Posted by JHyre@MAPLLC.com on April 16, 1999 at 14:19:24:
Jim is a phenominal resource…both when it comes to technical and life experience type things. He also teases that Tweety-bird thumping (“I tot I taw a puddy tat- WAPSPLAT!”) PACTRUST-selling Bill Gatten. What a guy!
John Hyre
Does this stuff really work??? - Posted by Jamie K
Posted by Jamie K on April 16, 1999 at 11:59:57:
I have been reading everyones post for about two months. I loved it. So, last month I bought some books and tapes from this web site.
I was so excited! Then I started looking to do my first deal. So far, I’ve been told by 8 realators that what I’m trying won’t work. Not only will they not help me they are probably telling their realator friends not to help me too. I’ve made at least 30 calls to FSBO’s who all rejected my offer. I’ve called banks in my area and they do not want to talk to me about their REO’s. Every time I say, I want to buy real estate they ask to run a credit report on me and want to know how much money I have to put down.
I don’t know if I’m doing this wrong or if it just doesn’t work. My husband says that I’m wasting my time and money on this “stupid stuff.” I’m a 21 year-old female and me and my husband have a 11 month old little girl. Maybe they think I’m to young to be doing this?
I just want to make some extra money for our family. But so far, I feel like a complete failure.
Can somebody, anybody help me please.
Re: Does this stuff really work???(LONG RESPONSE) - Posted by Kenny_FL
Posted by Kenny_FL on April 18, 1999 at 17:55:57:
Hi Jamie,
Don?t get discouraged! I found this site in November of 1998. I am a mathematics teacher and was completely skeptical of the entire creative real estate idea. But I started to crunch through some of the numbers, read all of the articles, follow every thread on the main board and the cashflow forum and read every how to article. I soon realized that this is an excellent way to build a comfortable life style that can support my family (we are expecting our 3rd child in December) without having to give up the only perk teaching affords (family time together).
By January I had purchased several courses and spend some time (and money) talking to a few ?business professionals?. I was almost ready to give up. All of the ?professionals? said I would need to have lots of cash on hand before I even considered making any offers.
I decided I needed to change something, and I did. I QUIT talking to those types of people and found ones that SUPPORT my ideas instead. My CPA is a personal friend I went to school with for most of my life and he has shown me how to set up my books, AT HOME, to take advantage of every deduction and cover all of my bases. He has offered to review my work as needed.
My attorney is a personal friend (my wife taught his children in school) and has offered to set up my corporation and review my contracts as needed. When I went to pay him for his time, he told me to keep the money as long as I would bring my business to him. He also is in the process of setting up his office with some sort of attorney?s group so that I will be able to do all of my closings from there. He even set me up with another of his clients that is the REO officer at the local S & L (excuse me they are now an offical bank) that holds the most mortgages in our county. He also has several RE clients doing EXACTLY what is being discussed on this board!
I know this is long but the point is: DON?T GIVE UP! If everyone around you is saying NO, find a different crowd to be around (spouse excluded of course. They will come around after your 1st deal anyway). Look up a RE investment group in your area, hang out here, keep making offers, call FSBO?s and when you just can?t stand it anymore email me and I will send you some clean jokes to relieve your stress so you can start again.
Good Luck and may God Bless,
Kenny FL
Re: Does this stuff really work??? - Posted by Rob FL
Posted by Rob FL on April 18, 1999 at 17:15:55:
Jamie,
I can tell you that persistence pays off. I started in this business when I was 22. I simply wanted a duplex to live in one side and rent out the other. I spent 6 months of dealing with dorkhead Realtors and countless offers before I finally bought one from an old man who sold it FSBO to me. My second property was the same way. I spent 4 to 5 months of dealing with Realtors and making offers (you think I would learn about Realtors after that). I found a duplex that wasn’t even for sale and just asked the owner if he was interested. I simply bought the duplex “subject to” as another FSBO from a tired landlord.
Peristence pays off. If it doesn’t work after 20-30 properties don’t worry. I bet I looked at over 50 and had several written offers rejected before I bought the first one.
Also, to let you know, I got so fed up with Realtors that I eventually became one so I wouldn’t have to deal with the paycheck driven, uncreative mentality that 90% of them have.
