Posted by Brent_IL on April 04, 2002 at 02:52:40:
nt
Success Story and a sincere thanks - Posted by Phamtastic
Posted by Phamtastic on April 04, 2002 at 02:45:45:
It’s time I told my story…
To all those that helped me get started back a couple of months ago when I was a Newbie!!
Thank you, thank you, thank you. You know who you are…gals and dudes that were real cool with their time and experience to help me with some questions I had to get me started.
I have not been back on this and similar sites for the last couple of months because the stuff (ideas and advice) that I received got me so busy I do not have time to chill here like I did before. It’s good when you are have time and it’s good when you’re making money too, either way you?re winning.
So here it goes…
Thanksgivng 2001…received my Fast Cash program from Ron LeGrand…$59.00, I subscribed to Nightingale Conent and LeGrand got a hold their mailing list so I sent in for a free tape ?.and the rest is history.
Got interested in REI
Took December to really see if this business is for me…post questions, read books, talked to experts…found a way to win.
Christmas…big time present for myself…I DECIDED to go forward with this business and DO SOMETHING!
New Years Day…start of something grand in my life with the launch of my real estate investing business. Ordered marketing materials…bandit signs…cards…flyers.
Continued to learn this business every night…I made a promise to study the boards and read and understand this business at least 1 to 2 hours each evening. I learned from people and I gave whatever I knew?. mostly encouragement to Newbies. You cannot keep getting good stuff/advice without trying to help someone else so I posted a response to a question when I had a question I wanted to post.
I looked at this business and realized that Lease Option fit my style. So I went forward with only focusing on Lease Options. I figured,?no need to know about everything in Real Estate…just Lease Options. I wanted to cover every angle I could about L/O because it was the way to go?.no money needed, no credit, no risks (almost), fairly easy to do, no fix up needed, and I would deal only with pretty houses. So I got a hold of almost all the courses on Lease Options?you name it I probably have it. Learning, and driving and listening to audios of Lease Options in my car, posting and learning?over and over again, brainwashing myself practically to build my knowledge base.
BINGO!!!
Won the lottery!!! When you keep at something you really want?.the universe answers your requests. I figure the fastest way to be an expert an anything is to know what the experts know?.beyond the audio programs and books?.but to be a mentee and have that person guide me thru this initial learning curve. So I put several post to ask for an experienced investor (LO) to help me by being a mentor. Finally, I received an email from an experienced LO investor in Florida that was willing to help out this young ambitious investor. He said all I need from you is effort, and that was a ?no-brainer? ?. And we were Rockin? and Rollin?. We had an arrangement of 50%/ 50% split?.fantastic decision?I make money?.he makes money. No risk to him besides his time and no risk to me because I did not fork out $3-5K for a mentor. He would guide me on my first 1-2 deals and we covered every angle of Lease Options. There would be days sometimes when I spent 1-2 hours at a time asking questions and getting coaching. (I am forever grateful for his time, patience, expertise, and help.)
We work on the leads coming in from the marketing.
NOTHING HAPPENED for a month!!! I place 150 bandit signs and all I get are weak leads and investors calling me ?total of about 7 calls. Just a little worry since most gurus say that bandit signs are VERY effective for them. They all tell, me to be patient and ? you only need one to make all worthwhile.? I hold my breath and take their advice and press on.
So I get proactive and I call ads in newspapers?nothing there also! Good practice thought. If you want to learn this business?.cold call, it is good practice. I do not cold call now but I needed to in the beginning so I could practice my lingo with prospects, sellers, and tenant buyers.
Flyers?I tried passing them out?.seems like a dumb thing to do ?cause it was wasting my time. I tried looking around for High School kids to do it for me,?no luck, so I paused that campaign for the time being.
