OfflineHi DG family,
I take 6 weeks off in the summer for my kids. Then taxes, then a few things came up and I took another week off for reflection. While I was away on vacation I saw an auction, ran the numbers and went for the fun of it. Determined my highest price upfront. Well, I won that auction. Partnered with another person who brings 100% of the purchase and rehab monies. I'm doing the work and get 50% of the profits. Here are the details
PP: $182k plus auction fees of $9100
Repairs:$25k
ARV:$365k
This is pretty much a home run. . Pretty good vacation find.
Had some issues with the title company but got it closed.
Never give up! never give in!
It is certain I will continue to succeed!! No matter who tries to bring me down.
__________________
I need to be more clear on my delegations. Already worked out a system for communications now I'm trying out. I'm sure it will need tweaking. Lessons learned.
What kind of auction and how long until you had to provide the funds?
It was a Hudson and Marshall on site auction and I had a month to close.
I have seen so many of my friends go out of business because of the partners they go in with. I have drawn a line in that area which needs to be broken. I have everything, education, resources it takes to make it. This doesn't have to do with faith or I wouldn't still be here! It most be trust. When it comes to working with my hands to pay my bills I always have enough work to do, but not enough money. So I need to start thinking a little more strongly about trust. Thank you
Know that not all partnerships will work out but it is critical to learn to do business with others. I've lost over $7700 in partnerships with others. However, I will make over $50k once this deal is done, over $50k equity in another deal I partnered with (that person is already cashed out and made over $16k, I refinanced her out for the longer term investment and now get $750 a month cashflow off that deal now; (never still using a dime of my own money) There's also another partnership I am making $3800/month profit on and the equity is over $125k for each of us. Not too shabby.
So yes, it is a big step to trust others to work partnerships. However, when they work out it is mutually beneficial to both parties involved. Some partnerships don't work out. Biggest thing I've done wrong is communication and going over expectations from each partner. A few partnerships I have been the trainer and money source. Some partnerships I am the one who does 100% of the work and my partner is strictly monetary. I've learned a lot from the mistakes I've made. So when mistakes or failures occur, know that these are your learning blocks. They are extremely valuable lessons I've learned along the way. $7700 worth of hands on education.
Trust, This is a big one isn't It. I can relate to both conversations, I have done a lot of business with partners, won some and lost some. The loses can be painful but you just have to pickup and go it agian. I mean, when you stub your toe, it hurts. But you don't give up walking, Right? Choosing to live not trusting is a very lonely place to be. So in the words of a mentor of mine:
"The great thing about this world is you can trust 100% of the people out there. A small percentage of them you can trust to take you for everything you have; and a small percentage of them you can trust to lay down there life for you and stand by you always. All the rest rest fall in the middle somewhere. So you job is to sort them out, start small, measuring each person individually. Expand with the successes, contract with the failures and live life to it fullest."
This has served me well. I have learned that individual are amazingly consistent and what I have learned is to trust their consistency.
Live, Love, Laugh, Learn,
Jim
With your success in mind,
Jim McKinney
"With integrity, nothing else matters.
Without integrity, nothing else matters!"
I agree with everyone's comment on this interesting post. I love your positive attitude. Great post on TRUST. I think in Real Estate I could can afford to trust someone (you never know who you are dealing with) but at the same time I always alert myself and expect the unexpected from that person. In other words, its always good to keep other options open just in case plan doesnt work out you know.. Like you said "Never give up, Never give in."
Your post motivates me a lot..
Keep up the good work:)
____________________________
TC
Miami, FL
Keep TAKING ACTION + gaining KNOWLEDGE = SUCCESS (Making Money)
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TC
Miami Florida
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It is wonderful to get back on here and read so many inspiring , successful posts... There is plenty of opportunities out there for all of us..
Thanks for sharing !
Randy Sherman
Elkton MD
Wow, never saw that one. But its very try and very inspiring!
Press forth with vigor and don't ever let other people determine your happiness or your success!!