Does this stuff really work??? - Posted by Jamie M. Perez(TX)
Posted by Jamie M. Perez(TX) on April 18, 1999 at 07:21:31:
Hi Jamie,
Yes! This stuff DOES really work! Did you imagine you’d get this kind of response? This board is fantastic!!! Now, let’s get down to business…
My husband and I bought a 20 year old business in 1992. It was his dream, but, I fell in love with owning my own business. We have now been “in the game” just long enough to royally botch it up. Along the way, we bought a SFH in 1989 and a duplex in 1994. The philosophy was “buy, hold, rent”. That was taking waaaay too long and all we had to show for it was negative cash flow. Fast forward to 01/31/99. I buy my first course and I’m raring to go! I give it 90 days to produce or I’m outta here. (The course promised 30 days.) Mar '99 - I’m totally depressed. This stuff isn’t working! What do I do? I took a deep breath and found this site! My husband signed his first L/O Thursday! Here’s what we learned from the original business and this site:
I’ll fax, mail or email you samples of the text we use. You can start off with a simple newspaper ad. Get a system in place to handle calls and don’t give up! As all of the other responses said, your first deal is right around the corner.
Jamie
Re: Does this stuff really work??? - Posted by Paul Mc
Posted by Paul Mc on April 17, 1999 at 02:02:31:
Jamie,
You can buy real estate for pennies on the dollar at tax sales. Check out that area. Most are shells though. And you need cash, but little.
Re: Does this stuff really work??? - Posted by mike
Posted by mike on April 16, 1999 at 20:36:21:
read robert allen’s book called the challenge. spend as much time looking for money as you do for houses. pretty soon you will have a winning pair. shop the backdoor approach…courthouse,etc. forget the realtor. forget conventional thinking. get creative…
Re: Does this stuff really work??? - Posted by phil fernandez
Posted by phil fernandez on April 16, 1999 at 15:49:30:
Jamie,
Don’t give up. Your first deal could be right around the corner. It was slow for me at first in 1973. I convinced myself that I couldn’t buy property without alot of money which I didn’t have. Heck I didn’t know how a mortgage worked back then.
As they say the first deal will be the hardest. It was for me. It gets easier and easier as you go down the real estate investing road. You gain confidence from every new deal you put together. Your mind starts seeing solutions where there were none before. You see how the pieces all fit together.
Read all you can from this site. Post questions on the newsgroup and join in on the chatroom. We start at about 9:30 PM EST.
If I can do it. You can do it.
You bet your sweet beepie!!! - Posted by johnman
Posted by johnman on April 16, 1999 at 14:27:30:
Jamie K,
You’re doing just fine. Have patience and just keep plugging away. Like what JPiper said, you are getting closer and this is the time to find out what works for you technique wise. Tweak it, modify it, fine tune it and before you know it you will be swamped! DON’T GIVE UP!!!
You will have to encounter both ups and downs (hopefully more ups, hoo hooooo). With the downs, you learn and take that knowledge and use it in the future.
AGAIN, DON’T GIVE UP! EDUCATE YOURSELF! APPLY! APPLY! APPLY!
I’m tired now, see you later. Hoo Hoooooo!!
Johnman
Re: Does this stuff really work??? - Posted by rayrick
Posted by rayrick on April 16, 1999 at 14:14:50:
Hi Jamie,
I don’t know if this will be helpful or not, but I’ll tell you a little bit about my history. I discovered this site last October. I read everything on it and bought my first course, Bronchick’s one on Lease Options, in December. I incorporated in mid January and have been actively looking for deals since then. I don’t have a lot of extra time, so my pace has been slow, but I have called almost every house for rent ad since that time and have probably met with somewhere close to 30 sellers. I’m still waiting for my first offer to get accepted.
Now, have I gotten discouraged at times? Sure. But one thing I KNOW in my heart. This stuff DOES work. I met too many people at the convention and have read too many posts on this site to have any doubts at all about that.
Have I been going about things just the right way? Of course not. I’m still learning what works and what doesn’t. But I’ll tell you what has happened over that time. The number of good leads I’m generating has increased. The number of appointments I’m scheduling is going up. The number sellers who are seriously considering my offers is swelling. I’m getting more confident. I’m getting more convincing. In short, I’m getting better at this stuff.
