly return as the average traders in banks. Don't get trapped with all those ''fake overnight millionaires traders'' and all that BS guru stuff. I sincerely hope you know what you are doing if you go on with the stock market and that you trust those you are surrounding yourself with. I doubt you can make that kind of 15k profits in a couple weeks on the stock market with limited capital like you did with real estate. You would have to have silly amount of cash like hundreds of thousands or you would have to do very very risky things like venture capitalism, IPOs, option trading and all that (which is quite impossible for a young college dropout). Most newbies in real estate are getting better returns than the expert CFA (Chartered Financial Analyst which you find on wall street) on a yearly basis.


I am a Finance student and this is what I study all day long. Let me tell you, I believe you would certainly make more money by sticking to the real estate thing than betting on the market.  But you know, that's only my point of view. Who am I to give you advice.

Regardless of the way you'll take, I wish you best of luck ! :)

-Kevin

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  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    11y
    Originally posted by @Garrett Gable:

    Hey Guys,

    Thought I'd share my first deal with everyone :)

    I dropped out of college March of 2015. 

    My friends and associates looked down on me thinking I was turning into a bum. Other parents would call mine saying, "I'm so sorry to hear about Garrett."

    Little did they know I had been reading books and attending wealth seminars for quite some time. 

    I knew what I wanted and finally took a leap of faith.

    I started reading, listening, and watching videos online for a solid month before I had my first break through. Anything business, finance, real estate, and motivation related inspired the hell out of me. 

    I started asking questions of people who are where I wanted to be.

    It led me to Toledo! Thanks Engelo Rumora (I know you'll get notified Mr. Key Word.)

    Anyways, my first deal was through a yellow letter.

    An older gentleman called and wanted to sell his house for 65,000.

    After three weeks of negotiation I got him to sell me the property for 35,000

    Long story short, I sold it 3 days later for 53,000 without moving a paint brush :)

    If you want to find out more about us and what we do feel free to check out the website!

    BOOM!

    Podcast Guest on Show #89
    Oz Realty4.5369 Reviews
    WebsiteView Page
    0Reply
  • Kevin Bellavance
    Investor · Sherbrooke, Québec · Member since 2015 · 52 posts · 50 votes
    11y

    @Garrett Gable

    Congratulations ! Very inspiring.

    What's coming next?

    1Reply
  • Garrett Gable
    OP
    Investor · Aurora, OH · Member since 2015 · 32 posts · 20 votes
    11y
    Originally posted by @Kevin Bellavance:

    @Garrett Gable

    Congratulations ! Very inspiring.

    What's coming next?

     For the next 3-5 years I am hoping to do 1 or 2 A-class flips per month.

    After that, I'm surrounding myself with millionaires in the stock market and taking my talents elsewhere :) 

    Thanks for the comment, best of luck!

    -Garrett

    1Reply
  • Kevin Bellavance
    Investor · Sherbrooke, Québec · Member since 2015 · 52 posts · 50 votes
    11y

    @Garrett Gable

    Great idea for the flips!


    However, I hope you know stock market is in most case just luck. In fact, studies showed that a monkey randomly selecting shares of companies can achieve the same yearly return as the average traders in banks. Don't get trapped with all those ''fake overnight millionaires traders'' and all that BS guru stuff. I sincerely hope you know what you are doing if you go on with the stock market and that you trust those you are surrounding yourself with. I doubt you can make that kind of 15k profits in a couple weeks on the stock market with limited capital like you did with real estate. You would have to have silly amount of cash like hundreds of thousands or you would have to do very very risky things like venture capitalism, IPOs, option trading and all that (which is quite impossible for a young college dropout). Most newbies in real estate are getting better returns than the expert CFA (Chartered Financial Analyst which you find on wall street) on a yearly basis.


    I am a Finance student and this is what I study all day long. Let me tell you, I believe you would certainly make more money by sticking to the real estate thing than betting on the market.  But you know, that's only my point of view. Who am I to give you advice.

    Regardless of the way you'll take, I wish you best of luck ! :)

    -Kevin

    3Reply
  • Joshua Nudell
    Investor · Bellerose, NY · Member since 2014 · 108 posts · 34 votes
    11y

    @Garrett Gable,

    So, was this a wholetail deal?  Did you actually come up with a $35,000 purchase price and close on the property?  Or did you turn around an do an assignment contract or double closing to sell it another individual?

