Posted by DougO(NM) on March 28, 1999 at 07:53:26:
Excellent ! Thats one of the things that I love about this business. I was told when I first started attending RE seminars that I was to “mind my p’s & q’s” because that older couple sitting next to me looking like they had trouble getting together the money to be there most likley could write a check to buy the hotel! I was also told that there is a kinda unwritten rule that it is the older investors responsibility to seek out and help the younger investor that is willing to learn ! I hope everyone that reads this board understands that and remembers what were taught as little kids - RESPECT YOUR ELDERS ! You can help them at the same time they are helping you by giving you a chance. It’s a good match. So much for my $.02, Learn well Jim !
Doug
First… let me say how I really hated not making it to the convention. I had some personal problems come up at the last minute.
Now my story. I called on an ad last week for a house for rent or sale in the paper. I spoke to the owner for a while and set up a time to go meet him and see the house. I went at 7 p.m. The owner is 72 years old and just got through building a new home for he and his wife. After sitting on his couch and talking to him and his wife I find out that he owes nothing on the house and he wants to finance it to me with nothing down. Said he likes giving young people a chance. He says he appreciated a man that would come out so late in the evening to do business. Said he wanted to finance the house because “he wants his money working for him,not working for his money”. Sound familiar?(Rich Dad…Poor Dad)
This 72 yr old man has takin a liking to me and I have found out he is a multi millionaire! He has made his entire fortune from Real Estate. He told me I was very smart to be doing what I am doing and that he was going to give me some advice that an old man gave him in 1947. He said he was working for a concrete contractor back in the 40’s when the owner saw how hard he was working. He said the owner (who, by the way, his family owns half of Charlotte now) told him to take every spare dime he had and buy Real Estate with it. He said the old man told him that “they ain’t going to make no more land, but they keep makin people every day and those folks are going to need a place to live”.
So he said he saved up $600 and bought a piece of land in 1948. The old man drove me past that piece of land the other day. Guess what? There is a Eckerd Drug sitting on that land. They paid him $1,000,000 for it!
The old man has showed me property after property that he owns. Shopping centers, restaurants,houses etc. He doesn’t owe a dime on any of it. He said he has never borrowed money for anything. Never had a credit card! Never had a car payment! Never paid interest on anything. He told me to not live high on the hog and that I would have this one day.
If you saw this man you would not think he had a penny. He sold me his house for one reason he told me. Because I had the courtesy to show up for my appointment with him and because he likes my ambition.
I have a lot of respect for this old man and I have learned one thing. You may call 1000 ads and not get anything from it. But one call is all you need to run across something big. You never know what you’re going to run across. I got my deal with the builder (all the L/O deals) and now I have met this multi millionaire who has taken me in like a grandson! If you tell someone you’re going to go look at their house. Do It! You never know who you’re going to meet. This man is going to work with me on a lot of his property. I may end up with all of it one day!