Posted by Terry (Houston) on April 13, 2001 at 09:53:04:
Hit your local club! Talk to people! Ask questions. Find someone that will talk back.
Tell people here where you are from. You may find someone in your area posts here all the time as well.
Take your local people to lunch. See I know Jim Kennedy Likes good food and good wine. That’s not too much for good answers is it?
Get out there and tell people who you are!
Terry
From Rags To Riches? - Posted by Kyla
Posted by Kyla on April 12, 2001 at 12:41:05:
Are there any other investors out there who got started in realestate with virtually nothing? How can people buy properties when they will not even qualify for a loan? I’ve heard of people who got started in real estate who were almost broke, and then they turned their lifes around and became wealthy.
I certainly have dreams and visions, but do not know where to get started in real estate. I just find it hard to believe you can buy properties with no money down.
Thanks
Kyla
Re: From Rags To Riches? - Posted by dandrews
Posted by dandrews on April 12, 2001 at 21:32:37:
I am not as sharp as the rest of the gurus here. I will confess to starting with cash. $5000. What I lacked in brains and experience I made up for with obsession. Took 3 yrs for me to turn that into 30k. Then it took off for me. One yr later I had 144 apartments 6 to 8 units at a time. Worked them obsessively by myself for another year, got burned out and sold out. Rested up for a year and admired my 400k. Got obsessive again and bought 400-450 mobile home park sites. About 5Million in property. Plus developed a sales lot and sold 60+ homes a yr. From flat broke new college grad to 1.5M net worth in about 6 yrs. Long story short, I went flat broke after that. Actually 500k in the hole. Plus a loss of health for several years. To the extent I told the Lord He could take me home any time he wanted. Ever been afraid you might die? Well, I was afraid I might live! Well, about 6 months ago, I started regaining my health and am pretty close to being back full-swing. I am an extremely private person. I am surprised at myself for telling this on an open forum, but maybe someone can be helped by my experience. Can you make your million? Absolutely. And I have no doubt I will do it again, too. And so will anyone who truly wants to. Like I said, I was a obsessive, one-track minded person. Making money really is not that complicated if it is money you want. But along the way, remember to be rightly related to God. You will not take any of it with you, but you can send some on ahead.
Re: From Rags To Riches? - Posted by Terry (Houston)
Posted by Terry (Houston) on April 12, 2001 at 19:52:01:
I will tell you a little about myself:
I quit a job that was paying me in the lower 6 figures with the car, bonus’, stock options, medical plans, IRA’s etc.
I still didn’t have a penny to my name and was NEVER at home! Kids and wife and a high life style ate everything up. I traveled more than an airline hostess.
I took 6 weeks off in January to help my wife and mother in law when they found out my father in law has Alzheimer’s. He basically is wearing a diaper and has the mentality of a two year old. We lost her grandmother on Christmas day. Her uncle has incurable prostate cancer. You will have to understand I won’t eat any of the Glaze women’s cooking 
At that time I had studied real estate for about 2 years. A very good friend had kept at me for a long time and I will never forget the coaching she has given me. You may know her as Jackie Lange. Mid last year I started to do a deal or two hear and there.
In the 6 weeks I took off I was able to do the deals that are posted on the success stories. I posted it for all newbies to see that it can be done.
I quit my full time JOB in April. The last day was the day before the convention. How am I doing? I just signed up my 4th deal since the convention. I know others who are kicking my butt in numbers but I think I am doing OK.
If I close on just the houses I have right now I should surpass the yearly income I was making. I’m OK with that.
Can you do it? I will be honest and say there are more people who don’t than those who do. Why? There are a lot of little cost that ad up that kill people. Some rehabs I am doing I am doing with my money. Not the smartest but I am learning. A lot of people quit when they do not find a motivated seller. Or the first deal goes bad. Or the phone doesn’t ring or…
My first deal, about a year ago still has not sold for one reason or another. It will soon but that’s another story. How many people would have quit by now? There first deal an albatross? I don’t know. But after seeing what my wife has gone through I know I’m not.
No money down? You bet. The majority of my houses have been subject to deals. I have made up back payments and kept people out of foreclosure but still am not giving up money unless I have to. Now, on three deals I have received about $20 - $25k in equity. I did give up about $2,000 each on those. My mentors will have to forgive me.
Who are the mentors?
I mentioned Jackie but I have a whole slew of the Texas Connection that I can call upon, Dee, Tim and Kelly, David A, Jim Kennedy, Alan and Cindy Paine,Bud, Stephanie and others. I talk to Joe Kaiser and Bill Bronchick who have helped me beyond what I could give them credit for. William, Lynn and Matt and Steve Cook. Jpiper, Phil and several others including Ed Garcia Terry and JP.
I mention the names because I want you to see the kind of information you have access to. It can make you have your dreams if you fight for it. I am working harder than I have ever worked. And I love it.
Can you do it? I don’t know you. You have to answer that. Remember Terry and JP? They have a saying :“Winners will not be Denied!”
