Lost a deal, and my job... - Posted by Justin-IL

import · February 18, 2000, 9:11pm

Posted by Bill K. - FL on February 19, 2000 at 09:12:31:

Hi Justin,
Sorry about the run of bad luck. There will be a time when you look back on this and laugh. You are on the right track as far as I can see with your marketing. However, to save money, I would skip the mailouts and call the FSBOs and FRBOs (for rent by owner)directly. I’m sure you have heard the saying, most people are too busy making a living to make any real money. As you have found out, there is no such thing as job security any more. I would consider most jobs a “temporary inconvenience”. Your priority should be with REI. Now is the time to get back on track and get your program up and running. If you feel the need to get a job just consider it a temp. inconvenience. What about pre-foreclosures, foreclosure sales (courthouse), REI Groups,Realtors, partner to fund deals? The more you think about it the more ways you will come with. Keep us posted. Good luck.

import · February 18, 2000, 9:11pm

Lost a deal, and my job… - Posted by Justin-IL

Posted by Justin-IL on February 18, 2000 at 22:11:34:

I’ve had a very unusual week. First, I ran out of time on a house I have under contract, and had to cancel it. I was trying to flip this house using owner financing, but we did not succeed…

If that wasn’t enough disappointment, the next day at work, I get fired. I was not at fault, and I’m going to contest it. In the meantime, I’ve got to do something quick to get some cash coming in. I know I can get a deal done within 30 days if I really hustle and launch an all-out marketing campaign. My previous efforts in marketing have always been half-hearted, and I never really did anything consistently. Also, whenever I’d have a potential deal in the works, I would “turn off the buying machine”. Never turn off the buying machine! I’ve heard that a couple of times but it did not really sink in until now.

I need help with developing a marketing game plan. My budget is extremely limited, and we cannot afford to run ads. I want to focus on lease option deals and flips using owner financing.

We plan on

-Drive neighborhoods, look for vacant houses and FSBOs.
-Attend FSBO open houses.
-Cold call FSBOs in the paper.
-Postcard mailouts to: FSBO and For Rent by Owner (Get telephone numbers from ads and use reverse directory to get address); Abandoned property owners; tired landlords (eviction files).
-We have 5 bandit signs left that we will put up. But we cannot afford any more right now.
-Flyers targeting situations where I could acquire on a lease/option. Post these flyers in supermarkets, etc.
-Hand out and leave business cards everywhere.
-Overhaul of web site to change format, and to explain lease options and help “sell” them.

What do you guys think? What other low cost things could I be doing? I am not letting failure be an option here, I’m going to make something happen.

We really wanted to make it to the convention this year, but things didn’t work out soon enough. And losing the job on top of everything, we just can’t afford it. Amanda and I are disappointed; we were really looking forward to seeing everyone there.

We appreciate any feedback you may have about our marketing plan. Are there any other things we should be doing?

Thanks everyone,

Justin Lee and Amanda Schaible

import · February 19, 2000, 2:32pm

Blessing in disguise? - Posted by RobertR CO

Posted by RobertR CO on February 19, 2000 at 15:32:47:

Justin and Amanda,

I believe I know how you feel. Getting fired always hurts, whatever the stated reason. In the seventies I was fired without warning from my first “real” job as a warehouse manager. There were two of us to manage, the truck driver and I. When the truck driver did not show up (50% absence rate), I was the truck driver. The day they let me go, a couple of girls accompanied me out to my car and I (literally) cried on their shoulders.

While collecting unemployment, I took the opportunity to get licensed as a real estate agent. When the company called a few months later to ask me to take back my old job, I was already ensconced in real estate sales (making mediocre money) so I firmly declined.

But real estate sales got me interested in real estate investing. I also had a flexible schedule which allowed me to start my own business when the opportunity arose. The business grew slowly for four years while I also sold and invested in real estate. Eventually the business took off and it was easier to make money there than as a mediocre real estate salesman.

The point is clear. Although I was devastated about being fired it started a chain of successful events which began by kicking me in the butt and out of my JOB. Nature just carried (sometimes kicked) me along after that. Even though you feel hurt and rejected right now, try to consider yourself “lucky.” This may be the opportunity you have needed. Go for it. Later you can thank them for freeing you.

Cordially, RobertR CO

import · February 19, 2000, 9:31am

Re: Lost a deal, and my job… - Posted by Sally

Posted by Sally on February 19, 2000 at 10:31:00:

Justin & Amanda,

If you haven’t already, read Robert Kiyosaki’s “Rich Dad, Poor Dad” and “Cashflow Quadrant” for inspiration. He and his wife were living in a car after a failed business venture and they made it back up to the top in just a couple years. They refused to go get a ‘JOB’ because they knew they would not be in the ‘pressurized’ situation to succeed on their own terms. It paid off big.