I also went to Real Estate Investor meetings?.good networking opportunities to share and meet fellow investors. Some possible alliances that could help my business and good relationships forming for me at those meetings. I give a cool message when I go?.in the Baltimore meeting there are about 200 investors and attendees?.I stand up and say?..(btw?I?m Asian)??I did not come here to make an announcement about Real Estate but did anyone order the Shrimp Fried Rice?..the Hunan Lo-mein,?how about the General Tao?s Chicken???..I usually get a good laugh and then I fish for leads by announcing a fee of $500.00 for referrals from Bird Dogs for FSBO, tire landlords, pre-foreclosure, expired listings, and houses with no equity. It never fails but I usually get about 4-5 bird dogs calling me after a meeting. Not to mention a person or two wanting to learn about Lease Options. Good lead generator.
After much effort and hustle, a motivated seller finally called me from my bandit sign?a wholesale deal. I put a Pure Option Agreement on it and fished for investors but placing an ad in the Sunday Post?.? $35K Instant Equity, Rehab Special,?# phone? ?..and the phone rings off the hook!!! It?s madhouse and my REI machine is working!!! Almost too good to be true?.those experts were right?.man?.flood gates opened!!!
I also call internet FSBO ads back in January and it?s been about a week and a half?.Surprise, surprise, surprise?.a prospect was buying a new house and was open to a Lease Option, so she called me back and wanted to move forward with the Lease Option program I offered to her.
Funny thing?.nothing happens and then it all starts to roll for me. I SIGN TWO DEALS ON THE SAME DAY?.Martin Luther King?s B-day (Feb. 18th) and I get 2 contracts signed!!! I?m in business. The wholesale flip contract with the seller and the Lease Option with the other seller. Total money out of my pocket is $5.00 for the wholesale contract and $5.00 for the Lease Option contract (to make it binding). 2 houses!!! YEEEE-HAWWWW!!!
I collect a cashier?s check on March 7th for the wholesale deal to an end investor for $5K.
YEEEE-HAWWWW!!! again
I collect a cashier?s check for $6K on March 21st right before my flight to the CREONLINE convention in Atlanta.
YEEEE-HAWWWW!!! Another time
BOOM, BOOM, BOOM,?.I?ve been busy since.
The coolest thing is that I am still learning but I feel with those two deals under my belt. I am very confident of my system and process. I came back from the Atlanta convention with about 5 collegeaus that want to team up with me to do a couple of deals together.
I have a deal in the works that will net me $20-30K due at the end of this month or May from an investor friend that went to Atlanta?so for those of you that did not go?you missed out on some good learning and some great opportunities.
Imagine that?..a couple of months ago, I was hustling around getting answers to my questions ?now, I have bird doggers and mentees (if you want to even call them that) calling me asking for advice.
It?s almost too funny but I tell people who are interested in this business that they can do what I do. Some believe me and others don?t, but I?m not here to convince anyone. It works for me and that?s all I needed to know. Most people never get started because they are stalled at the starting gate. (fear) If this is you, ?.get over it and do something, and the fear will disappear. ACTION IS A FEAR KILLER!!! I did not start this business with a boat load of money or knowledge nor did I know a single person in Real Estate,?but with time all things are possible.
Go ahead?.ask me how good life is,?the money I made so far sets me straight, covering my expenses and marketing costs for a couple months and I already have lots of other deals in the pipeline that will manifest in the upcoming weeks. Especially that sweet deal that will net me all that green. So the good news is it only gets easier. I?m flyin? baby!!! ?..Life is absolutely beautiful!!!
My advice?..have faith in yourself, work with a mentor, always continue to learn, help others if you can, and just chill baby??cause this stuff works if you want it to!
Much wealth and success to you my friend!
Phamtastic
Re: Success Story and a sincere thanks - Posted by Brian, WI
Posted by Brian, WI on April 04, 2002 at 19:01:37:
Fantastic Job!!!
You are an inspiration to us all!
Now, since I to would like to have a mentor…Are you willing?
Thanks again,
Brian,WI
Pham - What a great, inspiring letter! - Posted by vic - florida
Posted by vic - florida on April 04, 2002 at 17:56:10:
Pham - your success story is exciting and astounding. And you did it so quickly! I forecast that in a couple of years you’ll be one of the most well-known and respected people on this board. Your details are fascinating - you have so many good ideas. And the idea of getting a mentor with whom you split your earnings for the first couple of deals is perfect. I would do that in a heartbeat. In fact I’d be willing to split the earnings of more than a couple of deals. The first couple of deals would get me past the FEAR and several more deals would bring me to where I am really confident that I know what I’m doing.