    Either way, it sounds like a great first deal, and congratulations.  I would just like to know more about the structure of your deal and financing (if any) of the deal.

    Thanks and best of luck!

    0Reply
  • Mohammad Jaradat
    Investor · Geismar, LA · Member since 2015 · 7 posts · 0 votes
    11y

    you totally inspired me

    0Reply
  • Gordon CuffePro Member
    Investor · Roseville, CA · Member since 2009 · 1k+ posts · 584 votes
    11y

    That is awesome. I need to have you talk to my sellers. You will be writing blog posts about your negotiating with sellers in the near future. The one bad thing about not going to college is no more dorm or frat parties.

    1Reply
  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    11y

    Congrats on the first deal @Garrett Gable

    BiggerPockets
    0Reply
  • Jeanine P.
    Investor · Sacramento, CA · Member since 2010 · 161 posts · 29 votes
    11y

    Congrats to you. Keep them coming!

    0Reply
  • Ayodeji Kuponiyi
    Investor · King of Prussia, PA · Member since 2014 · 1k+ posts · 339 votes
    11y

    @Garrett Gable Congratulations! Very inspiring & motivating. 

    0Reply
  • Byron McGhee
    Investor · Joliet, IL · Member since 2015 · 13 posts · 0 votes
    11y
    Garrett Gable great for you. I love testimonies like this
    0Reply
  • Garrett Gable
    OP
    Investor · Aurora, OH · Member since 2015 · 32 posts · 20 votes
    11y
    Originally posted by @Kevin Bellavance:

    @Garrett Gable

    Great idea for the flips!


    However, I hope you know stock market is in most case just luck. In fact, studies showed that a monkey randomly selecting shares of companies can achieve the same yearly return as the average traders in banks. Don't get trapped with all those ''fake overnight millionaires traders'' and all that BS guru stuff. I sincerely hope you know what you are doing if you go on with the stock market and that you trust those you are surrounding yourself with. I doubt you can make that kind of 15k profits in a couple weeks on the stock market with limited capital like you did with real estate. You would have to have silly amount of cash like hundreds of thousands or you would have to do very very risky things like venture capitalism, IPOs, option trading and all that (which is quite impossible for a young college dropout). Most newbies in real estate are getting better returns than the expert CFA (Chartered Financial Analyst which you find on wall street) on a yearly basis.


    I am a Finance student and this is what I study all day long. Let me tell you, I believe you would certainly make more money by sticking to the real estate thing than betting on the market.  But you know, that's only my point of view. Who am I to give you advice.

    Regardless of the way you'll take, I wish you best of luck ! :)

    -Kevin

     My Friend.

    Thank you for your advise. 

    I will always be involved in real estate. The point of me entering the stock market is to create multiple streams of income. 

    I had a double major in business and finance. I won't get into my thoughts about America's schooling and education. 

    I'll leave you with this, 76% of the world's richest people are high school and college drop outs. Break the norm

    Best of luck to you!

    Nothing is impossible. 

    0Reply
  • Garrett Gable
    OP
    Investor · Aurora, OH · Member since 2015 · 32 posts · 20 votes
    11y
    Originally posted by @Gordon Cuffe:

    That is awesome. I need to have you talk to my sellers. You will be writing blog posts about your negotiating with sellers in the near future. The one bad thing about not going to college is no more dorm or frat parties.

     Thanks for the post!

    You got that right. I believe I'm calling one of your sellers today :)

    Best of luck!

    0Reply
  • Garrett Gable
    OP
    Investor · Aurora, OH · Member since 2015 · 32 posts · 20 votes
    11y
    Originally posted by @Joshua Nudell:

    @Garrett Gable,

    So, was this a wholetail deal?  Did you actually come up with a $35,000 purchase price and close on the property?  Or did you turn around an do an assignment contract or double closing to sell it another individual?

    Either way, it sounds like a great first deal, and congratulations.  I would just like to know more about the structure of your deal and financing (if any) of the deal.

    Thanks and best of luck!

     Thanks Josh,

    I did purchase the property wish cash.  

    My original plan was to flip the house. However, in the mean time I posted my deal to a few different places and someone snatched it up. 

