HELP!! I Am So Discouraged...
The offer I put in for this REO already had a bid accepted but when my agent called about it nobody told him. I was so excited about that property. That was going to be my 1st money maker. I am so disappointed. Now I feel like I'm back at square one. Of course I'm going to keep at it but damn, this is hard, always a day late, or a few thousand bucks short. I truly need some words of encouragement and advice from any and everybody. I know that I can do this, I just need one to get me started.
quinn :cry:
Quinn,
Try to fall in love with the deals, not the properties. If it's an emotional thing, you're not doing it right. Don't get me wrong, Be passionate about what you do, just don't look at any property as "The One". "The Next One" will show up before you know it. I lost one by $960 just the other day. My friends were trying to console me, and were telling me how sorry they were etc. I told them to save their pity, I'd rather loose one by $960 than find out that I got one but paid 5K more than I neeed to.
Stick with it. Yours will come along.
Good luck,
Jeff
Well now, we can't have that!
Listen carefully, You... Are...Not.. Alone....
This may not help, to let you know that once you have "perfected" your systems: of locating different types of properties, determining your interest, evaluating the property, and making your offers all within the same 24 hours that the property was made available......you still wont be moving fast enough.
The fact is, you will miss a few but with persistence you will also find a few that will make you Great money!!!! And if you are really lucky, the ones that you get, will turn out to be more profitable than the ones you missed!!!
Don't look back.....Except to learn from your mistakes. If you dont know what mistake you made, keep asking until you find out! Then you wont make it again.
I was reminded today from a good friend (after going on a wild goose chase), that it is obvious when people have great REI ideas (me) or do excellent work (me), but you can't possibly win 110% of the time. *** The reason that you see other people, that may or may not work as well, becoming successful at this is because they are out there doing it EVERY DAY with the same energy / enthusiasm.
I have been at this for a while, and I still miss a few every week.....But I do make $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$.
SG
Jeff and Giovanini,
Thanks so much for responding.
I know you can't get attached to the properties and believe me, I only see them as potential dollars in the bank, I just feel that as soon as I hanker down and go in for the kill, the rug gets pulled out from under me and I'm left feeling like "whoa" then the momentum has gone and I get back online again and start looking all over again, which I have already but geez, it's like starting at square one again, wondering about which direction to take.
Thats guys, just needed to vent a little
quinn
No problem...
Don't under-estimate yourself. Try to be in a controlling position on every deal. Don't wait to long to Hanker Down (as you say). Five minutes can miss the deal. (Don't jump the gun without doing you homework either!!!)
Just focus on working fast and smart.
Define well your areas of interest and capabilities...Your goals...And persue them relentlessly...And you will see the results.
Believe me I know....That's one reason why my lap-top is going to be mounted w/wireless modem, MLS, County Tax records, Contracts, email, print, etc. capab., on a car desk, right along-side my passenger seat in the very near future!!
(P.S. Our market is VERY hot here)
SG
Quinn:
Rule number one is not to get emotionally involved with the properties.
Just simply put your bid in, do your diligent follow-up weekly and eventually you will land a deal. What I have found over the past 10 years is that the properties that I thought I would never have my offer accepted I received the winning bid on. Go figure. It is all a numbers game, keep that in mind.
Best Riches,
Jeffrey Adam
[addsig]
Quinn, This has happened to me too many times as well. Just this past week had another rug yanked from underneath me, and I got REALLY attached - emotionally, as well as really wanting to do the deal. I KNOW there was $40K in there after it was all said and over with. <sigh> So, like you, back to the drawing board. Got another one I am going to "attack" tomorrow, so we will see what happens
Keep your chin up!
Quinn,Remember real estate is a numbers game. Stop putting all your eggs in one basket. Make 30-40 offers a week,you will get one accepted. You just have to keep on keeping on!
Do you people realize how great you all are? Thank you all for the support, I'm back up and running, I have a few properties I'm going to check out today. I know my little real estate broker is tired of me, I call him everyday, but so what. I think I'll try putting in multiple offers and see how that works.
I'm just really ready for something to happen.
Thank you guys again, with this much support, who could possibly quit and give up
quinn
I feel your pain. I'm still looking for my first properties, and I'm a little apprehensive anyway, being that it's my first. I want to make sure ALL the #s fit perfectly before I commit. I was out looking at a potential property a few weeks ago and was riding around the neighborhood looking at others for sale. I saw one that looked absolutely phenominal. It was a 1920s-40s house between two houses that had been completely rehabbed in a GREAT area of downtown Atlanta. I knew the property was going to be out of my range, but I stopped to take a look. It blew me away. I really thought the house would be twice as much as my limit was. I called my realtor about it and told him I knew it was out of my range, but I was curious. I told my wife if by chance we could get it, we'd move into that one and rent out our current house. My realtor calls back and sure enough, it's in my range. I was shocked!! then he gave me the bad news that it was under contract two days before I found it. talk about crushing! I made sure my realtor called the seller to make sure if the deal falls through to contact me. But talk about a low blow!!
All I can say is, I'll keep looking for a great opportunity!