MiKessler Daily Investing Journal

Thank you for watching my journal. Keep going at it, sometimes it can take a few calls. just remember to have confidence as you speak with them and they will work with you.

Keep moving forward.

I was lucky enough to be able to go to the edge event this year. Dean really knows how to do it. He has an amazing ability to captivate people and really lift their minds. I felt every time he spoke my confidence in myself and my drive to be amazing in this business just skyrockets. Thank you dean

I have a few major take aways from the edge. Nate armstrong made one little comment "Ask yourself, Can I pay someone else to do that?" I thought about that for the 2 days I was there and I already started searching for a book keeper. I have an accountant, but I really need someone to keep my books up to date monthly. I have been trying to train my assistant, but I just don't have the time to do that, and she really just doesn't have the experience to pick it up. so yesterday and today I set up appointments with 2 local girls to come to my office and give me quotes on what it will cost me to do my books. Can I tell you how excited I am!!!! This is one part of my business I have always struggled, and to have someone keeping it all straight for me will just be amazing. I can already feel the weight lifted off of me.

Another take away was the reinforcement of just wholesaling. I dont' want to buy and hold anymore, i'm done. I need a stronger foundation before I do, and I also need to become a master at creating deals. I can find them and close deals consistently, but I want to be doing 10 deals a month. I'm really excited to hit that hard.

If you haven't watched the edge yet, I would recommend it. It was amazing.

Thank you dean.

Well april has been crazy, it has been extremely busy, i've been traveling doing some Boots on the ground training. I also did an amazing cash flow bootcamp training that will be available to all the diamond and platinum students. I spent a ton of time preparing for that event and creating all the content. It really turned out well.

but I had a deal I was really excited about. I had under contract a mobile home park with 124 units. I originally had it under contract with a cash offer. I was working with some lenders already to help me finance the deal. But the seller got cold feet on it. I thought about it for a day then called the seller and realized that she doesn't want to lose her monthly income. So we talked about seller financing. I met with her and her kids and they verbally agreed to move forward. they slept on it a couple nights and she said she isn't ready to sell it yet. Basically she isn't motivated enough. I'm really hoping she gets motivated this summer and I can still purchase it later this year.

Even though it isn't wholesaling, i've wanted a mobile home park for a year now and they are going to seller finance it, why not huh? I'm still excited about it. we'll see?

Also I have a single family home in kansas city I'm closing on. I have a lender giving me a conventional loan on it. and the seller is seller financing the rest. so it will be a no money down deal. I'm excited to close that one.

then a duplex came up. I'm still working on it. I'm now to the point I want to just wholesale it. I'm trying to get the seller to commit to a price. it needs quite a bit of work, but if I can get it for about 115K I think I can wholesale it for 122K. So I have a few things going i'm really excited about.

Well I'm almost there. I have been the backbone of my printing business. This has been something that has been about 10 hours a week to maintain and it makes really good money. My wife is now taking it over. I've had to create a ton of documents, i've hired 2 people to help process orders and automate the whole process. The last few weeks it has been so easy because people are now doing their jobs I love it. They are doing a great job. I'm doing everything I can to simplify my life and just focus on real estate, that is my main priority and I don't need any other distractions.

My wife is excited but a bit nervous taking it over. But I know she will do an amazing job. I've got everything set up for her and she will now be the main go to person with all of our clients.

Even though it isn't real estate, it is a business just like wholesaling, I don't own any machines, i'm just brokering the jobs to the seller so this business can be managed anywhere in the world. I love it.

Well things are changing since the Edge event. I've hired a book keeper. I thought I could train my assistant to keep our books and my time is so limited it just wasn't happening so i've now brought on a new team member. I need some serious help keeping up with them.

She is going to be amazing, and I can't wait to be on top of it for once in my life.

Dean said to focus on your strengths and pay others to handle your weaknesses. I'm doing just that.

