OfflineWe've been looking at real estate investment for a long time. I think that it was our minds that were holding us back--now that's what I think, we had other excuses before.
Usually I'm the optimistic one and Jeramie is the pessimist. Drives me crazy! So I read Secrets of the Millionaire Mind, started making a few changes, and saw immediate results. Something happened within that few days; Jeramie even started reading the book, and Jeramie does not read anything not involving cattle.
I kept going on my self-improvement quest and searching for change that would get us on a better path--something to stop this mountain of debt, give us more time as a family--with our 4 kids (ages 14 months, 2, 4, and 6, plus a 17-year-old stepdaughter that doesn't live with us), let Jeramie not work for someone else (we've known for years he was making other people rich and we were just falling farther and farther behind).
After Secrets to the Millionaire Mind, I moved on to Rich Dad, Poor Dad and the other 3 books in the series by Robert Kiyosaki. It made such an impact that I downloaded the audiobook, bought a mp3 player for Jeramie, and he started listening to audiobooks while welding at work. The boy can sure go through a lot of audiobooks! Finally something that lets us learn the same information in media that we both "get." I'm a "book" person, he wants it told to him.
We received the tickets for the evening about profitable real estate. We hemmed and hawed for a week or so. Finally, I made the decision that we were going. Not because it was so much about real estate, although that did have some bearing...I thought we could learn something and was looking for any education we could get--the "nuggets." The main reason for going, though, was because Jeramie and I hadn't been anywhere alone--other than to drive to the hospital to have another baby--in (a week shy, literally) 6 years. This was going to be a "date" and maybe we could take something useful away from it.
Sitting and watching the presentation, I was surprised to realize it was me that was saying, "We have NO money. There is NO WAY we can afford this." At the break, Jeramie turned to me and says, "How can we afford it? What do we have?" Could have blown me over. We jumped, literally borrowing and stealing (from our ranch) to pay for the seminar.
Of course, our oldest son's birthday was the weekend of the seminar and we already had party scheduled. It was all good, they had another seminar the next weekend. We were excited. Then I get the call making sure we were ready for the seminar the following weekend and had all the info. Uh, no. We were going the following weekend. Oops, no seminar the following weekend. Thankfully they had a workable option for us.
So here we are, haven't got all the way through our seminar option, but I'm already working on networking, posting ads, etc.
I know that everyone says, "It won't work here," and that is usually not accurate. But seriously, here it is accurate. We're in a rural area (have to drive 20 miles to get to Walmart, 70 miles to a mall) and the market is very slow here. We knew we would have to work out of area for real estate, but that is fine with us!
I'm now looking at some fix and flip. I cannot seem to wrap my head around the virtual wholesaling. Real estate is not new to me (I even worked for a self-made multi-millionaire for 3 years in California. He started by flipping houses; by the time I came along, he had moved to multi-residential and commercial. I gained a lot of knowledge and experience working for him). Maybe my comfort zone is the fix and flip? I'm "good" with rehab. Now I just have to figure out how to pay for it all.
I do have a buyer that I'm looking for properties for and hope that a few transactions with them will let me get some cash going so that I can do the rehab. That's the idea.
Our big goal is that we would like to get enough passive income going that Jeramie does not have to work off the ranch, be able to spend more time with each other and as a family, and relieve the stress caused by all this debt. We haven't done the seven layers yet, but those are our "why" right now. I know that I like the feeling of success and accomplishment; and helping people, making a difference--real estate lets me do that, too.
I'll keep updating.
I’m Walt,
Welcome to the family. I love your story. I like your writing style. So tell us which of deans books you have ? It’s really helpful to fill out your bio so we know where your from and a little bit about you. 20 miles to Wal Mart 70 miles to the mall. WOW !!! I recommend you copy and paste your story in the "about me" section of your profile so everyone can see it. I used to live in the country. It was great we had horses and my brother rodeo’ed 3rd in the nation in high school rodeo back in the day. This place is a LOT !! of fun. It’s a great website. We help each other and learn together. If you don’t already have it, I recommend you get “30 DAYS TO REAL ESTATE CASH” AND “BE A REAL ESTATE MILLIONAIRE”. click on “Case Studies” above and watch the success story videos. Read the books and ask your questions, it’s great.
Wish you all the best,
WALT
In the immortal words of Rob Schneider LOL. I just got my 1st wholesale deal & 2nd one coming Mon hopefully and you guys can do it, if I can do it a blind baboon with one eye can do it, really.
We just have to follow the teaching to the letter and sweat, work hard and stay positive no matter what anyone says. Wishing you well.
Tony
Go faster do more! GFDM!
I just did my first deal and though it isn't a wholesale or flip - they are next on my list of to do's - I did it from across the continent and in a different COUNTRY.
Yes, I said country. I am in Canada, just outside Vancouver, BC and just did a deal in Cleveland, Ohio. Yes, it even works remotely! Just get a great team set up and you can put those debt worries behind you forever.
Good luck!
Peter & Debbie Klassen
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Congratulations on your decision and your action. Filling your mind with different stuff will result in different results.
Best of luck,
Jim
With your success in mind,
Jim McKinney
"With integrity, nothing else matters.
Without integrity, nothing else matters!"
Thank you all for the kind words. I got off track, as seems to happen quite a bit. My previous buyer did not work out as hoped...or at least it is still up in the air. It was going to be some quick, easy cash, right?
I have a great property under contract for an absolute STEAL and the buyer wanted it for EVEN LESS! I had to go back to the seller and ask them to take 1/2 of the already low price! They countered, splitting the difference, but my buyer held firm. The seller has not come back to say whether they will take the super-super-SUPER-low offer. If they don't, an acquaintance of mine will be snagging up the property for the song-and-a-prayer price. Which, glad I could help someone, but I don't get paid if the second person buys the property. I'm SOOO frustrated over this deal! I guess it is my lesson to have more than one buyer, so if one doesn't take a deal, I have another lined up.
I've actually not read any of Dean's books. My husband I only attended the one evening and purchased The Edge seminar.
Just yesterday I had someone suggest a market to me that I had never considered...I'd been sticking with the ones I know (which is quite a few), but realized that I needed to find a market that was actually going to work for me. Maybe being familiar with a market is not such a good thing? I let too many people tell me that it can't be done and I've never seen it done in that market. Who can get anything done with that attitude? So I'm going to a completely clean slate for me!
Now I have to work on that buyers list...Have some ideas for that, too.
Thank you all for your encouragement. I'm writing in my planner to make sure I check my journal and keep it updated! Who knew that I would get such words of encouragement?! (In a world of nay-sayers...).
Randi