Time to begin the gauntlet!

Since college I've bought, borrowed, and read 7 "complete" courses, 3 dozen books, and at least a dozen websites on the subject. I also studied (and aced) property law and contract law in college - whew! Last, I interned at 2 different law firms, all of which have helped me immensely. I may have forgot more about REI than half the guys I had read! Yet, I was in "analysis paralysis" probably longer than anyone on the planet, even after reading several authors who warned me about that very thing.

The only common denominator I've found about why I never tried an investment was because of obscenely expensive "upgrades," outdated techniques, and incorrect strategies offered throughout their programs. I've spent over a decade separating what's legal and works from what isn't and doesn't. Most times, other authors tell you just enough about REI to get you to "upgrade," never enough to start on your own. For thousands of people, myself especially, this is the #1 reason people read about REI, and then go back to their unsatisfying routines.

I picked up "Think A Little Different" in March, 2008 after the birth of my son. Read the whole thing twice, and didn't do a thing with it, except sign up here and remember who Dean was. He actually taught things that work, and without having to rob a bank to get the information! Very impressed, but now a single dad... I jump into being the father I never had. Not being with the mommy makes it 10X harder, but I'm not telling you for pity. Next thing I know...

I have read BARM, and I'm finishing Profit from Real Estate Right Now tomorrow. After being on the receiving end of a very heated phone call with my "baby mama" (BM) about money, her bills, unemployment, the economy, and his future... She repeated her desire (or plan I should say) to take my son and move several states away because as she put it, "there is nothing left in Michigan." The thought of losing my son would kill me, but she's made it clear that she won't starve here just so I can be a real dad. Angry, stressed out, and now petrified, I finally did something I never do, I had a heart-to-heart with my mother: The Undefeated Dreamstealing Champion of The World. The BM's tantrum was merely a warmup for what came next...

Very long story short, my mother says to me, "You know what your problem is? I would rather have you take out the trash at McDonald's for $7/hour than spend one more minute on your 'get rich quick schemes' with real estate." Then, she covers up her head like I'm gonna throw the TV at her or something, lol. She was a RE agent for 2 and 1/2 years just in time for our local market and economy to "epic fail" as the kids say nowadays. In that time she worked 60 hours a week to sell 3 of her close friends' houses, made about $12,000 total commission, and spent twice that amount up front to get those sales. She eventually went bankrupt, and hasn't held down a job since -- needless to say the term "real estate" gets at least a very long, bitter tirade from her.

So, I'm waiting for the "silver lining" part of her speech, and it doesn't come... Instead she says, "If you try something with real estate, it will blow up in your face. I 'got out' when the getting was good!" (You did?) I asked my mother, "If I can prove you wrong, will you eat those words? If I can collect a check from REI in the next 4 months, show it to you, make a copy of it, and cash it, will you eat the copy?" LOL She countered with, "If you do something with real estate, I will work for you." I said, "When, not if, I do something with REI, I will need you to work for me."

So there it is, campers. I can either let my mom be right and watch my son eventually drift away from me. Or! I can finally pull out my sword and start swinging at the last 12 years of analysis paralysis. Sorry this is so long, but I had to post this to make myself accountable when no one else is around. REI was just an academic exercise for me for 12 years. Now, thanks to Dean, I have what I need to carve something better for myself. I just have to stop being scared and run into the fray…

Great reading your journal. Now get out there and do your first Deal. Other deals will soon follow.

Learning and gaining knowledge about a new area is very important. Now that you have spent some time gaining knowledge in real estate, try to create an action plan. Your action plan does not have to be to close "X" number of deals, but everything it takes to close a deal. As you work your action plan you may develop a niche such as wanting to do assignments, meeting equity partners, etc. If you can find the great deals, everything else should fall into place. The better the deal, the more options you may have.

Also, Dean often talks about digging deep and knowing your "why" you are doing this. It does not matter what others say or do, you should always go back to your "why" and let nothing get in your way. Good luck with real estate investing. Believe and Achieve! - Joe

Thanks again, guys... I appreciate the support -- it seems to be more important than ever right now. Last night was awful for me, and I didn't sleep well nor for very long. When you add it all up, I have alot of resources gathered already. I should list them here, so I can see what I already know or have done.

