From Course Collector To Investor.....How Sweet It Is
After more than 10 years of talking about it, wanting to, talking myself out of buying good deals, and all the wannabe fears that go along with it, I finally closed on my first investment property this past week. It's funny how your state of mind goes from "what if .....happens" to "where's the next one".
I will have recouped my initial investment within one year, have approximately $350.00 positive cash flow (on a single family) in the mean time, and cash out approx. $14k within 2 years after getting buyer financed.
Conservative for many investors? Probably.
Could I have done things different or much sooner?
Of course.
But you know what, my feet are officially wet, I am in the game, and I will not look back at what I should have done, but at what I will do now and be happy that I have put in my due diligence of learning before wingin' it.
Of all the course material I've read, I recently heard or read a qoute that has stood out and motivated me more than anything else. Perhaps someone can remind me where I heard it.
"If I continue to do for the next five years what I have done for the last five years, where will I be five years from now?"
How powerful is that?!
So I am rewarding myself by going to Myrtle Beach this weekend. I just planned this trip today and have never been there. I want to have a taste of the lifestyle my investing is going to give me, along with using it as additional motivation. My Dad is coming up from Florida to join me in some golf and a few cold ones.
Has anyone been there and can recommend some "must see, eat, or do" while I'm there. I'm looking forward to seeing what kind of fireworks show they put on out over the water.
Thank you to all who have provided priceless information on this site and Good Investing!
Larry
UPDATE: Just received a call, looks like all rooms are either gone or overpriced. Anyone have any connections?
If we can't find a place to stay, we may go to Six Flags in Atlanta. All I know is I'm going somewhere to celebrate!
YOU GO LARRY!
Your enthusiasm and gratitute are soooo contagious. Not to mention, energy.
Happy Investing and many more to come.
Larry,
Congratulations! It is always good to hear of another investor's success stories. You probably feel like you're on top of the world right now and you deserve to.
You're not the first guy that "coursed" himself to death. Glad to see that you took action. Many, many, many do not and quit before they get started.
Have a good 4th wherever you go. Happy investing.
Dave
[addsig]
hey larry congrats! good luck on your future rei. have a great time in fl.....kenmax
What kind of deal do you have with your "buyer"?
What did you do to get control of the property?
Hey Larry,
Welcome to the club
Mark
Dear Larry,
"Tanks God fur a Breath of Fresh Air!"
Repeat the pattern on your return.
Cheers Lucius
8-) 8-) 8-)
Well I just returned from Myrtle Beach and had a great time. Thank you for the kind words and support.
AndrewKT
The deal that I have with my buyer is a 2 year lease option. They are buying the property as is and are taking care of all their own repairs and maintenance. They are paying me $700/month with a $50/month credit toward the purchase price that will be credited at closing when they buy.
The way I took control of the property was not all that creative other than getting the seller to pay my closing costs and buy down my interest rate. I originally was doing a 5% down loan but the lender dropped the ball the last week and couldn't close so I had to hurry another lender into place and ended up putting 10% down.
We always talk about buying real estate with other people's money. This weekend I found out that there are many other things you can do with OPM. A few are:
1. Rent a motel with a view of the ocean for the weekend.
2. Eat steak and lobster on a pier overlooking the ocean.
3. Go parasailing.
4. Play golf.
5. Purchase cold beverage of choice.
Yea, I think I'm gonna like this real estate investing thing. lol
Knowledge, preparation, and due diligenge do wanders for fear and uncertainty. So do trips like the one above.
Larry
Larry:
I cannot stress enough how important posts like this are. IF it weren't for the stories you and everyone share, it would be hard to believe that this stuff can be done and that you can make a full time career of it.
Thanks again and congratulations!!
Congrats! In the same boat! Hard to believe you can make money doing this huh?
Larry,
I am inspired by your post here. I have printed it out and placed in four different places in my house/office. I am still very new and I am feeling the uncertainties and fears that you had.. But your post has made a positive change in all of that.
Thank You!!
mllrmp,
Thank you. Make sure that you have written goals posted beside the ones you have hung. I have no doubt that I have seen and passed on good deals. But I am big on due diligence - first on having a solid foundation of knowledge, then on the properties I view. When you have done this the risk does not seem as great and you put yourself in a position to succeed. The deals I passed on before were found when I was still building my foundation and just making calls, looking at properties, and meeting and talking with investors just for practice. But at some point you will notice that the majority of things you read or hear are things you have read or heard before. That's when you will know that it is time to turn intention into production.
Don't take my first post the wrong way. It did not take me ten years to build my foundation. It just happened to be ten years ago (or longer) when I bought my first CS course. Oh how I wish I would have been more disciplined back then. But I was just hitting my early 20's and had many wild oats to sow.
I just committed myself a little over a year ago after moving to a new city and state. I started learning my way around, buying courses, going to seminars, found this site, and finally decided it was was my time. There is only so much you can learn by reading. There is no substitute for experience. Build your foundation of knowledge and then put it to use. I know you will and I look forward to seeing your first closing posted here.
I am now in my mid 20's, and there is no going back. I can only look forward to the future. It is time. Time to make a decision that could change the way everything takes place from now on. REAL ESTATE!!! I couldnt agree more with the things you said. I am still in a very early learning stage, but I am working now on courses, books, and maybe even seminars.
If you have any recommendations on courses, books, or seminars.. or anything else of the same, please email me at **Please See My Profile**
Thank you all!!
Larry,
No matter how many deals you do, you will always remember that first one that tells the inner you that it can be done.
First one down, the hard part is over, that first one was a bear wasn't it? LOL
John $Cash$ Locke
[addsig]
John,
True. Very true. There were hurdles to clear even after I had it under contract, mostly with a "tell ya what ya want to hear" lender. But by that time, I had tunnel vision and was not going to let him keep me from the deal. The bigger bear has been getting this 2nd deal to show up and meet with me that you keep hearing about. The next time she calls, she's gonna get one of those "I'll be there in ten minutes" replies. If it works out, it's worth waiting for.
mllrmp,
The courses I have now are Carleton Sheets, Dave Lindahl, and John $Cash$ Locke Sub To course. I'm sure that if you polled enough investors, you would get mixed reviews on all three. I personally love all three. Again, it goes back to what kind of investing you want to do. The best advice I could give you for seminars is to start saving your money right now and plan to attend the 2nd annual TCI Convention. You can be sure that you will see nothing but the cream of the crop there. Joel has his work cut out for him to beat this year, but I intend to be there. It really springboarded me and pushed me over the edge. I closed on my first one in less than 60 days after returning.
Congrats Larry! Well done, You!!
Congrats! The first deal is always the hardest. Just don't go spending your money before you make your first million!