OfflineI hit a goldmine yesterday! for anyone that doesn't know, I have been hitting the rehabs pretty hard the last 6 months. Things have been going great, but for me I always feel like there is more that can be done and usually there is.
The other night I was creating my new master plan for the next year. The biggest obstacle for my goals was coming up with enough money for all the rehabs. My average is a 60k purchase with a 20k rehab, and my goal for next year is to have 200k cash by December 31, 2012. So my plan is to do 20 deals that average 10k profit, pretty simple.
However, using my current hml I'm only able to do around 4 per year. I heard through a couple people that one of the major investors( the money side) in town split ways with his contractor. To say the least, I seized the opportunity. I had a visit with him and offered him half of the profit on each deal, which may be a little high depending on how you look at it, but he said he is willing to do up to 3 or 4 deals at a time. We are looking to do a minimum of 12 flips this next year and I'd like to be upwards of 30 the following year.
One thing I can remember form Dean's book is he says numerous times "just ask" it never hurts to ask for what you want. It just may be exactly what someone else is looking for.
Its simply amazing to think that I WILL make 200k next year by basicly directing traffic in and out of houses.
Way to go Mark! Any advice for us newbies?
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Congrats Mark!! Great reminder for all of us, "If you don't ask-you don't get!"
K. Michael Fishbaugh
Some of you will rebuild the deserted ruins of your cities. Then you will be known as a rebuilder of walls and a restorer of homes. Isaiah 58:12
Way to go Mark!!! Any advice on how to find these guys? I need investors for a very desirable area.
Al4Money
network, network, network. Talk to your attorney's, cpa's, rei clubs, other wholesalers, other rehabbers.
The more people you know in the business the more opportunities you will have. Every person that you know in the business will know someone that will be good for you to know, guaranteed! Maybe not right at first, but eventually your networking will get you where you want to go.
Don't be scared. Most of the investors will enjoy speaking with you because you are doing what they love and love to talk about. Contractors will want to talk to you because you are a potential gold mine for them or at least some good security.
This business isn't near as complicated as many make it out to be.
Learn how to raise private money. There are many courses and books out there that teach how. Be happy about making other people money because when you do they will come back again and again and they will brag about investing with you to their friends, who may wnat to do the same thing.
The more people you know in the business the more opportunities you will have. Every person that you know in the business will know someone that will be good for you to know, guaranteed! Maybe not right at first, but eventually your networking will get you where you want to go.
Don't be scared. Most of the investors will enjoy speaking with you because you are doing what they love and love to talk about. Contractors will want to talk to you because you are a potential gold mine for them or at least some good security.
This business isn't near as complicated as many make it out to be.
Learn how to raise private money. There are many courses and books out there that teach how. Be happy about making other people money because when you do they will come back again and again and they will brag about investing with you to their friends, who may wnat to do the same thing.
Hit the nail on the head!!!
Great job with new PML!
SSWWWEEETT!!!
It's all about MAKING IT HAPPEN!!!
God Bless,
Jen
need suggestions my credit score is 560 no bank account no money and im going on the 10 of october to have two rods and 6 screws put in my back. I get $900 a month and its not enough to even pay my bills. If somebody could give me some helpful advice it would be greatly appreciated. thank you for your time. josh bailey
Mark Thank you for the advice. I really appreciate it. Josh, first I recommend you fill out your bio under your profile on here, so others know more about you. Also like Mark said, start networking. Also read everything you can on here about REI investing. Good luck. Many people on here are also willing to answer your questions. Tammy
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Great job Mark I think you will reach your goal.
We have opened up to sharing on deals and it does help to get more deals done.
Go reach your goal Mark.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
You said it!! Network, network, network! I met one of my PM guys at one of my rehabs. He just drove up when I was in the front yard talking to my contractor. He waved me over, we talked and he is ready to fund my next rehab 12% interest only. He says GOODBYE Charles Schwab!! He SAW I was for real. I would have never met this guy if I was not out there doing deals and networking. Just like you said!!
