On Monday I told you about, in 1987, I, with my two accomplices April and Michelle, decided that a red drop of paint was blood and we set off to solve a mystery. We should have been charged with a B&E that day as we broke into the cage storage units in the apartments where we lived rummaging for “clues.” We did not get a charge but we did get a cat…two kittens in fact.
I also told you about how talking to my sister Sunday afternoon about our imagination lead me right into how imagination is the wide-eyed love child of creativity. And let’s face it folks, creativity is really what separates successful investors from those who wish-sessful.
We discussed Owner Financing, Subject to, and Wrap around Mortgages. Click here to read up on what you missed. Now we are going to delve into the wonderful world creative deal structures where you have the rights and responsibilities of the owners but not as much of the liability….oh and zero upfront cost. Thought that would get cha!!! #doesnttakemoneytomakemoney #nomoneydownrealestate
It was the summer of 1987. George Michael had faith and Whitney Huston just wanted to dance with somebody. I was 10 and my sister had just turned 7. Our days consisted of waking up early and scarfing down cereal. This was about the time that my best friend, Michelle Gavin, would show up at my door ready to ride our bikes (Yep, that blue Schwinn) until the pool would open at 10am , which seemed like forever. We would go spend the day diving for quarters and annoying the teenaged lifeguards that saw as these older, wiser windows into the embodiment of “cool” and the entire basis of our goals for the future.
Oh Blue Monday, the pool was closed. We were forced to entertain ourselves in ways that did not include going home smelling of Banana Boat and chlorine. Maintenance had been changing the color of the beautiful 1970’s shutters from olive green to 80’s burgundy and that played a huge roll in this particular Monday.
On Tuesday, in Part 1, I shared a story with you all about how I wanted a bike SOOOOOO badly when I was in first grade that I pretended to have one when making a picture for my art class. When I finally badgered my parents into one I was so excited to get on and ride it that I didn’t feel the need to first learn how. I ignored the good advice of my parents and gave it a go on my own; going down a giant hill no doubt. I obviously fell off and scratched myself and my bike all up.
Waiting for the connection to real estate are you? This same eagerness is what I often see in new investors. Wanting to just hop right into being an investor and forgetting the steps to build the foundation for the new business.
I remember being about 6 or 7 and I wanted a bike SOOOOOOOO badly!!! I talked about it all the time. I lied to my class via art class about my awesome bike. I drew this picture of a pink bike with a basket, the big “U" shaped handle bars, tassels hanging down… a really super cool beautiful awesomest bestest bike in the entire Town and Country Elementary School student body. I really had no bike at all. Nothing. I had a Big Wheel trike with flattened out plastic tires from riding it as fast as I could down the hill walkway in front of our house and pulling up on the break as hard as possible and kinda spinning out. I was a real badass back then.
I want to apologize for missing my usual Thursday blog post. I was on Hustle Day and really wanted you all to see what that is about. This whole post is full of clips. If words are in red, feel free to click on it.
Ok so you have found an awesome house to flip, put in an offer that got accepted, and flipped that house so hard the ground shook. What is the nest step? Getting it listed, right? Wrong.
There is this one little day that I call Hustle Day. On this day you will work more than you have for the entire flip combined (assuming that you are not doing the construction on your own). This is the day that you have a range of emotion from “I FLIPPING LOVE THIS LIFE” to “WHAT THE FLIP WAS I THINKING” and back again.
It is a common misconception that a good house sells itself. If that were the case one realtor would be no better than the other. Sales is all about delivery. You are going to need to deliver this house to your buyer in the 100%, best, touch all of their senses, I can see myself living here kinda way to be better than the rest.
It is really the small details that make a difference. I get in there and really pick apart every detail on this day. I am not going to be cute or dressed nice. This is a sweaty, stinky, dirty, paint in places that make you question yourself, kind of day.
Here is a video to go with today's article. Here is another. And finally here, for now.
Those of you who know me, either in person or by my blog, you know that the best way for me to learn from advice is to not take it. I am the queen of WTF decisions. The good news is that I am also the queen of learning from that same smh, wtf, have you been sniffing glue, moment.
Additionally, I have walked beside, behind, and in front of many investors throughout the years. Some I have trained, some have trained me. Some have been friends and some I have just observed. The recurring theme for those days where we say “Why did I leave my job for this?” generally come down to one of these things.
There is a quote that I love that says “Entrepreneurship is working today like others won’t so that you can live tomorrow like others can’t.” Why do I love it? I love it because it defines being an entrepreneur as a lifestyle. Being an investor, full or part-time, is a mindset and a lifestyle that each of us must embrace.
Monday I shared the first part of this article. You can read it here. So rather than rambling with the same childhood story I will just jump right in with only a small recap just in case you are not going to read Part 1. Basically I was an ugly kid and I got my friends to help me put on a play in the back yard. :) You’re welcome.
I asked a friend of mine who is a relatively new investor what did he think the biggest piece of advice that he wished he had starting out. He told me it was the Investor Mindset. Sounds simple enough, right? I want to be an investor and I am willing to work hard. That is the best way to end up quitting. It is an extremely crucial component to the successful investor that you have your head right. This is not 2016 T-Ball where everyone gets a trophy. This business is 1988 tackle football where you could break both arms and suffer a concussion but if you aren’t an to the team asset you get a pat on the back and a “better luck next year.”
The investor mindset is really the entrepreneurial mindset. Some folks are born entrepreneurs and some have to learn it. I think for those of us who are born this way, it's a good damn thing because we really do not fit well into the box of a structured job.
I was born an entrepreneur. I am pretty certain that I was peddling passies in the hospital when the nurses left the room.All of the other kids in the neighborhood were riding bikes and playing with dolls I was selling jewelry out of a catalogue and creating a back yard consignment shop. At 21 I became a real estate investor and fell in love. This was/is/ and always will be my passion. I have been madly in love with flipping, holding, and writing offers on real estate that seem crazy for 18 years. Ladies and gents I am willing to share the love of my life with you. Maybe its polyamory maybe its jut because I can’t shut up about it. Either way I will be sharing every mistake I ever made and the lesson that came from it. I love questions. Please ask away!!!