Re: an honest response - Posted by Robert (ID)
Posted by Robert (ID) on December 20, 2000 at 13:54:50:
I for one, would greatly appreicate the help of successful investor.
I am a newbie, I have posted several questions and have received some good answers, but also have received some smart a## remarks telling me to buy a course and read it. I have bought Ron,s Courses and even went to his wholesale bootcamp. I tried to do some flipping but I never was able to buy any properties. I was trying to buy according to Ron’s formula, but my bids were always at least $15,000 under the selling price of the house. Well I was getting scared and running out of money. (I am unemployeed and unable to work at this time. Its a long story and I sure that you all have heard the poorboy story. But to sum it up, I lost my job, lost my beautiful wife of 16 years, lost my house to my ex-wife, and have blown my knee out with no insurance. I spent 7 weeks unable to bend my knee, which I spent that time reading Ron’s material. (I am a slow reader, through nobody’s fault but my own, I only have a 9th grade education, which is 2 years more than my 4 brothers. NO, I AM NOT PROUD OF THIS) I have a hard time walking, especially going down hill or stairs. Now I am close to being out of money.) Well I changed to L/O’s hoping I could make some money. I picked up a house they were asking $125,000. I offered them $2000. plus the loan balance at closing. Their payments are $1050, and I pay them $900. I made a mistake of not getting them to pay the 1st 2 months, the house would not be vacant until Nov. 16. I couldn’t sleep, was totally stessed out. I didn’t have the money to pay my bills let alone take on this other payment.
My 1st payment was due Dec. 1st. I had a couple that wanted the house, but didn’t have the down payment.
I was so stressed about the payment due that I let them have the house. I gave them a 3 month lease for $1200 a month, which at the end of the lease, I would renew it, but I wanted $3000.00 for an option deposit. Was this wrong to do? Yes and no. Yes, because I gave them control of the house with no deposit. No, because I was able to pay the sellers their $900. and have $300. for myself. It was a stress reliever for me. I called the T/B yesterday, he told me that he had the house inspected and the electrical failed. He called an electician and had it rewired and he paid for it.
I think I got lucky with this T/B & I think (hope) they will give me the $3000 when they renew the lease.
Being stressed out about my having to make the 1st payment, I shut down the buying machine, this was mid Oct. I was to scared to buy anything! That was a big mistake because I received a lot of calls, but not from anyone that could afford the $1200. (I had turned down sellers with lower priced houses, because Ron said they would give me nightmares.) After I leased the house out I started cranking up the buying machine, I picked up 2 houses and have l/o optioned 1 of them already. Yes, I did get a $1500 deposit, $600 a month with my payment being $400. So now I have an income of $500 a month. I know this stuff works, because I am doing it. I also see a lot people who says it can’t be done without money. Well, I’ll tell you the closer I get to running out of money, the more determined I am to make this work.
Well, I am sorry about all the rambling, all I wanted to say is HEY NEWBIES IF YOU ARE EVER OFFERED FREE ADVISE AND A MENTOR IN REAL ESTATE, GRAB IT, HOLD AND CHERISH IT, BECAUSE YOU HAVE JUST BEEN HANDED THE GOOSE THAT LAYS GOLDEN EGGS.
Thanks for letting me ramble and vent,
Robert