REI Guy's Success Journal

It is Day 1 of 30 and today I accomplished the following:

- Made the decision to start my Real Estate Investing business after sitting on the fence for two and half years watching the other newbies post all of their failures and successes.
- Decided to start off Wholesaling in order to make enough money to start investing in rental property and start creating my Forever Cash Flow.
- Read Introduction and Phase 1 of Dean's book "30 Days To Real Estate Cash".
- Did the first homework assignment, which was to write down my WHY and tape it above my light switch so I will see it each evening before bed and again each morning when I wake. I will post it below...

My “WHY”

- To be my own boss and set my own schedule.
- To work from home so I can spend more time with my dog.
- To get paid what I'm worth.
- To become completely debt free.
- To become financially independent by creating Forever Cash Flow.
- To relocate to a state with a milder climate.
- To help others financially.
- To teach others how to become debt free and financially independent.

Tomorrow’s assignment will be to set Goals. I'm really looking forward to that because I feel like not having set goals was the main reason I haven't taken any action in the past, much less had any success. I feel it is the very first thing that must be done so one can determine what they want and how they will get from point A to point Z.

Until tomorrow,
Samuel

It would be helpful if you can fill out your bio a little bit more so we can know who you are.

Congrats on overcoming your fear and taking action to start investing. You are NEVER late. like wendy patton always say "You are never too young or too old to start investing."
I would suggest you to stay on this website DG.com, it will surely keep you in right direction and give you a lot of momentum to press forward in your RE business. There are tons of education and tools which Dean has provided to us and can elevate you quickly to the top.

Please watch this clip. It will give you lots of motivation and encouragement to write down your goals, actions you got to take towards your goals, problems which might arise, and then knowing the solution ahead of time to the problems (to avoid being overwhelmed or discouraged) http://www.deangraziosi.com/content/weekly-wisdom-263-your-30-day-plan
Here is a good link on a great way to build your cash buyers list http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...
You can build you sellers list by posting bandit signs
here is an example
I Buy Houses
Call Now
xxx-xxx-xxxx

Ca$h 4 your house
Call Now
xxx-xxx-xxx

Don't give up, you got this!

I hope it helps

Goodluck in your REI journey.

You are off to a very good start!

TC's right! The more you interact here, the more you will feel a part of it all. You will develop friendships that will be strong and will pull you through the tough times. You will have those, yes. But make up your mind that you will NEVER quit!

Eventually, you will win! You only lose if you quit! After that first deal, your deals will come faster and more easily.

You have told me that you have been listening to me for a while, so you know that I tell it like it is. I don't sugarcoat it, but I also insist that you keep a positive attitude. By actually signing up and signing in, you are officially a part of the family and we will help you win! We are so happy that you have introduced yourself and decided to jump off that fence into the greener pasture!

We will be watching and supporting!'

I know you will go out and make some good luck happen!

Karen

Good job on taking care of your profile page so quickly!

Karen

Thank you for taking time to post. I appreciate all your advice and encouragement. I watched the clip as you suggested and it was excellent. And, thanks for the other link to the spreadsheet and the bandit sign examples. All very helpful to me and I'm going to need all the help I can get.

And I updated my profile as you and Karen have both suggested I do.

Thanks again,
Samuel

Thank you for your warm and welcoming post. I really appreciate all the encouragement and advice.

I really like that! "You only lose if you quit!" That's a great way to look at it. I'm an incredibly positive person by nature so staying positive shouldn't be too difficult for me even through the difficult times. However, I don't have such a great track record when it comes to finishing those things I start, so I will do as you suggest right now and make up my mind to NEVER give up and NEVER quit. Very good advice.

Thanks again,
Samuel

Thanks for noticing! I'm grateful for the advice, so if you all take the time to give me your advice, I'm going to take that advice and then implement it as soon as possible.

Well, I guess I better go get some sleep now so I can get up in the morning and start tomorrow's assignment. Those goals aren't going to set themselves, you know!

Samuel

This is day 2 of 30.

One of the today’s assignments was to write down my goals. It was more difficult than I thought it would be, but I learned a lot about what I really want to do and how I would want to accomplish those things. I’m glad I did it and wish I had set goals sooner. I’m not sure how I expected to get anywhere without them.

