OfflineBoy, do I need you guys right now! I just had a really negative exchange with my significant other about my dream of becoming a real estate investor and I really need some bolstering up!
I bought Dean's books after I lost my job in March '09 and was overwhelmed at first with all the information contained in them, but have been slowly understanding as I proceed. I have little to no money to invest and have a good idea where I need to begin using Dean's techniques. What I've done so far to get myself going: I've incorporated, I've studied, I belong to a couple of very positive and beneficial REI clubs, I've studied, I've made a nice buyers list (over and above the 400+ people who are buying and selling properties who are members of the clubs, I have found a great realtor who is helping me get started with the 25:1 proceedure and I get daily MSL updates sent automatically to my email account, I've studied, I have found a couple of other people from Baltimore on this site who are working this system and meet with one of them regularly, I am a member of the Academy and talk to mentors regularly, I've researched hard money lenders, contractors etc. I feel like I'm really ready and close to getting a solid start and think something will be coming along shortly but this argument has really set me back emotionally...temporarily...but nonetheless set me back.
I just need some concrete encouragement at this point. I know you all are my family in this endeavor and I really need you all right now!
I really believe my first deal is coming soon, I've identified 40 properties that are interesting and am researching them using the TotalView research tool from this site, gotten area rental information from a couple of other sites that were recommended to me by people in my area who use them and my realtor is making appointments to look at the houses I've set aside. I feel like I've made a lot of headway and I can't afford to be negative about this right now...I need to be really positive to make it happen properly.
Thanks for reading and responding to my vent!!
--Michael
Well, I don't have my first deal yet but I feel closer to it. I met an experienced investor who started coming to church several months ago and I just found out a couple of weeks ago that he is and investor - shopping centers in DC don't ya know!! One never knows who one is going to meet or where does one! Keep that in mind my fellow DGers. Anyway, we had lunch today to talk business and I think I just had the most substantive conversation about real estate investing yet. I'm feeling really encouraged as a result. I didn't get the financial partner I had hoped I might get, but, I did get what I belive is a very good mentor - who knows what the future will bring though. I can't wait for future conversations with him!
I have several properties that are of interest and I am going to be looking into them, so everyone wish me luck! I think the fear of talking to people about this is finally beginning to melt away - it sure took awhile, but I'm feeling much more like it's not going to be difficult. I've been feeling more this way for several weeks now and I think today's conversation helped. I would like a contract by February to whoesale or assign.
Onward and upward to success fellow DGers!
Michael
That is awesome Michael! That is a good example why we need to tell everyone that we are REIs.
A deal(or 2) completed with money in your pocket by the end of Feb is a good goal. You will make it happen. You should start thinking about what you will do with the profits. BELIEVE and plan acordingly.
Scott
Join my REI group SouthCentralTexas ALL active motivated gogetters welcome Your location is not important.
http://www.deangraziosi.com/og/all?filter0=SouthCentralTexas
You can lead a horse to water but you can't force him to accept money.
-One Step Closer
Congratulations on finding a mentor. I know what you mean about not getting what you want at the moment but things have a way of happening for us one step at a time (somtimes 2 on a good day
)
I understand what you mean about your fear of talking to people about REI subsiding. In the beginning I was sooooo nervous thinking I would sound inept somehow but over time this is subsiding for me. As we learn more we gain confidence.
I wish you much success in REI!
Lea
SPR Property Solutions, LLC
Well, maybe I'll use a bit to reward myself for a success...but, until I'm properly capitalized, I'll reinvest most!
Well, I made an appointment for saturday to see one of the houses I mentioned. During my conversation with the realtor handling the property, I found out she's an investor too...we'll see.
Onward and upward all!
Michael
Lea,
Thanks for keeping track of me. I get a bit more motivated every day which is really good. I'm going to call about a couple of other properties too...sooo...while the melting is going on let's turn up the heat.
Take care, dear!
Onward and upward all!
Michael
Well sometimes I feel like I'm not accomplishing much but when I look back, a lot really has happened.
I found a house just before the great blizzards out here in Baltimore started and was really interested in it and began the process, looked at it with a realtor and started to get things going. Then the realtor backed out, yikes. So, by the time we got dug out and I got another realtor on board with it, it was under contract so I lost that opportunity.
Then I got a call from my primary realtor who told me of a house in a nice neghborhood that's been on the market for well over a year. I drove by and it is a really nice house that has been vacant for a couple of years and needs quite a bit of work. I made arrangements to go look at the house with my contractor: this happened last week. I now have an estimate for repairs and have a hard money lender on the hook, I just need area comps from my realtor and a couple of other items and I'll submit the information to the lender for preapproval. I have a private lender who is willing to help with closing and rehab costs so feel like I have financing in pretty good order. I will, of course, be calling the Academy to talk through all this. I am working numbers to determine an offer price and am hoping to get this done in the next couple of days. So far so good. I've been really energized by the process and I hope this is the one...that first deal...I need some success!
We all can make it Michael. Just keep believing. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-