1st one feel through.....NEXT! - Posted by Fran CA

Real Estate Investing
1

Posted by Fran CA on February 09, 2001 at 18:11:50:

Matt,

Thank you for you informative and generous response. I think most of his frustration comes from working long hours and having to spend two hours a day commuting. We are in this business together, but he sometimes feels that he is not able to do everything that he wants to get this moving.

Since my hours at my J-O-B got cut back in December I have been taking a more proactive role in getting our REI up and running. I have made business cards, made bandit signs (unfortunately they didn’t stay up for more than a day), placing ads in the papers and talking to people. I have a realtor friend that is trying to help us locate rehabers, which I am really glad we didn’t get into that first one.

I am always looking for more ideas to help get this started in the right direction. But I am positive that with patience and perseverance we will accomplish our goals.

Thank you again for your helpful insight.

Fran

2

1st one feel through…NEXT! - Posted by Fran CA

Posted by Fran CA on February 09, 2001 at 11:49:35:

Thank you all for the helpful information over the last couple of weeks. Sorry I haven’t been posting, but been busy trying to close a deal. It didn’t pan out, but I have two other houses I am entertaining.

I am keeping focused and know that this can be a difficult business starting out, but I believe that we can succeed.

What I need help with right now is that my fiancee wants to look for another J-O-B. I am hoping he will stay and tough it out. He is getting very discouraged with his J-O-B and he wants us to find a house so that we can make some money. Anybody that can assist me with some positive suggestions that might help would be appreciated. I have been telling him that he just needs to be patient, that it will happen because we are doing something to make it happen. I am hoping that some encouraging words from all of you will help alleviate his concerns and anxiety.

Thanks in advance for you help and support. I will persevere through this until I have accomplished the goal I have set for myself. To just get one house under contract.

Fran

3

Re: 1st one feel through…NEXT! - Posted by Jim IL

Posted by Jim IL on February 09, 2001 at 23:13:08:

Fran,
Here is a sort of ritual that I use when doing deals.
Whenever I sign a deal up with the seller, sell a home to a buyer and get the deal signed, or work a long time on a deal only to have it fall thru, I celebrate with my fmaily.
We usually go out to dinner, nothing fancy, just a night where none of us have to cook or clean up, and enjoy talking about our respective days.
We then either goto a movie or rent some to bring home. (the kids prefer this, because then they can pick up the latest Playstation game for themselves)

Notice, this is not something we do only when collecting a check.
And that means that sometimes, this may mean a quick fast food meal, but we still sit together and talk.
A break of sorts, coupled with a celebration.
See , to me, whether I buy a home, sell one, or get “this close” to a deal, it is a success.
No matter the outcome (NEVER get attached to the outcome of ANY deal!!), I know that something was accomplished that will bring me closer to my end goals.
I know that in this business there will be stumbling blocks along the way.
So, when a deal goes south for whatever reason, I know that is one less hurdle I’ll have to jump later.
And, I surely learned something from it.

As Kiyosaki says, “pay yourself first.”
and I do, every time.

Do not let this frustration of not being able to do “enough” get your fiance’ or you down.
Even when the business is rocking and keeping you busy ALL the time, you will still wonder on occassion, “Did I do enough?”
And when you see something you missed, you’ll surely cover it the next time out.

Keep at it,
Jim IL

4

Re: 1st one feel through…NEXT! - Posted by Matt B

Posted by Matt B on February 09, 2001 at 12:59:19:

How about telling your fiancee that you have just found one more way that a deal won’t work. If you run into that same situation again, you will know how to handle it. Giving up when things get rough is what the majority of people do. It’s quick, easy, and painless to quit. On the other hand, sticking with it is hard. It’s painful, can take a while, and can be difficult.

Sounds like fun, right? Well, how about being stuck in a job where someone else rules your time? How about always chasing that “better paying job” until you realize that no matter how much you make, you still don’t have any money at the end of the month? Is that stuff fun?

Sticking with your goals should be the most rewarding process. Not even accomplishing your goals should be as rewarding as the process of getting there. If you don’t like the things you have to do to get a deal signed, then maybe you should stick to a job. (Or your fiancee in this case.) Do you like your job? If you do, why leave it for the “discomfort” of trying to find real estate deals?

I had an e-mail conversation with someone that I am helping to get a start in the real estate game, and she mentioned that she couldn’t believe my generosity in offering to call sellers responding to her ads, taping the conversations, and playing them back for her to learn what to say to sellers. I told her that the reason I was doing this was because I LOVE real estate. I can’t get enough of it. It’s an obsession of mine now. I now love to call sellers and find out if they are motivated and see if I can get them to consider a creative deal. I love getting in front of sellers and explaining how I am going to fix their problem and their worries are over. I love it!

This is the very same stuff that used to scare the crap out of me. I used to hate getting on the phone and talking to sellers. However, I learned to “enjoy the process” of meeting my goals. One of my goals is financial freedom. Talking to sellers is not one of my goals. However, it does lead to the accomplishment of my goal. So I have learned to love the process of accomplishing my goal.

If you don’t enjoy this business, then why torture yourself? Find something that you do enjoy. If you’re just chasing down money, I can guarantee you that you will grow to hate this business. There are so many setbacks and weasels out there that can really discourage you. If you just want money, go play the lottery or go back to work where you know that someone will be handing you a paycheck regularly. However, if you enjoy creatively solving someone’s problems and making money while doing it, then this might be the business for you. If you enjoy challenges and learning from mistakes, this could be the right field for you.

I hope this helps you to some degree. Some people just aren’t suited to do real estate investing. Heck, I’m glad that most of the population is like that! Less competition for me! If your fiancee doesn’t want to get involved with real estate, I wouldn’t push him. Let him see your completed deals and then make a decision as to whether he wants to be involved with it or not.