Another assignment scheduled for today was to start reading some of Dean’s other books. I have all of Dean’s books so I dusted off “Be A Real Estate Millionaire” and I’m enjoying reading it.

I was also supposed to create an account on DeanGraziosi.com (which I've already done, obviously) and post to the forum … which I’m doing now.

Also, I've almost finished watching Dean and Matt’s “Blueprint page #1” video, as instructed. I’ll finish it this evening, but I wanted to go head and post the progress I've made today before it gets real late.

So, I’m happy to report that I’m right on schedule.

I’d really like to hear your thoughts and suggestions or any feedback you’d like to give me.

Samuel

Congratulations and welcome. I have been a member since August, but got off track and am starting over fresh, right about where you are. Your enthusiasm has re-inspired me to get back on track. I am going to follow Karen's advise and move my journal to the Forum format. I will keep track of you in our mutual pursuits.

Keep up the great work.

Lisa

Congratulations and good for you! We are starting out fresh again also! Best wishes to you!

You are getting a following!

Karen

I'm thrilled to have helped re-inspire you! That's great! I appreciate you letting me know. That really just made my day. And thank you for the kind words and your encouragement.

Once you move your journal over to the forum format, send me a link to it so I can bookmark it. I look forward to keeping track of your process and following you on your journey!

Samuel

Thank you for the post. I really appreciate it! I wish you the best and hope to hear great things about you in the near future!

Samuel

Yeah, I guess so. It's pretty cool too! I really like hearing from other people about their journeys and it's also good to know that others are actually reading my journal. Just knowing that I'll be journaling each day about what I accomplished (or didn't accomplish) really helps hold me accountable to do what I've said I would do. I’m finding that it’s a great motivational tool to have in my toolbox.

Samuel

Hi Samuel,
It is great you have already started taking action and following Deans book.
So keep up this momentum.
Start making those phone call to realtors and building your buyers and sellers bucket. TC gave you
very good guidelines to follow. He is another individual who has taken actions and very soon he will be
Making deals.

I suggest you to visualize the end and all other things will fall in place as you will be motivated to achieve the end in mind.

I wish you a speedy success.

Bimal

Today is 3 of 30.

I hope you all have had a great day!

Today has been a full day for me. I read another chapter of Dean’s book "Be A Real Estate Millionaire". I finished watching Dean and Matt’s "Blueprint page #1" video and completed the exercises requested. I created a new email address exclusively for my real estate business. I went back to my goals and wrote down how I’d feel when I reached my goals and how I’d feel if I DIDN'T reach my Goals. Very enlightening exercise. I can see how that will help me when I reach my first stumbling block and start to get frustrated.

Well, I spent almost all day today calling various real estate agencies and speaking with receptionists and Realtors. Wow, that wasn't anywhere near as difficult or scary as I had imagined it would be. I ended up crossing off most of the agent’s names immediately after speaking with them because they just didn't seem to be a good fit for me. Towards the end of the day I happened upon an agent who seemed to be exactly what I was hoping for. I feel very grateful to have connected with her. We spoke for a while and she agreed to email me a list of properties that match my criteria this evening. I sure hope she works out. If not, I'll be doing it all over again tomorrow. But I'll keep a positive thought!

So, still right on schedule! Yay! I’m averaging seven hours sleep each night (pretty good for me) and I’m drinking the Green Vibrance supplement each morning that Dean talked about in one of his video blogs. So, I’m feeling pretty good this week and I have enough energy to finish out the day.

I'm off to watch a DVD movie tonight as a reward for the milestone of finding a Realtor.

Until tomorrow,
Samuel

Thank you for reading my journal and for posting here. I totally agree with you on visualizing the end and I will be doing just that. I appreciate your advice and well wishes.

Samuel

Today is 4 of 30.

Mama said there’d be days like this. I’m still averaging seven hours sleep each night and drinking the Green Vibrance supplement; however, I've had very low energy all day for some reason. It’s been difficult for me to concentrate or focus on anything. I hope I have more energy tomorrow.

