OfflineBankruptcy, lost my home, divorced, bad credit, unemployed, no money, small town and bad hair.
I just collected my first check. This one is for $10,000. Here’s how:
Imagine yourself stuck in the middle of NYC. Imagine also that you not familiar with NYC, you are from “the country” with no clue how to get around the big city. Now imagine that you’ve just been told that you won’t be able to rent the car you need to drive out of the city, to get to the country (approximately a 2 hour drive away). Also imagine that you have only $50 dollars in your pocket. Because it is Sunday, you cannot go to a bank or, have funds transferred to get more money for a car, but; everything is going to be OK – You’re closing on a wholesale deal tomorrow! If you start walking now…
I moved to Florida from NY at about the same time I joined DG, 18 months ago. I left a good job in NY (don’t leave your job) with the intent to focus on real estate investing with my father. We signed up for “The Edge” together. We both studied investing prior to this but, never made a big effort to pursue real estate investing as the vehicle for achieving our financial goals. Florida seemed like the perfect place: Many foreclosures = a lot of inventory = good deals. We decided it was time to make real estate a priority.
For the next 18 months, I spent a lot of time doing things that just didn’t work. I became discouraged and soon my income dried up. I felt like a failure. I read a post where someone expressed how they felt the same way. He explained that his whole family thought that he was a loser. I carried that with me. I hope he finds this post because, he needs to have the message I received from a pastor, on the radio: “You haven’t failed if you’re still trying. The only way you fail is if you quit, otherwise; you’re still trying.” I decided to push forward and make it work. I thought to myself, “I need to look harder. Why don’t I also look at wholesaling, long distance, in upstate NY?” I grew up in a rural, sparsely populated area in upstate NY. Compared to where I am in FL the population is much smaller in that part of NY but, that doesn’t mean it won’t work.
I contacted a good friend in the Hudson Valley, upstate NY. I told him what to look for. I walked him through every step of the way, over the phone. I wouldn’t call it easy but, in less than 1 week I had signed contracts to purchase a home (no deposit). 2 weeks later, I had the contract assigned for $10,000 more. The closing was set for 1 week after that so, I found myself borrowing money, to hop on a plane from FL to NY. This whole process took place in about 30 days from my initial contact with my friend.
The closing took place on a long table, in a large room with many windows on one side and, many wood barristers, filled with hard cover law books, on the other side. I sat at the head of the large table. At the other end, the party for the buyer sat across from the party for the seller. The two parties shuffled papers back and forth, signed and initialed documents, and wrote checks. I looked out the window. After about ½ hour, someone said, “Why don’t we write him a check so he can get out of here?” Someone passed a check across the table. The buyer asked me to let them know whenever I get more properties. I agreed. I smiled, said “thank you” and bounced. (The check didn’t).
Since I didn’t have a car, I walked around for awhile asking myself if that really just happened. I made a few calls to get a ride but, my phone battery died. I walked around for another ½ hour trying to decide what to do. I started walking alongside a parking garage and noticed the seller walking in the garage toward her car. Why not? I asked her for a ride. Awkward but, oh well. She said OK. When I got in the car, she thanked me for helping her. How great is that?
Thinking about it today, all I did was, go through the steps. When I got stuck in NYC, it was scary for me. God bless the MTA. I took a bus – to the subway – to the train – to my destination in upstate NY and, all for only $30 bucks. Getting to the Airport on the way back, I just followed the steps and, it was easy. Train – subway – bus – plane #1 – plane #2 – sunny FL. I had the money to take a limo by then but, it was an easy travel, knowing the steps. Millions of people do it every day. It’s the same with wholesaling. Follow the steps: Buyers list – Bandit signs “I buy houses” – negotiate a deal – get the contract – market to your buyers – assign the contract – get a check. The wholesaling steps may seem scary if you never did it before but, like navigating the mass transit system, it’s easy once you do it.
Because I was able to teach my friend in upstate NY from FL, I am now teaching friends in other parts of NY, CT and FL. I will walk them through, step by step.
The moral of the story: “The only way you fail is if you quit, otherwise; you’re still trying.” Keep going. No excuses. Take one step at a time.
I loved your story and the analogy to public transit. That is preserverance! Awesome!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
The turn out of this was awesome, thank you for sharing it.
That is awesome. Congratulations! Next time have the money wired, it'll cost you $15 and will save time on plane fare. Really great story, thanks for sharing it.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Thank you for sharing your story. It's encouraging!
I've been involved with other Rei programs before and even quit my job. The content was very similar to current wholesaling techniques. My 1st deal was a mess, but I got $1k out of it. 2nd deal was $3k and a bigger mess. I was so frustrated with the way the title co handled the transaction and the irrational behavior of the seller that I walked away...with nothing. That was in 2002. I found a job and after sleep walking too long in a job that can't pay what I really want, I'm determined to make a living working for myself wholesaling& eventually buying, fixing, holding. Thanks again for sharing your story.
Loved your story...thanks for sharing. Just goes to show you...if you keep pushing, you will get there. Thanks for the motivation.
Teresa
College Station, TX
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"Declare that you will prosper despite every difficulty that may come your way. Don't just survive; thrive!"
-Joel Osteen
Love to hear these kind of stories. keep going .
Very encouraging. Thanks for sharing the experience and the lessons learned. An awesome "How to persevere and get the first deal done!" teaching that I needed to hear. Thanks again.
I enjoyed reading your story and found it encouraging. Thanks for sharing and congrats on the deal!
