The most important thing that I have learned as a REI coach and mentor is that what works for me doesn’t work for everyone. “What are you talking about Charity? Everyone teaches that there are methods and strategies that work time and time again.” That is true but YOU have to find YOUR method.
As always, I will regress into a personal story. This story doesn’t go back as far as most to my childhood when dinosaurs roamed the earth (aka 80’s and 90’s) but rather just a few months ago (yep, March of this year).
I have read book after book and blog after blog about investing. When it was my turn to write mine, I initially, almost instinctively, began to mirror the practices of the authors which I had read. The theme was “Follow me. I am great at this and you can easily be as well.” Guess what? That is not me!! I am a real-life person who made mistakes and still does. Granted, they are less frequent than in the past; but they still happen.
I was trying to write in a way that taught the things I learned but I did not mention how I learned them. I was sending my writing to my friend who was looking it over and making a change here and there, grammar, spelling and an occasional “WTF is this supposed to mean”. He was telling me the information was good. It wasn’t great. Who wants to read a good book when they can read a great one?
One day, I had that #$%& it moment and wrote the truth. The way I talk. The way I teach. I wrote about how I was a flipping idiot and purchased a home in my own name as an investment and then the seller, a big shot attorney, wanted it back. I told the story about how the property had bad tenants and was not preforming. A smart (or even barely functioning) investor would have looked at this as an opportunity to get rid of bad tenants and MTFO. (If you are not familiar with the anagram I just used its Move The %$^& On). I mentioned in the chapter how each day I came home to a new subpoena on my door because her plan was to cost me so much in litigation that I quit.
Guess what? I didn’t quit. I fired my attorney to save on legal fees. #dumbaf This funtastic display of an over inflated ego cost me $17,000, a judgment on my credit, and a real sensation of butt hurt.
The good news here, my friend loved that chapter. It was raw, real, and actually drove the point home. That day I found my voice in writing. I learned that I cannot write the same book I have already read. I can’t write the same blog as every other real estate blogger.
When working with people I tell them to network, talk to strangers and friends to find private money, call people off the internet looking for property, and so on. What if the idea of this is crippling? What if you would rather laser your face off than have to call a stranger out of the blue?
I got you. Here is how.
3. Hire a Sales Manager or management company. Remember, each of these things cost money. However, you have 3 people looking out for you…so that’s good. Begin this process by having your VA return calls from prospective buyers (unless you are ok with doing that). Have them send this to your sales manager. You are asking “Charity, why not just one person?” Because if you have just one person you are defiantly training your competition. At some point if this person has enough sense to pull up his own pants, he will cut you out. But, Charity, I want to flip…
4. Use national hard money lenders rather than finding private money. Honestly, flipping is the way to go for an introvert. The only real issue is MOOLA. You don’t want to hit up every dude you have ever shaken hands with or #$^%s beside in a public restroom for money. This can be an awkward conversation. Guess what? There are national companies looking for your business and you never have to loo them in the face. Most can be done online. Right? That was a shock to me too way back when. They are generally more competitive than the local hard money guy and you don’t have to convince them to give you money. WHAT?? IKR!!?? You’re welcome. I am not even going to elaborate on the next three. Just pick some dudes that want to make money and you don’t want to poop yourself every time you speak to them… that is your team, sir (or ma’am).
5. Use your realtor to write offers
6. Build a relationship with ONE contractor.
7. Build a relationship with ONE closing attorney.
There you have it. I am not going to tell you to give yourself a pep talk and GTF over it. That works for some but it makes others just quit. Don’t quit. Just do it differently.
Happy investing my real estate junkies!!!!
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!!!