    -Garrett

    0Reply
  • Bret Burkett
    Arlington, TX · Member since 2015 · 36 posts · 18 votes
    11y
    Great job Garrett Gable !
    0Reply
  • Kevin Bellavance
    Investor · Sherbrooke, Québec · Member since 2015 · 52 posts · 50 votes
    11y

    @Garrett Gable

    Sounds great!

    And for the record, I didn't mean a college dropout was a bad thing. In fact, most people that inspire me the most are college drop outs. When you think about those Steve Jobs, Gates, Zuckerberg, Dell and all that. I don't believe schooling is in any ways necessary to make a fortune.

    Regards,

    -Kevin

    0Reply
  • Nick Johnson
    Investor · Ormond Beach, FL · Member since 2015 · 24 posts · 8 votes
    11y

    @Garrett Gable nice work!

    Very similar to my story (except I was a college kick-out) ;)

    I did 2 flips in my first 6 months of being kicked out of school... I learned so much more by doing than I ever did sitting in a classroom.

    I took a hiatus from REI and decided to develop web applications for living. Now that I'm well into 6 figures annually (and have proven to myself I didn't need college), I'm starting back up with REI.

    Best of luck!

    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    11y

    @Garrett Gable

    I now want a Louis Vuitton Presidential briefcase.

    I am happy to settle for a 2nd hand one from the 1990s.

    Should only set you back around $500-$800 haha

    Grazie Mile

    Podcast Guest on Show #89
    Oz Realty4.5369 Reviews
    WebsiteView Page
    0Reply
  • Altie Jenkins
    Lewisville, TX · Member since 2014 · 15 posts · 3 votes
    11y

    Awesome, congrats!!

    0Reply
  • Darrell Lee
    Investor · Springfield, VT · Member since 2014 · 158 posts · 75 votes
    11y

    Good to hear there's money to be made in Toledo! I am in contract on a couple of Ohio houses, one in Dayton and the other in Toledo. I'm in Hollywood, CA and haven't seen the houses and want to sell them to cash buyers. PM if interested.

    BTW congrats. I just started back in REI and since March have closed or in contract 9 deals in 4 different states... Ohio, Tenn, VT and NH... Wheeeee... it's like Ebay!

    I'm more of a BRRR investor, but I want to concentrate in the NE states so the Ohio and Tennessee properties must go...

    0Reply
  • Garrett Gable
    OP
    Investor · Aurora, OH · Member since 2015 · 32 posts · 20 votes
    11y
    Originally posted by @Nick Johnson:

    @Garrett Gable nice work!

    Very similar to my story (except I was a college kick-out) ;)

    I did 2 flips in my first 6 months of being kicked out of school... I learned so much more by doing than I ever did sitting in a classroom.

    I took a hiatus from REI and decided to develop web applications for living. Now that I'm well into 6 figures annually (and have proven to myself I didn't need college), I'm starting back up with REI.

    Best of luck!

     Awesome Nick,

    I can't stress enough how important personal development is and how powerful breaking the norm can be!

    Best wishes..

    Nothing is impossible,

    Garrett

    0Reply
  • Jay Johnson
    Pelham, NC · Member since 2015 · 160 posts · 54 votes
    11y

    Can I hire you to negotiate for me?

    Congratulations! Way to get in the game!

    0Reply
  • Mark Cipollini
    Tenafly, NJ · Member since 2015 · 4 posts · 0 votes
    11y

    Great story.

    0Reply
  • Garrett Gable
    OP
    Investor · Aurora, OH · Member since 2015 · 32 posts · 20 votes
    11y
    Originally posted by @Jay Johnson:

    Can I hire you to negotiate for me?

    Congratulations! Way to get in the game!

     Thanks Jay,

    The biggest lesson learned was to follow up with a potential lead.

    I called the seller every Monday for three weeks and asked if they sold their property yet. I let him know my offer still stands. This created a sense of urgency and eventually he said yes :)

    Be friendly and play with open cards. Learn to be a salesman. If someone doesn't like you, why would they sell their property to you?

    Thanks,

    Nothing is impossible.

    0Reply
  • Jonathan Mecham
    Salt Lake City, UT · Member since 2015 · 1 post · 0 votes
    11y

    Great job!!!   Without meaning to come off too direct or personal, how did you come up with the cash.  I'm a newcomer hoping to raise some funds for my first deal and don't have the cash already.

    Thanks for the inspiration Gabe!!

    0Reply
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