Again, Pham, thanks for an inspiring letter.I know you’re on your way!
And if there are any experienced REI’s in South Florida (Boynton Beach, Delray, Boca, Deerfield, ??) who would like to discuss becoming my mentor, I’ll work like crazy - you’ll be glad we met!
Good Job Pham… - Posted by Tarun_MD
Posted by Tarun_MD on April 04, 2002 at 17:40:13:
Pham,
Great job on those deals. I can feel your excitement. I felt the same way when I started doing deals a few years ago.
Maybe I’ll see you again at the meeting.
Tarun
Cha-ching - Posted by Gary C.
Posted by Gary C. on April 04, 2002 at 15:06:08:
Fantastic Pham! Cha-ching! Ching isn’t my last name but I’m asian too, so no pun intended. Very inspiring post. I’m two years removed from my first CREONLINE convention and can relate to your elation on your first deals. Keep the pedal to the metal and congratulations!
Gary C.
I love the smell of success in the morning! - Posted by DN in SF
Posted by DN in SF on April 04, 2002 at 14:26:00:
And some good chinese food in the evening.
DN
Awesome! - Posted by Nathan(oh)
Posted by Nathan(oh) on April 04, 2002 at 13:02:17:
I was wondering where you disappeared to. I knew with your kind of attitude that it would work out. Glad to hear it!
Re: Success Story and a sincere thanks - Posted by Jay P
Posted by Jay P on April 04, 2002 at 10:47:40:
Congratulations! As others have said, you’ve done a great job of being persistent and focused on what you want to accomplish. Where are you located in MD? I have alot of the same interests in L/O and I thought maybe we could do lunch and compare notes. I have 2 straight rentals right now but would like to expand. Maybe we can help each other…not sure how, but you never know if you don’t ask. Look forward to hearing from you.
Jay
Re: Success Story and a sincere thanks - Posted by joeb
Posted by joeb on April 04, 2002 at 09:50:43:
Thats cool,just the kind of post I needed to read being a newbie yet to make my first deal.
Thanks, Pham… - Posted by TRandle
Posted by TRandle on April 04, 2002 at 09:49:31:
I could feel your excitement. Congratulations on doing what it takes. You Da Man!
Guess I missed you in Atlanta. Next year…
Thanks for the inspiring story! - Posted by JayG
Posted by JayG on April 04, 2002 at 09:03:51:
I’m a newbie and will hopefully get rolling in a month or so. Just curious. Why L/O and not flipping? I’m looking at flipping but L/O sounds pretty interesting.
You should be the poster boy . . . - Posted by William Bronchick
Posted by William Bronchick on April 04, 2002 at 08:39:18:
Your persistence and hard work are what it takes to make it in this (or any other) business.
I think more people should read this before whining “it doesn’t work” or “I made 3 calls and no results”.
You should be the poster boy . . . - Posted by William Bronchick
Posted by William Bronchick on April 04, 2002 at 08:35:04:
Your persistence and hard work are what it takes to make it in this (or any other) business.
I think more people should read this before whining “it doesn’t work” or “I made 3 calls and no results”.
Re: Success Story and a sincere thanks - Posted by Terry (Houston)
Posted by Terry (Houston) on April 04, 2002 at 08:09:25:
Nice, Very Nice. Wish I could have been at the convention to see you walking 10 feet above the ground after getting that check.
Terry (Houston)
Way to go Pham!! Persistence Pays! nt - Posted by JT-IN
Posted by JT-IN on April 04, 2002 at 06:23:31:
$
One Word…COOL (nt) - Posted by Jonathan Rexford
Posted by Jonathan Rexford on April 04, 2002 at 06:20:38:
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Absolutely awesome - Posted by John in Cali
Posted by John in Cali on April 04, 2002 at 03:37:43:
Very inspiring. To make that kind of money in your first few months,…what a confidence booster. Your excitment and passion jumped off the page. I wish you much more future success.