Congratulations!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Networking is KEY! Remember that guy you met that one time at that one place... Oh, what's his name?... Yep, that guy may be the biggest key to your success next year.
Never, Never... NEVER burn a bridge! Collect business cards and give yours out!
For anyone out there who feels like it just isn't coming together, build your network NOW! The deals will come! Always carry your business card and tell everyone you meet what you do. Start with DG users and your local RE investor groups.
Turn off your TV and become a real estate investing student. The more you study and learn to talk the talk, the sooner you will walk the walk! Find an accountability partner and force yourselves to take action. Read every forum and then do what others are doing... Just DO IT!
We were in the dumps for a long time before we realized that we weren't truly committed to our success. Build that network now!
Sheila
"If God is for us, who can ever be against us?" Romans 8:31 NLT
sorry to be blunt but everything you just listed is an excuse. I'm at nearly 20 deals in a 18 months and I still have yet to use a penny of my own money. I don't pay attention to my credit because it doesn't matter.
It sounds like you're in a tough situation, but use that as motivation to get out of it. There is always free advice but noone os going to do it for you.
I truly wish you the best.
Steve, thanks for the encouragement and I enjoy reading about your success also!
Some people think I'm crazy for offering someone half of my profits, but here are my reasons...
1) If someone else is putting up all the money, I have absoloutely no risk, which causes me to be even more aggressive.
2) I don't ever have to waste the time of going to a bank or waiting to see if my application for funds has been accepted.
3) I am able to build more credibility with my peers when I make them money as opposed to being a number at the bank.
Just to name a few, keep it goin guys!
If anyone can preach on networking we know it's you. Private money is easy to find. There is 4 TRILLION dollars circulating the earth everyday, so there is plenty to go around, we just have to go get it!
you are exactly right and your scripture is one of my favorite and always gives me peice of mind when things get tough.
take care!
Mark that is awesome!! Really excited for you and your success so far. And networking is 90% of getting it done. It is so easy to meet investors and others in real estate. REI clubs are the best ever. Auctions to go and watch and talk to people, swap business cards. I came right out at an auction on the lawn with Williams and Williams, while we walked through the house, and said I was new and asked questions about what they look for. Not only did some of the people tell me, but gave me cards and said to call with any questions or deals.
Josh, I am 61, had a broken pelvis from a horse, had a rod and screws put in 4yrs after that and 4 more yrs later lost my job because I couldn't lift patients at work. I am alone in my life, ended up on disability, and still kept my farm and horses till they finally passed on.
The surgery is a set back, but as for life changing, I praised the Lord when I officially had to leave work, at last I had time to do real estate. And I LOVED my job, and still miss it. But this was God opening a new door for me.
So you don't need credit, money, or a physically strong body...if you can sit at a phone or computer or talk to people you can do this.
God still is in control and you just need to focus on the strength and blessings you still have.
Sandi
way to be optimistic!
we all have choices on how we react to what happens to us.
The other night I was creating my new master plan for the next year. The biggest obstacle for my goals was coming up with enough money for all the rehabs. My average is a 60k purchase with a 20k rehab, and my goal for next year is to have 200k cash by December 31, 2012. So my plan is to do 20 deals that average 10k profit, pretty simple.
However, using my current hml I'm only able to do around 4 per year. I heard through a couple people that one of the major investors( the money side) in town split ways with his contractor. To say the least, I seized the opportunity. I had a visit with him and offered him half of the profit on each deal, which may be a little high depending on how you look at it, but he said he is willing to do up to 3 or 4 deals at a time. We are looking to do a minimum of 12 flips this next year and I'd like to be upwards of 30 the following year.
One thing I can remember form Dean's book is he says numerous times "just ask" it never hurts to ask for what you want. It just may be exactly what someone else is looking for.
Its simply amazing to think that I WILL make 200k next year by basicly directing traffic in and out of houses.
SO... Happy for you!! Stirring things up is the way to make this thing happen. AND having a flexible plan! Nice!
Jill Holden | San Diego
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