Fina T
"Your attitude is your altitude. It determines how high you fly." Anonymous -
Congratulations on the deal, I admire your determination. I hope to do my first deal soon as well.
Kevin
congratulation on your deal, tomorrow im going to take my first step into wholeselling, hopefully i can do as great as you did. maybe through my wholeselling process you wouldnt mind helpin me. Good Look on your future in RE
Great story! Very inspiring!! Keep up the good work.
I can do ALL things through Christ, Who strengthens me.
Phil. 4:13
What a wonderful story! Anybody can do this! But only if they don't quit!
Congrats to you and looking forward to hearing more of your success stories.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Contrats on getting your first deal done and not giving up. When you talk about the quote you heard from a pastor on not giving up, that really hit home for me. I've been working on getting my first deal done for like 1 year and I still haven't give me. I refuse too, I read too many successful post on this site to give up.
Thanks again for sharing your story.
Reynold Orozco
Michael congratulations, I also like your writing style. I wish you the best.
WALT
Wonderful Mungo1968. I live in Queens New York and boy did I need to read this. Im not too many days from the road myself, I have to come up with a fistful of dollars in the next two weeks or im outa here..and I have no where to go. So tomorrow Im starting a JOB for the first time in two years, its only a few days work but a beginning. I left a good job like you too early, and spent all my savings, so now I have to go back to work to keep the wolf from the door. BUT IM NOT GIVING UP, all the "friends" and family think im just lazy because i havent had a JOB in a while and are all happy with themselves now that Im getting back "into it." This is just a short detour while I regroup and start again. I thought I could force myself into action if i had no job or money, and to some extent its worked...but a tad too late I imagine. I have $-80 in the bank, and $8 in my wallet. Thats it. So these next few days will be interesting and definately needed but I see from you that its still possible in New York, albeit a little easier perhaps up state than here in the city. Whoever coined the phrase about New York "If you can make it here , you can make it anywhere" they werent kidding...its a tough town to negotiate. Its so important that folks share their trials and tribulations here, cause they are not the only ones in this predicament and you never know the effect your story will have on someone else...so thanks Mungo1968 and here's to many more deals in ol' New York Town.
Gerard Dermody,
E-Elmhurst, Queens, New York.
Thanks again for sharing your story.
It took me 1 1/2 years to get my first deal. Like I told my friend a couple of days ago, The Universe looked at me and said, "This idiot isn't going anywhere, we may as well let her win!"
And the more deals you do the faster they come and easier. ABSOLUTELY INCREDIBLE!!!
Don't EVER quit!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Gerard Dermody,
E-Elmhurst, Queens, New York.
Just keep in mind that you don't have to do your investing where you live. With the internet, you can invest all over the country. Until the last month (I moved across country to invest) all of my investing was done in states other than where I lived. NYC is extremely difficult as was SoCal, where I lived. You may need to change your tactics.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thanks for the dose of encouragement this morning to KEEP ON TRUCKIN'
TIME = WEALTH = FREEDOM
Live STONG & Live with PASSION
It's interesting how we get in gear when we become most desperate.
Rando
Thanks for taking the time to post Michael. I appreciate those that help me to overcome excuses. I'll PM you, understanding that success can be contagious. God bless.
Thanks for taking the time to share your story.
You'll never know how your 10 minutes of writing may change 10 years for the reader.
Hi Mungo,
So exited with your success. I love how you are couching others to assist you.
What a difference a year makes, Thanks to that preacher , theres no failing as long as one's working to succeed.
"Never give up" (pause) "Never, never give up" (pause) "Never give up"
Winston Churchill, shortest speech, University of Oxford,
johnjf.
DG family,
I appreciate your comments and support. Thank you. I believe sharing together is a key component to our success. Hopefully I've been able to help some of you. You definitely help me.
Thanks again,
Michael
Thank you Michael for your success story. This help to give me hope sometimes I feel like giving up but your input is now like a song in my years. all the best
HI am just in the business, in new york area is there any one out there can parthner with me to get my business up and running
I have been in the bussness for less than a year,I haven"t made any deals yet but I know my time will come. I retired from my job April 25th.
Thank you for the story. I am going to be forced to go on early maternity leave. My car took a dump and was repoed all in one week. To top it off the public transportation here is on strike so long distance commutes to stores to get supplies for bandit signs and posting them are out. I feel like a failure most days because I am so scared as to how I am going to support my latest edition along with the 2 children I already have. But your story reminded my that where there is a will there is a way. I have the will and I will find a way. Thank you so much. I know now this is not impossible, it will take effort but not impossible. If you have any advice please private message me.
I loved the story! I've been doing this for awhile and even though I have done a few deals....I'm not at all as far as I thought I'd be by now. I thought by now I would be able financially to quit my job, but no.... I'm still sneaking out to the other room to take a "personal" call once in awhile.
And the competition where I live is FIERCE! Even a couple of agents that I work with want to tell me either it's "not working" or I "should wait". All I do is keep changing direction. What do I need to do to beat out the competition? I'll keep going until I do! If there is competition, that means something is working so I need to keep going until all of it works for me.
fun to read, love it, my story too has been one of failures and feeling like quitting just last week but you know what like Dean says it's all research and development! I cant quit now, I got my first deal back in Feb & have 4 props under contract so I can close at least one of them! GFDM! Go Faster Do More
Tony
Go faster do more! GFDM!
I love to hear stories like this. Way to go, Michael!