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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  • Stone Teran
    Investor · Cincinnati, OH · Member since 2015 · 374 posts · 120 votes
    11y

    Finish your degree

    0Reply
  • Joseph M.
    Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes
    11y
    Garrett Gable Congrats on the deal! It's true there are a lot of successful people that didn't go to college or dropped out . At the same time though I am sure you will find that most of the richest of most successful did go to college . Our media and articles love to point out the outliers . " This millionaire dropped out of school and made a fortune!" Yeah great ... But you could probably point to millions of others that dropped out or never went that are poor and struggling financially . That being said college isn't for everyone, the most important thing I believe is self education and being motivated and taking action which it sounds like you are certainly doing!
    0Reply
  • Delshaun Holtzclaw
    Reno, NV · Member since 2015 · 1 post · 0 votes
    11y

    Hey @Garrett Gable, and others here on the blog,

    Same with Jonathan Mecham, I am also a beginner in the field, trying to acquire my first property here in Reno, NV, for a flip, or similar to your tactic, however where do you search for properties such as that where it's an individual seller??? All I think is craigslist or property managers but those houses are all 200K and up. I hear about getting a FHA, but is that really the best method?

    Any info would help thanks!

    Sincerely, 

    Delshaun Holtzclaw

    "Just a musician with a dream"

    0Reply
  • John Baker
    West Palm Beach, FL · Member since 2015 · 36 posts · 1 vote
    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

    Wow, I'm reading this story sitting down in my college advising center, lol. I'm wondering how many letters did you send out? Was it 1000 or 2000? How many sellers did you talk to before you made this deal?

    0Reply
  • Christian Bors
    Real Estate Agent · Mechanicsburg, PA · Member since 2014 · 529 posts · 217 votes
    11y

    Congrats for taking a the risk and jumping into the busy. I am a recent college grad, with some debt. Looking back, I do not regret getting my degree one bit. However, I do question the education system. I studied economics and business, however for what I do in the real world (Real estate, and Banking) less then 1% is applicable. My college education was also 50k a year, which is INSANE! Now I'm debating whether or not to get an MBA. I probably won't. I think I can get a self taught MBA through real estate.

    But the parties were pretty awesome! I missed those days...

    1Reply
  • Bryan C.
    Investor · Spokane, WA · Member since 2014 · 733 posts · 155 votes
    11y

    @Darrell Lee, send me the details on the properties you have under contract if your looking to sell. 

    0Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    11y
    Originally posted by @Stone Teran:

    Finish your degree

    lol

    He is :)

    Its called Hard Knocks College haha

    Podcast Guest on Show #89
    Oz Realty4.5369 Reviews
    WebsiteView Page
    0Reply
  • Edwin W.
    Investor · Dallas · Member since 2015 · 70 posts · 3 votes
    11y

    @Garrett Gable Great job!! Do you mind uploading the yellow letter that you used?

    0Reply
  • Ben Eastman
    Real Estate Agent · Phoenix, AZ · Member since 2015 · 47 posts · 4 votes
    11y

    Awesome Garrett!  It's always inspiring to hear stories like this.  Well done!

    0Reply
  • David Pickard
    Rental Property Investor · Bloomfield, NJ · Member since 2015 · 37 posts · 6 votes
    11y

    @Garrett Gable

    Awesome! Great to hear. You are getting a better education out there on the streets than you are in the classroom, in my opinion. Keep it rolling my friend. Also if you're interested there is a book called "The Education of Millionaires" by Michael Ellsberg, it is about millionaires who never finished school. Check it out, if you haven't read it already.

    0Reply
  • John Geldert
    Rental Property Investor · East Meadow New york · Member since 2014 · 232 posts · 95 votes
    11y

    @Garrett Gable

    Great job, great story!

    To follow up with the other questions, what criteria did you use to establish your mailing list?

    0Reply
  • Siraj Ahmed
    Investor · Morton Grove, IL · Member since 2015 · 44 posts · 5 votes
    11y

    Congrats @Garrett Gable on your first deal. Keep writing more so we can inspired

    0Reply
  • William Schmelter
    Real Estate Investor · Livonia, MI · Member since 2015 · 3 posts · 0 votes
    11y

    @Garrett Gable  - Congratulations.   I am not that far away in the suburbs of Detroit.   Why did you choose Toledo?  

    0Reply
  • Maurice IlaoPro Member
    Oceanside, NY · Member since 2015 · 35 posts · 12 votes
    11y
    Congrats. Very inspirational. Trying to do some research before jumping into REI like yourself.
    0Reply
  • Roy N.Pro Member
    Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
    11y
    Originally posted by @Engelo Rumora:

    @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

     Engelo:

    That's really not in keeping with the image of a Dingo ;-)

    2Reply
  • Engelo RumoraBusiness Member
    Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
    11y
    Originally posted by @Roy N.:
    Originally posted by @Engelo Rumora:

    @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

     Engelo:

    That's really not in keeping with the image of a Dingo ;-)

     lol Roy,

    I have always had a thing for that briefcase lol

    It's been on my list of things to buy for over 3 years now.