1) My mother was an RE agent and even though her experience was (and therefore her attitude is) not positive, she still remembers all her contacts, the people at the courthouse and title offices, every realtor in town, and half the bankers, not to mention all the in's and out's of at least half the houses in my town, including why they have/not sold. She's got great people skills and doesn't mind busting a few heads when necessary -- probably a good property manager candidate in the future. Plus, she could introduce me to everyone she knows.

2) We only have one real newspaper in our town, which we subscribe to here at the house, and is free to read online, so I have it bookmarked in my browser. It carries all our county's classifieds and foreclosure notices.

3) I live in my county seat, which means if I need anything legal done, I won't have to travel. I already know where to go and how to get there.

4) My county's property database is online, which I also have bookmarked. I've been using it and realtor websites to track prices and watch the market, keeping a close eye on what sells and what doesn't. Not much of anything in any price point has sold lately, and there's another 50 or 60 houses that just got listed. One site lists how many days they've been on the market -- talk about being given a free Ace!

5) I've spent more time in this town than any other, so I've rented houses and apt.'s from several different people. While I doubt most of them will remember me, some of them are serious fish in my local "tank." It would be foolish not to reach out to them for potential future deals, or at least advice and information. I also know a few local business owners, and I think every single one of them do REI in addition to their businesses. I have friends and family who work in and have friends in construction/rehab, roofing, etc., etc. My retired grandfather is a master electrician and used to work on houses all the time. My cousin is a self-made multi-millionaire now because he created a local tree service starting with nothing.

6) My mother also goes to church! I already know from sales that churches are their own networks, which are nearly impossible to get into without being a member. But, if someone you're close to attends that church, you're already halfway to a "yes" before even meeting anyone or hearing what they need! Powerful stuff, I think...

I'm sure I have more going on for me than these above, but my brain is still a little shaken from last night. Thanks again for the encouragement, guys. It couldn't have come at a better time. I'll update everyone soon...

That is your next step to get up and going, I have been paralyzed for about as long as you or it just seems that way. I have been looking into REI for approx 13 years and I have purchased several different programs. I even let myself getting even further into paralyzation over the past year, right here on DG.com but, since yesterday I have decided that I can not do that anymore.

I took a good look in the mirror and said to myself "IF YOU KEEP DOING WHAT YOU ARE DOING, YOU'RE GONNA KEEP GETTING WHAT YOU ARE GETTING" so I do understand and I celebrate your action steps to get up and going.

Everyone is here to support and encourage and celebrate your success.

I have 20 pages left before finishing the 1st read on Profit from RE Right Now! After that, I plan to re-read BARM, highlighting, taking notes, and doing the action steps. I'll then re-read Profit From RE Right Now! the same way. I also created a list of goals: short, medium, and long-term with deadlines and budgets for all of them...

Short-Term Goals (Done by New Year's, 2010):
1) Have both Dean's books re-read, highlighted and noted.
2) Get a 2nd full-time job.
3) Get a new cell phone. (Already have it picked out and budgeted)
4) Get business cards and a P.O. Box. ($50 for cards, $40 for P.O. Box)
5) Build my REI "Power Team."
6) Get an LLC.
7) Catch up all small debts. ($5,000 or less)
Get my own place again. (Living with friends and family is just too
"easy," plus a huge distraction)
9) Get my 1st REI deal!

Medium-Term Goals (Done by April, 2010):
1) Get my 2nd & 3rd REI deals!
2) Get a "newer" car.
3) Pay off all medium size debts.
4) Have at least 2 credit cards.
5) Be back in shape and in a martial arts class. (I need to lose this
"sympathy weight" I gained over my son! I almost look like I'M pregnant!)

Long-Term Goals (Done by X-Mas, 2010):
1) Do REI Deals #4-10.
2) Have all "bad debt" paid off.
3) Have a winter/work vehicle. (something with 4WD to haul supplies in)
4) Have at least $2,500 limits on 2-3 credit cards.
5) Take my 1st ever real vacation (Either DC or Southern FL).

Well, there it is! Written for my benefit and to keep me accountable, I hope this also helps anyone who happens to read it! Take care...

You have already stepped out of your comfort zone by starting your own journal. What you learned in theory comes alive on the DG site. Looking forward to hearing that you submitted your first offer and waiting for it to be accepted. God Bless.

Sandra

Finished Profit From Real Estate Right Now! - Boy that book really summed up everything well at the end. I've heard of the 7 Day Auction Technique from other authors, but they charge at least $15,000 to teach it in person, and at least $5,000 to sell a course on it. Dean covered it better than anyone I've read yet, FOR FREE in his book! What an ending!

