Re: Are Sheets’ Courses Updated for 2004? - Posted by calreal
Posted by calreal on September 15, 2004 at 02:34:02:
Craig, I have to agree with you in light of the variables involved with real estating and Hunter, S’Alright, you’ll find I usually let problems, conflicts and misunderstandings roll off my back like water on a duck. Whether it’s residential or commercial any number of situations and opportunities are possible. One does not ‘try real estate’ it ‘tries you,’ I should know since I am currently examining different ways to maximize opportunity following a major financial upheaval due to circumstances beyond our reasonable anticipation and control in addition to the huge risk we took as a way to ‘buck up’ our way from an extremely tight real estate market.
I began in real estate in the early part of the 1980’s, was involved with first one broker partner and mainly assisted in the process of the syndication offering he was promoting and was there for the ‘ground breaking’(at the age of 19 no less!) on the first part of the authorized ‘take out financing’ for the first part of the development. We thought for sure we would be able to complete the proposed apartment complex development and then the 1984 tax rules changed, the market changed and the lender refused to continue on with the project after finding that our main contractor over inflated the true costs to do the build out among other things. I learned from watching the broker and the syndicated partners that it probably would have been better had the broker used a few different methods in assessing the project and the potential availability of financing for it. That project set him and the rest of us associated with him back quite a bit. I went on to sell new homes(I was told I was gutsy for taking the risks for being ‘so young’) and then did a bit of mortgage brokerage thinking I might learn from working with a broad base of clientele covering from A to D credit for conforming and jumbo residential and commercial loan product. What I learned from touching folks’ financials can only be taught partly by books; there’s nothing like real world learning. I sold luxury new homes too and watched and learned how the top 10 to 5% affluent manage their money whether they are nouveaux riche or old rich-it is an education to say the least that would be the envy of anyone at Claritas one of the major geodemographers.
After a few years of doing this and serious financial problems due to the illness of a significant other and my attempts at helping(why am I this way? I give everything and everyone ‘my all’ and sometimes as in these examples it has a 'negative effect.'Guess the key is in that word, ‘sometimes.’) I went back to my broker friend since a long term client was in his early 80’s and looking to unload his snf’s,alfs and alz’s (parlance for skilled nursing facilities, assisted living facilities and alzheimers assisted living facilities) there was also one gp (general practice) medical center the client was part owner in. He trusted my broker friend like family and entrusted him with the marketing and sale of the properties and my broker friend wanted me to help out and split the deals as they came through. I learned from that the minutiae involved in these ‘involved’ properties, he trusted me to handle the details since he was the farthest from a ‘detail person’ and I have lots of stubborn patience and am nearly always calm and collected in dealings with the MBA types that are frequently on the other end of the phone representing themselves or their clients as we go over the details of the APOD (annual property operating data), rent rolls, inspections, licensure, occupancy, cash on cash, etc.
To make a long story shorter, we managed to sell a few of the properties shortly before 9-11 and a few months after that my broker friend had a bout of cancer that was fortunately completely removed from his eye but psychologically the illness and the length of time to sell the properties and the difficulties we were experiencing with the market compelled us to consider closing up shop 'for now’since we had a ‘negative balance sheet’(boy were we upside down then and still are to an extent) and as a result the stress I as well as other friends feel that psychologically everything was severely affecting my broker friend that we were urging him to see a psychiatrist. The behavior was that of someone who was depressed and somewhat manic and possibly delusional with pronounced expressions of peculiar behaviors ( I would know too, a former significant other had a severe form of manic depression and many hospitalizations before we decided to separate-but that’s another story and part of why my real estate stuff is in a bit of a holding pattern.)
Even after all of this, real estate still appeals since I have experienced a taste of the success it brings (heck, just from one closing on a 15m snf = 1% of the sale price split between me and the broker so do the math!) and I was only a short way to the beginnings of a regular 6 figure income and the chance to invest myself since quite a few of the commercial brokers enjoyed transacting with us!
Anyway, in life ‘almost’ doesn’t count since at the moment I am not making the 6 figure income and buying any properties just yet, but I have learned alot from my experiences and will continue to look for yet other opportunities to continue forward towards real estate success and that includes not only reading and studying trade publications but ‘rounding’ my creativity base and picking up the latest real estate guru’s materials once in awhile to find out what new nuggets of information or ‘twist’ to a concept they might come up with since one can never have too much knowledge.
I honestly cannot think of any really unique ways to expedite the process of rebuilding my financial position but at least I can keep on plugging away and pursuing certain creative ideas I have that are variations of tried and true methods picked up from whatever sources they originate, such as creonline which encompasses most property types. In that I am like a pioneer since I will be the one doing and experimenting with them.
In closing, yes, I feel that I will be one of those who ‘made it’ in real estate without a real estate course since experience is truly the teacher whether or not we have taken a course. Risking is also a pretty large part of the equation in addition to sound judgement and knowledge so take these into consideration. Here’s a quote to add to your collection if you’re looking for more motivation and best of luck to us all as we succeed with real estate! … “And the trouble is, if you don’t risk anything, you risk even more.”
Posted by Craig on September 13, 2004 at 16:43:32:
In Reply to: Re: Are Sheets’ Courses Updated for 2004? posted by Hunter on September 13, 2004 at 13:24:04:
Most of the REIs that make it in the industry would have made it no matter what course, or book they read.
There are a few points I’d like to make
There are thousands of people that are making money in Real Estate with taking a single course. So what does that tell you.
Are Carlton or Legrand students better, NO not at all. In fact you would probably find that the percentages of success are the same as the general population.
The people that make it are the ones that have the balls to take risks, it has nothing to do with some course you take.
It is the ones that can be rejected and keep going back until they finally found someone that will go along with their scheme.
It is also the ones that can look a guy straight in the eye and take his last dollars of equity.
Guys like Kiyosaki talk about Win win situation. There is no such thing, if you are winning someone is losing.
I am not trying to condemn or judge people but the reality is the successfully ones got there for other reasons, not because of the seminar they took.