…There is no chance no destiny no fate
that can circumvent or hinder or control
the firm resolve of a determined soul…
Ella Wheeler Wilcox
Terry (Houston)
Re: From Rags To Riches? - Posted by SCook85
Posted by SCook85 on April 12, 2001 at 18:44:34:
Kyla,
I started with absolutely nothing but a desire to be a real estate investor. I had no money, in fact I was in the hole. My credit was not good and I had no family members to go to.
I started flipping properties. Today, two and a half years later, I have done over 150 properties. Today I am doing pretty good. At one point I was knocking on a million dollar net worth (all on paper) but have since liquidated that to a smaller cash position and free and clear notes.
So the answer to your question is yes, it can be done.
Steve
Re: From Rags To Riches? - Posted by landlady
Posted by landlady on April 12, 2001 at 17:49:17:
Kyla, I started 3 years ago buying properties. I have bought 28 and rehabbed and fixed up to rent or sell. I currently have 26 rentals. I have a job, I love 100%. And anybody doing this has to. My 1st 2 houses were bought together for $17,500 each. I took a loan out at the bank, used the credit cards and away I went. I sold one 3 months later for $45,000 and one 5 months later for $47,500. I had many…many…many hours of labor in these houses, as I did all work myself except for plumbing & electrical (fortunately the roofs were in good shape). I had under $10,000 materials in each house. I made a little profit and I was up & running. On paper I may be rich, but according to my bank account… I keep buying other houses and looking for financing. Goodluck.
Re: From Rags To Riches? - Posted by BILL TAYLOR
Posted by BILL TAYLOR on April 12, 2001 at 14:19:03:
KYLA I AM OLD IN THE BUSINESS BUT NOT OLD AT LEAST IN MY OWN EYES. I STARTED OUT 20 YRS AGO AND DID NOT HAVE ANY MONEY. WHAT I DID HAVE WAS A FRIEND THAT WAS ALSO MY AGE AND HE HAD A TRUCK HE HAD PAID FOR. WE WENT TO THE BANK AND BORROWED THE EQUITY OUT OF THAT TRUCK AND WERE ON OUR WAY. SO WHERE DID THE HOUSES COME FROM? WE WENT OUT AND FOUND VERY MOTIVATED SELLERS. THEY HAD TO BE THAT WAY TO WANT TO WORK WITH US. WE HAD A REATOR TO WORK WITH AND HE SET BACK HIS COMMISSION FOR 6 MONTHS TIL WE GOT THE PROPERTY GOING. WAS IT EASY, COME ON THIS IS REAL WORLD. WE WORKED OUR TAILS OFF AND THEN HE WAS TRANSFERRED AND WNATED TO SELL HIS SHARE TO ME. I BOUGHT IT BY FIANNCING MY CAR THAT I HAD PAID OFF. YOU COULD SAY WE DID START IN THIS BUSINESS WITH THE SEAT OF OUR PANTS. NOW 20 YEARS LATER WE HAVE 135 UNITS WE OWN, NO PARTNERS. IT IS MUCH EASIER TODAY BUT WE HAD A VISION BACK THEN AND STAYED FOCUSED ON IT. COULD YOU DO THIS TODAY, I GUESS IT DEPENDS ON HOW BAD YOU WANT IT. YOU HAVE TO BELIEVE WHEN ALL OTHERS DON’T. I HAVE HAD MANY PEOPLE BEHIND MY BACK SAY I WOULD NOT MAKE IT. TO HE-- WITH THEM. YOU MAY HEAR THOSE FOLKS BUT YOU HAVE TO BELIEVE IN YOURSELF AND THE DEALS YOU ARE MAKING. YOU BETTER USE EVERY BOOK YOU CAN GET YOUR HANDS ON AND COME TO THE WEB EVERY DAY AND STUDY THIS. ONE WAY OR ANOTHER YOU ARE GOING TO PAY FOR EDUCATION BUT YOU WILL HAVE TO DO IT.
I did start with nothing… and Still do - Posted by David Alexander
Posted by David Alexander on April 12, 2001 at 13:04:39:
buy with mostly None of mine own money.
Just have to open your mind to change your perception.
David Alexander
Re: From Rags To Riches? - Posted by john
Posted by john on April 13, 2001 at 08:56:55:
terry - i thought your post was great. i too have self studied rei for 2-3 yrs. my background is in accounting for construction and commercial real estate developers. but they are the big boys with alot of $. i live from paycheck to paycheck and have 3 kids, so i am very cautious and scared to make a bad deal–so i have made no deals. i wish that i had a mentor to hold my hand thru the first 1 or 2 deals. after that i think i would do fine. i think the advice given in this forum is great, but i would like someone local that would be willing to help. how do you find such people?
thanks for sharing your experiences.
I knew him when - Posted by Dee-Texas
Posted by Dee-Texas on April 13, 2001 at 07:16:49:
Your always a winner my friend. You have what it takes.
God Bless,
Dee-Texas
Re: From Rags To Riches? - Posted by Ted T.
Posted by Ted T. on April 13, 2001 at 02:07:14:
Hi Terry.
I briefly met you at the convention. Saturday night at the banquet bar, talking with Jim Kennedy. I wish we could have gotten better aquainted.
I just wanted to say thanks for the post. It gives incouragement to those of use just getting started in this mind boggeling indevor.
Again thanks!!
Ted Trunnels
Reno NV.