On the bright side, my new Realtor is a real go getter and she is finding investment properties for me right and left. The problems are ... I don’t know how to determine if they are indeed good deals, how to determine what repairs will need to be done, how to determine what repairs will cost, how to place an offer with anything other than the Realtor's standard contact (that most likely won’t have an exit clause to protect me in case I don't find a buyer). I’m not even sure if the Realtor can use any other contract than the standard Texas TREC contracts.

I really didn't expect this to happen so quickly and I’m feeling unprepared to deal with it. I’m feeling stuck and a bit overwhelmed. It feels like I may have gotten the cart before the horse, so to speak. I could really use some advice.

Samuel

It's day 5 of 30.

Well, apparently I have a bug of some kind ... which explains why a started feeling poorly yesterday. But I wanted to make an entry for today real quick before I go crash again because I didn't want to leave you all hanging. I hope to feel well enough this weekend to catch up on today's assignments, but I will wait until Monday to post another update on this journal.

Hope everyone else had a productive day. Have a good weekend.

Samuel

If you start out with FSBOs, you are in control. You use your own contracts with your own clauses, do not have to have POF (proof of funds) or usually even any EMD (earnest money deposit). The realtor WILL be using the state contract for MLS listings, WILL usually ask for POF and WILL need EMD.

Your realtor can help you get comps on FSBOs, but you need to try to see how to find them yourself in your market. IMPORTANT!!! ALWAYS USE SOLD COMPS, NOT WHAT A HOUSE IS LISTED FOR!!!

The first one or two properties you find, get a contractor (maybe a different one for each property) to do a walk thru with you to give you an estimate of the repairs needed. Walk thru with him and have him explain what he looks for and how he figures the estimate. Take LOTS of notes.After a couple of times, you will start getting it.

Tell the contractor that you are a new investor and are looking for props that need to be rehabbed that you can then flip. Don't lie to him, but don't come right out and say that you won't be doing the work. You can always say that if you resell it to another investor, that you will give his estimate to them and maybe they will be able to use his services.

You can also go to Lowes and walk thru their departments making notes of what it costs for different things (installed prices). This will help you start knowing how to estimate the repairs needed.

A basic rule of thumb that was told to me once and helps, when you are starting out especially, is:

For basic cosmetic things, carpet, flooring, paint, etc, estimate $10/SF of house
Medium rehab, updating bathrooms, kitchen and cosmetic, estimate $20/SF of house
Major repairs, needs roofing, HVAC and above items, estimate $30/SF of house

Again this is not rock solid but I have found it to be a pretty good guideline.

After you find comps, use your basic formula to make your offer. It honestly does not matter what a seller is asking. They can ask $500k for a $100k house. Don't use that to figure your offer. Use your SOLD comps.

Figure comps x .70 (70%)
minus repairs
minus your fee
equals your maximum offer.

If they accept that, then you know if you have a good deal. And as Dean tells us, if you are not embarrassed by your offer, you are offering too much.

I think I covered most of what you were asking.

Karen

Thanks for your sharing your knowledge. Also I about to save where you stated how to contact contractors letting them know we're new investors. I love it. Just saved those lines in my email draft box and I will definitely use this in future when I find a property which I need to send a contractor to go look at.

Samuel--

Just wanted to say hello to you to join others that have put forth their words of encouragement to you. I also got sidetracked by life and have had to return to the starting line too but by following your example I also hope to have good success just like you. Sorry that you got briefly ill but its only a temporary situation.

Best wishes to you and keep fighting the good fight!! The best is yet to come!!

missgee64

The weather we are seeing across the country sets us all up for bugs of every description. I hope you are feeling better soon.

I took a tumble down the stairs, trying to avoid stepping on a cat, so I am moving slowly and with caution. I got some signs out but not nearly as many as I had hoped. I am headed out now to finish moving signs from the weekend. I will update my blog this afternoon.

Warm green tea with honey works wonders on boosting your energy and building your bodies natural germ blockers.

Best wishes for a speedy recovery.