I'm very excited to start, so I dove into the 2nd read of BARM, highlighting and taking notes as I go. Already on Chapter 4. Plus, I applied for a credit card online last night. Got denied, so I'll use that denial letter to get my free credit report, or go through a mortgage broker if they take too long.

Also, a title company in my town is looking to hire someone. They want someone with experience, but I might just walk in there Mon. morning and say, "Look, I'm not experienced, but here's everything I've done that's close to that. I learn very fast, and if you're still not convinced by interviewing me, I'll volunteer (work for free) here for a week. If you still don't want to hire me after that, I'll leave."

How's that for "thinking a little different," everybody? I think the grand moral of everything I've read and wrote boil down to this: "If you want to change your life in a huge way, you have to make your own luck!" Take care.

By reading your tremedous story, I can tell that nothing will stop you to prove anyone wrong in your town that you will succeed in REI. Stick to your plans no matter what happens & you will see results. I knew people that lived in Mich. but moved because of the economic situation but don't let that stop you, just look at it this way, you will have more houses under your belt to produce more income. It only takes one person in each section of their town to make a difference & that's where my quote comes into effect for your life because you will be that person that will be helping others in their situation & at the same time make money doing it. Good luck on getting your first deal soon.

Everyone Can Make A Difference!
John A.

I see that one of your goals is to form an LLC. You can go to www.irs.gov to get all the information and forms to file for an LLC. I used an online tax program to file mine. It costs me around $60 total, I don't know if there is a charge at all if you use the irs site. Hope this information is helpful.

I have to mention you thought your mom would be your one of your biggest stumbling blocks (her negative attitude toward real estate), but it sounds like she may be one of your biggest supporters and assets in real estate. Prove her wrong about real estate and make your first deal a reality!

Keep up the posting, it helps everyone to know we are not alone.

Janet

What a day today! I don't think I could have had too much more surprise me!

First, someone fell asleep at the wheel and nearly rolled the van we all pooled in for work today. 70mph over the edge of a 20 ft. dropoff - I grabbed the driver and slapped him awake, just in time to keep us from barrel-rolling into the trees! It's easy to laugh about now that it's over and no one got hurt. I guess that near-crash kinda slapped me in the face, mentally. Once I knew we were fine, all I could think about was my son. Particularly, how much I have left to do, and how much time I want to be with him.

Sometimes some people could "use a good slap," as they say. Some people could use one every day, and they don't even realize it. They take something you said, misinterpret it completely, mistakenly think you were talking about them, and then act childish over it. Some people simply can't handle what you already know. These people can even be worse than "naysayers" who try to keep you down in life. Those who need to be "slapped awake" the most, are the ones who never get it. They won't admit that life is what you make it -- for everybody. "No" really means, "no, I never thought of that before."

Second, I made it to Chapter 12 on the re-read of BARM. I looked at a complex that might make a great cashflow property, I will post the details on a separate thread, but the summary is: 2 actual properties (same owner, right next door to each other). 4-unit and a duplex, the owner wants $260,000 for both... I ran the numbers several different ways, and as long as interior condition is fair to good, I could rent out 4-6 units, for a healthy profit after paying all expenses.

Third, I am trying to find a great business card website. I worked with VistaPrint in the past, but I didn't see any designs on their site that stood out. Does anyone have any recommendations for where to go to for a great business card design. I don't mind spending a little to get great quality, and I really don't want to design my own. Who do you like to use?

Fourth, just a question about making an offer. The complex I described above is listed on the market. The broker who has the listing is a big player in my market. He has a ton of residential listings, he has a rental mgt. setup on the side, plus he is the ONLY guy in town for commercial listings! But he's had it listed for nearly 2 years. I've watched the price glide down from almost $400k combined down to $260k now... Should I let it drop a little more? My market analysis says I should, but my instincts say I should chase after it!

Thanks again guys for all your help and support. I'm here to stop just learning and start doing what I know! Take care!

WOW! I'm glad you & your friends are OK. That must have been scary and a real eye opener.

Here is a link to where we got our business cards. www.digitizeddocuments.com. They are good quality business cards, has different qualities to choose from. I would have been happy doing my own however Denny wanted better quality cards. He also designs logos for people, think that is a separate business but not sure. His name is Murat.

About the complex you could put in a low offer and see what happens..

