All Forum Posts by: Willie Webb

@Joseph Landis....HAHAHAHAHA!!! Too funny!!

Joseph Landis , I love your analogy about the bachelors degree. I'm sorry about your situation, but your statement was hilarious. You said your business failed; was it a REI business - and what did you do to better your situation? I only ask because maybe what you did could possibly help me out as well. I enjoy listening and reading other people's stories; sometimes I can relate.

@Mike 

@Mike D., actually I underestimated the ARV. Initially I expected the ARV to be around $200k, but the house appreciated a bit since February therefore my potential profits went up. What cost me a great deal of money was almost every single bit of work that my sister did, has to be redone; so it's like I'm flipping the house two times. A portion of my money was used for personal use, an additional $5k was stolen by the roofers, I only got a 6 month policy and I will soon have to renew it, operating costs exceeded the amount of time I originally expected (utilities & hard money lender). $10k- might not be too accurate, but at the bare minimum I would break even - and that's wishful thinking

@Penny Clark, I will still allow family and friends to help me grow and expand, but I will be a little more cautious when it comes to assigning their roles. For example, my mother stepped up to the plate after I released my sister from this project, and I am in complete awe of the results my mother has shown. What contributes to this factor is the end game of each individual. My sister on one hand just wanted money; whereas me and my mother have the same goals - which is to build and build and build so that we have an abundant amount of wealth to pass on to my children. I have 2 girls, 1 boy, and another baby boy on the way(too many mouths to feed). My sister negotiated to receiving 10% of my profits after selling the house, whereas my mother gave me $30k to contribute to the business. I asked her what amount and what time frame she expected for repayment. She told me she does not want it back....just as long as the money is well spent into the business and that later on down the road I take the kiddos on a Disney Cruise. 

In a short period of time my mother has proven her worth to my company. Some one I can rely on, some one who will invest their own capital to see the growth, and some one who puts their own wants and needs aside for the better good of the family as a whole. Part of the Navy Creed when I was a sailor emphasizes the words HONOR, COURAGE, and COMMITMENT. I had to say it almost every morning for 9 years straight. My sister has shown me that she lacks it. My mother, soon to be a business partner, shows every aspect of that creed. I love her with all of my heart and trust her with everything I own. #WebbLife

@Sean Matthews, the Huston area is massive. I don't think you would have problems at all finding a partner locally. 

@Bryan O. at this point I agree with you to the fullest extent about finding a partner. But 9 months ago the thought of it would have been an insult to me just because of my stubbornness and ignorance in the investment world. This valuable and costly lesson has me humbled and humiliated, but also opened my eyes to the bigger picture. I DO need a helping hand in this industry. I DO need a mentor. If finding a seasoned partner is the best course of action, then I will gladly go that route. The knowledge and business relationships I can gain holds more weight than the money. I think with knowledge and experience, the success and money will surely follow suit. Thank you again Bryan for your valuable input. 

Thank you all for your valuable input and ideas. @Jeff B., since this house has been completely renovated from the ground up, I'm not for foreseeing any costly maintenance issues for a few years (knocking on wood). I think it will take between 12-18 months to recoup all of my money. I still have over 100k equity in the property that I can get access to if need be later down the road. So with my rent payment from tenants, I will recoup a portion of monies lost as well as build up equity on the property.  Does than plan sound realistic? I will admit, I am still fairly new at this and can be a little too ambitious at times, but I think that is my best course of action to take at this point. Any and all advice and recommendations at this point would be very helpful.

I don't blame you at all on that one @Jay Hinrichs . We live and we learn. If there was another way to do it at this point I would do it. I cannot come back to America just yet, so I think my best option is to take heed of @Bryan O.'s advice by partnering up with someone. The returns wouldn't be as great, although I don't think I would be at risk as much with the partnering investor having just as much to lose as myself. 

@Jay Hinrichs, it's actually my hometown. I'm just working abroad as a contractor right now. 

Thanks Bryan Otteson . I realized I bit off a little more than I could chew. The issue on this project has been fixed and we are pressing forward. The beginning was a disaster, but it turned around for the better. I have stood by too long coming up with every excuse in the book about why I shouldn't invest; or telling myself that it is simply not a good time to invest. I have been away from home since 2003. Either from being in the military, or contracting. I'm just tired of all the traveling - bouncing around from country to country. The best way for me to put it to an end is investing. I cannot let me being abroad be the reason why I don't. The most I can do in my current situation is to jump in and get my feet wet. Mistakes were made in this first project. I saw them, learned from them, and know not to repeat them. No company ever became successful with out going through the beginning hardships. I do not want to be one of those investors that they speak of on the podcast "Fire Round" about the investors that give up, fail, or never get started. I did start, I partially failed....but God as my witness, I will never give up. Adapt and overcome.

@ Joel Owens, thank you so much for a speedy reply. My original intentions were to pay her 10% of profits earned. She tried to cut corners and in areas where she shouldn't. Hiring back yard mechanics, and friends of friends to complete tasks that should have been carried out by professionals. As much as I have heard from podcasts and speaking with other people personally about hiring family members, I still did it regardless. Some people need to learn things the hard way; and I surely fell right into that category. It was a costly mistake on my part, but a mistake that will not be repeated. I will be working overseas for the next 1-2 years. Joel, what would you do in my current situation if you don't mind me asking?