Lisa

Hello DG Family,

I hope you all had a good holiday and are ready to kick off 2014. Thank you to all of you who posted comments for me while I was out. I look forward to catching up with you and visiting your blogs to see what you've been up to.

I've been down and out with the flu for several weeks but I'm not going to allow that to derail my dreams of being an investor. While I'm not back to normal just yet, I am getting there slowly. During this time I've had a lot of time to think. I've decided not to try to do this all in a 30 day time span as originally planned but I still want to move forward. So I've renamed my Journal from "REI Guy's 30 Day Success Journal" to "REI Guy's Success Journal".

I haven't felt up to doing much in the last 3 weeks but I forced myself to join the Insider Elite before the special was over. So, I'm glad I did that. I haven’t even been able to check it out yet, so that’s what I’ll be doing this weekend. One of the biggest stumbling blocks for me is putting together a business plan. But, as luck would have it, Carol Stinson is doing a chat tonight on Creating A Business Plan for 2014. So, I'll be there.

I will check in and update my journal as I make progress on my journey.

Samuel

Hi, Samuel good journal...keep up the good work...Keep doing what you are doing and you'll certaintly get the momentum going...Hope you had a wonderful holiday...I have an offer for you...I want to help you get your feet wet...I have a couple of properties lined up in Dallas, and I would like for you to help me move them with my realtors/buyers and pass contracts along...I would like for you to call them and go see them...I would do the rest until closing, which I would like for you to show up for and at escrow get paid $1,000 for each property we close on...Do you accept this challenge? If so, inbox and me ill give you details on the properties and #s you need to call to set up the appointments...My name is Jevon by the way...

Well, I replied to your post earlier but I don't see it, so I may have forgotten to press send after I previewed my post. (sorry)

I'd be happy to accept your challenge! I've sent you a private message with my contact information.

I look forward to working with you.

Samuel

Hello fellow DGers,

Today I interviewed Realtors and real estate attorneys. I got an offer from an investor here on DG.com from Buffalo (see previous post) to help him out with calling and meeting his sellers and buyers in my area for a cut of the profits, so I'm pretty jazzed about that. I also read a couple of chapters from several of Dean's books since today was scheduled as one of my education days.

Last night I was on an Insider Elite chat that Carol Stinson hosted about creating an action plan for 2014. It was really good. Since everyone wasn't able to access it I’ll be happy to pass along what I learned, for those of you who are interested. (see below)

More later ...

Samuel
_______________________________________

Building An Action Plan
(My notes from Carol Stinson’s chat on 01/02/14)

Carol said that you can break your days down in to a manageable 2 hours per day so you don’t become overwhelmed. She said that a 10 hour work week is absolutely possible for wholesaling because that’s what she does.

She talked about Time Management being integral to your action plan. That if you management your time carefully and focus only on what you've scheduled for that day then it shouldn't take more than 2 hours to complete.

She spoke of how important Mindset is and that you must know your WHY. Why it is so important to you that you succeed. And that if you’re not motivated to do what you've committed to do, then you need to go back and strengthen your WHY.

She spoke of the Creation of your Action Plan. Of actually breaking down exactly what you will do when. She said that we should only do certain activities on certain days. For example Education on Mondays and Tuesdays, building your buyer's list on Wednesdays, finding properties on Thursdays and communications (calls, emails, networking, etc.) on Fridays.

She added that Accountability is crucial because we all tend to perform better when we must report our productivity to others. She suggested a partner or spouse might be best.

First of all, welcome aboard DG.com and congrats for taking action. I meant to do the chat last night with Carol Stinson on IE but didn't, so I'm glad you posted the notes above. Thanks.

I'm located in Bryan/College Station about 3 1/2 hrs. south of Dallas. Glad to see a fellow Texan here! The flu has apparently ramped up in our area so I've gotten my flu shot. Hope you feel better.

Just keep moving forward in REI!!

Are you ready to start today? Will be sending you an email shortly with details about who to call, what to say and you have can set up the appointments yourself...I will get in touch with my Realtor guy who has the buyers and send for comps as well within the next 2 days so that we can be offer ready...

Yes, sir, I'm ready to rock and roll! I just got your email and I'm about to send you a reply right now.

Samuel