Thank you for sharing your story. I wish you the very best in REI and all that you do. Your son is a little cutie pie.

Take care,

Lea
SPR Property Solutions, LLC

Man, if that wasn't a way to get your ducks in a row, I don't know what would be. Glad it worked out and everyone was okay. I would definitely make an offer on the props. maybe you should go see them first, then you can get a sense of what needs doing, and subtract that from your offer, as well as future profit, and closing costs. Good luck!

Cathy

Man,

we have alot in common. Michigander, "analysis paralysis" and waiting forever to pull the trigger. Feel free to look me up and remember
"If ya wait for all the lights to turn green, you will never get through town"

I'm at Chapter 15 on the re-read of BARM. I need to take my notes and put them in my computer, so I can start the re-read on PFRERN. I saved my business card design on their site, and once I get the PO Box, cell phone #, and my business e-mail/website the way I want it, I'll update the design and order my cards. Startup money is a little tough to come by, simply because I haven't done a deal yet. Which brings me to my analysis paralysis...

I've had 2 or 3 people try to "flame" me in the last few weeks. If you don't know what "flaming" is online, or who I'm talking about, be grateful. I have nearly 15 years of REI education and zero experience, which is no one's credit, choice, or fault but my own. I never gave information to anyone that wasn't correct and easily verifiable. However, some people simply don't like me trying to help others or learn from them. I have been targeted by the same people nearly every time I post. After all the crap I've had lobbed in my direction, mostly unchecked, I was ready to leave this site altogether. I took a break from this site for over a week, put Dean's books away, and focused on my family instead.

Between all the adults having fun for Devil's Night, getting our family's kids together for my son's 1st Halloween, and then having him this past week for 3 days instead of the usual 1 and 1/2, I am exhausted! As I type this, I can hear my niece and nephew pitter-pattering through the family house like so many of us did when we were little. It helped re-center and remind me why I need to make my REI experience match my knowledge level ASAP. So I returned back to Dean's books and his site, knowing in the long term I won't regret either. Even if I have to put a few morons in their place (and ignore a few others) in the short term, it's still no different than anything else in life. No one said REI was going to be easy, but if you know what you're doing (and you actually DO it), the money you can make is life-changing, and the progress you can achieve is explosive.

My message to everyone on this post is: Don't be like me. Be a "doer," not just a "knower." I see 18 and 19 year-olds doing their first REI deals. What I would give to have those years back, before I ever knew what "dreamstealing" meant. I'm 33 now -- can you imagine the empire and lifestyle you could create if you had 15 years of action, based on your knowledge? Even at a snail's pace, you can retire in 5 years or less doing what Dean teaches. Once again, I write and post this for my benefit... to hold myself accountable, so I can finally become a "doer." But I also hope what I write stops someone who knows enough to get started from staying on the bench. This is the best buyer's market ever, I don't know how long it will last, and I doubt it will ever be this good again. Run into the fray!

First of all, thanks for the help on that site you refered me to in my journal.It was quite help full!

As for life, critics and baby momma drama, I to have my fair share! What Ive noticed in my own life was the more I focused on what other people said, thought or did. The further I got from what I was supposed to be focusing on. Just keep your vision clear, your chin up and your attitude positve, then no one else can interfear!!!

"A mind troubled by doubt cannot focus on the course to victory."
-Arthur Golden

And remember a journy of a thousand miles begins with a single step!!!
Just keep on stepping bud.

Hey man thats great you have a possibility lol to have mom eat paper funny but whats interestting about your story is that she is was a re agent for a while and she felt like there was nothing else to do or anymore options. I can imagine what she was thinking when you explained to her what you thought u could do maybe the yea ok look or w.e haha but im currently in something similiar trying to help my mother with a mortgage broker she has room to play with she just never took chances maybe dont know but i wanna prove her wrong and i will.

Good luck to you and Your future GOALS... SEE U UP TOP

Luis

I just read all your posts and I must say you made the story a very enjoyable read and that is high praise indeed because my first love in my life has been and probably always will be the written word!

I wanted to suggest something to you, why not save a little bit more money and make your own business cards? I am sure Staples or some place like that has business card stock quality paper and I know you can create them using MS Word so why spend money you don't have to? A little something else I have learned is if your nice enough to the librarian you could probably get them to allow you to use your own paper and print the cards out there. I did that with my resumes after I graduated college a few years ago. She didn't even charge me the .25 per page fee. Just something to think about.