I’ve got three very solid possibilities in the works now and I sincerely believe at least one of them is going to result in my first deal.
So what’s the moral of this story? Getting that first one under your belt is tough. It’s especially tough if you’re young and new and you are asking the sellers to believe in your ability to perform on a type of arrangement that they’ve never considered before. But you and I WILL get there, if we keep doing the things that lead to success. What are those things? Keep reading the board and learning. Come by the chat room sometime and bring your questions with you. We’ve got an amazing resource here, and if we hold up our end of the deal (get out there and DO IT!) we can not fail.
Best of luck,
-Ray
Bravo - Posted by Brian and Therese
Posted by Brian and Therese on April 16, 1999 at 13:15:09:
Hi,
My fiance and I are new to all of this. We have been educating ourselves, and we read this site almost every day. The thing I love the most is how everybody encourges everybody else. In this day & age of people being less than civil with each other, it is such a breath of fresh air.
We haven’t started to look for deals yet, but when we do, we’ll remember all the encouragement we have seen given so freely here. to JK…much success! You will make it…just never give up. To the rest of you…thanks for being so generous. =)
Take much care,
Sincerely,
Brian and Therese
Re: Does this stuff really work??? - Posted by Jim Fletcher
Posted by Jim Fletcher on April 16, 1999 at 13:10:46:
Jamie,
The time between getting started and your first deal could seem like an eternity. It is similar to hearing stories that it takes some people 40-50 years to make their first million, then afterwards it is not as hard.
If you are willing to accept $1k-$2k per deal at first until you understand the business better, gain more wisdom on concepts, and learn the lingo, you should begin working for other established investors. Introduce yourself, tell them you are motivated, and you will find the properties they are looking for. Once you understand what they are looking for, go out and find it. The pressure is off. You don’t have to worry about money, repairs, nothing.
In this case, you would get a referral fee for the lead and if the investor buys it, you would receive a commission. Or you can take another step and actually get the deal under contract and assign your contracts to them for fast cash. Basically, you will earn while you learn. Plus, you get to see what established investors are doing and the process. It’s one thing to read the books and listen to tapes, another to actually see investors doing it. Be persistent, let the established investor know how much time you can save them and how dependable you are. Let them instruct you on what they are looking for. This is an excellent union and a win/win strategy.
Jim Fletcher
jim.fletcher@celebration.fl.us
Re: Does this stuff really work??? - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on April 16, 1999 at 12:36:09:
Jamie,
You hang in there. This stuff DOES work. The multitude of successful folks on this site alone confirm it. The attendance of 350 people at the second annual convention confirms it. The success stories on this site confirm it. You’re doing fine.
Your feelings of self-doubt and failure have been experienced by everyone here. Keep trying. It’s a numbers game. The more calls/contacts you make, the closer you are to making your first successful transaction.
I, too, am a little down about the business today. My first deal is falling apart after 4 weeks of effort. However, the fact that I had a deal in work means that they are out there. So, I’ll be able to find another one.
You are trying something new and unusual. You will have doubts and doubters. However, you are not far from people who want to help you succeed. We’re right here.
I’m sure that you’ll get many other posts with more encouraging words. I just wanted to let you know that you shouldn’t give up. Many of the investors on this site are now watching THEIR doubters pick their jaws up off of the floor. And, the bankers and real estate agents are saying, “How did you do that?”
You can do it too!
I wish you the best, and keep us posted on your progress.
Sincerely,
Bill K. (AZ)
Re: Does this stuff really work??? - Posted by Carmen
Posted by Carmen on April 16, 1999 at 12:32:27:
Please, please, do not give up! Does it work? Yes! But there is a learning curve, which can be quite frustrating.
You don’t mention what you are trying to do (buy low/sell high; flip; lease/option, etc.) The key would be to choose one area and learn all you can about it - read all the articles and as many books as possible on the one topic; if you can afford it, try some of the courses (if you have limited funds and new/not-so-great credit, perhaps flips or L/Os would be easier). If you are doing L/Os, forget realtors 90% of the time. Call on the “rental” ads in the paper instead, or even on the sales, but For Sale By Owners. It is possible to find realtors who will help on L/Os, but why beat your head against the wall to start with.