    Just don't have the spare time to research it and get a good deal lollol

    Thanks

    Podcast Guest on Show #89
    Oz Realty4.5369 Reviews
    WebsiteView Page
    0Reply
  • Account Closed
    Brunswick, MD · Member since 2014 · 36 posts · 13 votes
    11y

    For some people college just isn't the right path. Not to mention, if you end up like me, you may find that student loans hinder your ability to come up with capital for REI. Good for you for doing what you felt was right, and congrats that it turned out well! Good luck on your next deal!

    0Reply
  • Justin Fernandez
    Investor · Watertown, NY · Member since 2015 · 225 posts · 88 votes
    11y

    @Garrett Gable

    That's a true inspiration bud.  Too bad I learned about Real Estate after graduating! But a certification is just a certification for what people are looking for.  I don't mind having a w-2 check as long as it's gratifying work but I will be moving towards Real Estate full time sooner than later!

    Keep us posted on future deals.

    0Reply
  • Frank Daniel
    Investor · Huffman, TX · Member since 2012 · 12 posts · 3 votes
    11y

    i dropped out of college! I just reached my 1 million dollars in net worth goal! 

    1Reply
  • Mark McInnis
    Investor · Fort Lauderdale, FL · Member since 2015 · 10 posts · 3 votes
    11y

    good job on your flip, and good luck with your profits, IMO it's best to be diverse.. If I was in your position I would put my profits in different investments. 1- open up a DRIP plan with a high paying dividend, 2- invest in a few affordable long term stocks with guaranteed growth, 3- invest in peer to peer lending with as many notes as possible, and 4- acquire 4plex investment property and build residual income. Don't ever stop reading and may your investment decisions be in your best favor and not someone else's, again- goodluck!!

    0Reply
  • Deborah Townsend
    Investor · Sneads Ferry, NC · Member since 2015 · 38 posts · 9 votes
    11y

    Nice! Very inspiring. I bet Mom and Dad are happy.

    0Reply
  • Ronald Luangsisongkham
    Investor · Seattle, WA · Member since 2013 · 8 posts · 1 vote
    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

    It's not impossible to get those returns in the stock market. I taught myself everything about the stock market when I was in college. Fundamental, and technical analysis. While everyone was going out and partying, I was going through 10k statements, learning to read financial statements, and so forth. Options trading is not risky. Here is an example of what I did with 25k, and how I made a 12k profit within 14 days. If you put your mind to it, and truly want to learn how to earn it's possible. Stock options is the next generation of investing, there has just been so much fallacy associated with it. 

    It's not impossible, I dropped out or you can say I took a break for a year to learn everything about stocks. Then went back and graduated. 

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

    It's not impossible to get those returns in the stock market. I taught myself everything about the stock market when I was in college. Fundamental, and technical analysis. While everyone was going out and partying, I was going through 10k statements, learning to read financial statements, and so forth. Options trading is not risky. Here is an example of what I did with 25k, and how I made a 12k profit within 14 days. If you put your mind to it, and truly want to learn how to earn it's possible. Stock options is the next generation of investing, there has just been so much fallacy associated with it. 

    It's not impossible, I dropped out or you can say I took a break for a year to learn everything about stocks. Then went back and graduated. 

     Thanks Kevin,

    I always appreciate guys who put their mind to something and make it happen!

    However, I like learning from those who have already "made it." I feel as if my risk is lower and my time frame to mastery is excelled.

    We all know the saying, "you are the sum of the 5 closest people in your life."

    -Nothing is impossible-

    Garrett

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

    i dropped out of college! I just reached my 1 million dollars in net worth goal! 

     Frank thats awesome!

    Lets connect, I'm curious as to how long it took and some steps you made along the way.

    Looking forward to it!

    -Nothing is impossible-

    Garrett

    0Reply
  • Kevin Bellavance
    Investor · Sherbrooke, Québec · Member since 2015 · 52 posts · 50 votes
    11y

    @Ronald Luangsisongkham

    That's awesome. I know stock options are a geat way to make big returns. I am reffering to the real time options trading simulation I did last semester where I made 380K out of a 100K investment in 6 weeks. However, the part where it is not risky, I don't agree with it.  It is an extremely risky investment and that's why you can get big returns. Even though I did good in options, I wouldn't bet my own hard earned money on it because you can't control the market. If everything goes south, it ain't going to be fun. But you know, that's just me. I'm glad you were able to make some good numbers with your own money! That is something I wouldn't let myself try. Props to you my friend!

    Regards

    -Kevin

    0Reply
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