Posted by Brian_Wa on July 31, 2008 at 22:41:30:
If you know how to identify deals and the motivated sellers, you really do not need to make that many offers to get a deal. Otherwise you’ll go crazy talking to so many people.
Brian
why I succeeded - Posted by Chris
Posted by Chris on July 29, 2008 at 19:50:23:
Reading the thread below on newbie wholesalers reminded me of a post I wanted to make for newbies for awhile. I started thinking about why it is that so few people succeed in RE and why that is. It has nothing to do with age, income, education, etc.
Why I think I succeeded?.. (and what I consider success for me is doing re ft and making over 100k per yr, and working when I want for as long as I want) .I was a 20 yr old kid who knew nothing, and I knew it! I read every book, scoured this web site. I had a 600 credit score so I bought every book on Amazon on credit repair and started increasing my score. Now when I do a lease option and look at a tenant buyers credit report I know exactly how long it will take to up their score and how to do it. Whenever I ran across a seasoned investor, I picked their brain, if they had advice …I TOOK IT! I didn’t think that I knew better than a 20 yr veteran. I used my brain when taking advice, I wouldn’t take newbies advice, nor did I partner with any, 2 newbies does not a seasoned investor make.
I also wasn’t too good to do anything. If I had to clean toilets, trash out an apartment…no problem. Whatever it took to get me in the game I did with a smile. Now I have people to do it for me, but you better believe I know exactly how long it takes and how much it costs.
So, oddly enough, I credit my lack of experience, lack of investment capitol and low credit score for my success. Go figure. It doesn’t matter what your circumstances are or where you live ambition and educating yourself almost gurantee success. I have seen so many investors, some close frends with 700plus scores, tens of thousands of dollars in credit and investment capital and 6 figure per yr jobs go belly up in under a yr. They have been in coorporate America too long and are “above” getting their hands dirty, when a deal starts going South they throw more money at it, when someone without the capital would have had to get real creative, or wouldn’t have been in the deal in the first place.
So newbies don’t think of your lack of credit or capital as a hinderence think of it as an assett. The education you receive from repairing your own credit or having to budget down to the penny is an invaluable experience.
Re: why I succeeded - Posted by Txlen
Posted by Txlen on July 30, 2008 at 17:01:39:
Good words of wisdom! It proves that hard work and a desire to achieve your goals normally win out.
Re: why I succeeded - Posted by Eric in FL
Posted by Eric in FL on July 30, 2008 at 16:05:58:
I totally agree with your point whole heartedly. I made my best deals, I mean the most money, when I had no money. I made my worst deals when I was flush with a ton of cash. Remember, money is not needed to make an offer. Think about it. Congratulations on all your success.
Best Regards,
Eric
Great post - Posted by thutch fl
Posted by thutch fl on July 31, 2008 at 17:53:45:
I think this is one of the best posts I have read in a long time.
Only possible thing you left out is making a lot of offers to get to a yes.