Then, keep us posted! Tell us how you are structuring the deals and what you are saying when you call. Many people on this site have been where you are, and have learned through the school of hard knocks - and are willing to share their experience. Get advice; read the posts; learn new ways of saying the same thing until you find the one that seems to work best.
Give us more info on your situation and I’m sure you will get specific information on where to go from here.
Good luck, and don’t give up!
Carmen
Re: Does this stuff really work??? - Posted by Laure
Posted by Laure on April 17, 1999 at 08:26:07:
I did it ! and I started at 28 years old. Realtors are a tough nut, I agree. They work for me now, because they know I have the money… but at first they brush you off. If I were to start over again, I would try L/0. That’s what my son is doing.
Laure :-0
Re: Does this stuff really work??? - Posted by JPiper
Posted by JPiper on April 16, 1999 at 16:03:54:
For a guy in this business since 1973, you didn’t look bad at all at the convention…well maybe you went to bed a little early. You been drinking from the fountain of youth?
JPiper
Re: Does this stuff really work??? - Posted by JPiper
Posted by JPiper on April 16, 1999 at 12:58:43:
Hi Jaime:
Sorry to hear you’re feeling like a failure. Just so that you know, there’s one person who doesn’t think you’re a failure?that’s me. I think anyone who attempts to get out there, do something on their own, something to improve their life is a success. That’s what you’ve done.
What you’re experiencing is FEEDBACK. You’re finding out what doesn’t work. When I find out what doesn’t work, I shift what I’m doing, I tweak what I’m doing. Sometimes you have to experiment a bit to figure out what works. But one thing for sure, NOTHING works unless you’re out there. So congratulations on that.
Here’s a few thoughts. I don’t make calls to Realtors, spill my guts as to my entire plan, and then ask for their opinion about my plan. Realtors are not qualified frankly to tell you what “works”. Most of them don’t have a clue. By the way, neither does your husband, your relatives, or your friends. If you want to know what works, read this newsgroup, post your question.
I also don’t call FSBO’s and make offers over the phone. Read my two articles on the Money Making Ideas section of the site. No where in those articles does it talk about making an offer on the phone. Rather it talks about getting information, establishing rapport, determining motivation, etc. You don’t make offers on the phone.
You’re at an ideal age to begin in this business. But don’t expect this to be easy?especially at first. You’re going to make a whole lot more than 30 phone calls to find your first deal. But remember the story of Sylvester Stallone. He made 1000 calls about his first movie trying to get it produced. What if he had become discouraged after 30 calls? The movie was “Rocky”?.I’m guessing his willingness to experience rejection, frustration, and difficulty ended up producing a big pile of money for him.
This is about learning?.and part of learning is being out there. That’s your first victory?you’re out there. Now you need to figure out what works. Set yourself small goals. It’s a victory to look at your first house. It’s a victory to make your first offer. It’s a victory to make 30 phone calls. If your only measure of success is making a deal, you’re making it very difficult for yourself. Break the business up into it’s pieces. When you accomplish one of those pieces you succeeded…you won. Here are some pieces. Picking up the phone. Making an appointment. Looking at the house. Determining how much the repairs are. Making an offer. Finding a realtor that you can work with. See what I mean? Each one of these aspects of this are victories, telltale signs that you’re on your way. Do these everyday and suddenly one day you’ll be surprised?.someone will agree to sell you their house. Just don’t expect it tomorrow. It takes time.
JPiper
Re: Does this stuff really work??? - Posted by Laure
Posted by Laure on April 17, 1999 at 08:27:41:
come on Piper, I thought he looked as old as me !!!
Laure 
Re: Does this stuff really work??? - Posted by phil fernandez
Posted by phil fernandez on April 16, 1999 at 19:01:00:
Hi Jim,
I was drinking from something, but not what you were drinking at the convention. LOL
Absolutely incredible! - Posted by johnman
Posted by johnman on April 16, 1999 at 14:29:57:
Jim,
You are always incredible when it comes to explaining a point or giving people motivation. Thanks buddy!!!
Johnman