Also I have 2 deals. I closing on a rental this week. this fell into my lap. i'm excited about it. the second is a wholesale deal. I'm working my buyers right now on it and they are coming in just a bit less than what I have it under contract for. I'm going to give it 1 more week and then re negotiate with the seller. We will see?

I'm so excited for what is coming, I'm ready for it. I'm ready to work harder than I have ever worked before. Just like Joe Jurek said "How badly do you want it?"

I agree.

I have a property under contract and the seller is a really smart guy and is an investor himself. I'm trying to get his price down to where my buyers need the deal at. I'm re-negotiating it from 122K down to 115K.

Last night I just spent time with him and worked out an option that I think he is interested in. I'm able to get him an additional 10K if he can seller finance the property for my buyer for 4 months. he is more negotiable for that.

I'm still going to wholesale this deal to my buyer for a 5K profit. I should know today if we can move forward. I'm excited about it. I haven't been focusing on wholesaling for a while and this will be like my first deal again, at least it feels that way. I feel rusty from not doing them for a while.

I'm really looking forward to creating more of these.

I the best thing with working with wholesalers is selling a deal.

I have a deal that i have been having a hard time finding the right buyer. the numbers were too tight and my buyers weren't moving forward with the deal at the price I had.

One of my buyers actually turned out to be a wholesaler. He brought a buyer to the table and guess what. we are closing next week.

I'm always going to work with other wholesalers.

I feel like this is my first Assignment of contract deal all over again. I did a number of deals a fews years back but didn't' keep going with them and went a different way towards cashflow.

Since the Edge 2014 I've now changed back and will be focusing on wholesaling deals. I need to just create quick cash and have liquidity like Matt Larsen taught.

This deal I feel like things have changed. In closing all the escrow agents are saying anytime a HUD is created the closing party must purchase a title insurance policy. I don't remember it being that way. we used to have our title companies do curtsey closings and we wouldn't have to worry about that and they would just charge a doc prep fee and that is it. The closings have changed.

But the best part is, we can still assign deals and get paid. I'm really excited that I'm closing this deal. the money is small only $2500, but I'm really excited to have my first new deal done.

Mike,

It's been a long time. I couldn't make it to the Edge 2014, but we met at Edge 2013....and then I stepped away from my journal, but came back and it's great to be back here.

Been catching up with your journal...it's awesome!!

Congrats on your latest wholesale!!! And on giving your printing brokering business to your wife so you can focus on RE. That is huge!! I used to be in the printing brokering business as well (worked for a company that did that for the music business) so I completely relate, and it is a cool business, much like wholesaling since you aren't housing any of the equipment yourself. Great concept.

I have not seen the Edge 2014 yet, but I have heard about the liquidity talk and it is great!!

I've been looking at our rentals with different eyes and trying to figure out how to analyze them in different ways (with a liquid focus on a portfolio rather than just a cashflow focus) and go after some deals a little differently....with more wholesaling involved....just starting to look at commercial in that realm to potentially wholesale there to get there a little faster (both for buy and hold, but wholesaling for liquidity...specifically in self-storage). A lot to learn for sure but focusing on the education right now.

Anyway, great to see you here, and catch up on all you are accomplishing!!! And congrats on finding a bookkeeper. SWEET!!!!

Cheers!
Louisa

We all get a little..... Nervous from time to time it's normal just take note of what has changed and it's incredible that you are getting that momentum of rush keep that energy going but use it to cross your T's and dot your I's

Thank you for your post. It has been an amazing year since we've met. I'm making big changes and things are really looking up.

I appreciate your encouragement. I'm really glad to see you working again in real estate. When we met and I have followed some of your postings and you have always given me strength as well. You are very focused and energized towards real estate.

Edge 2014 was amazing again. I really loved going and look forward to going next year. I feel it is such a great event it is hard to miss it.

I will see you soon.

Mike

I just closed the assignment deal we were working on. Well I actually closed it a couple weeks ago. I was leaving for a training event in Australia and we closed it as I was in the airport. I love when money comes in and I don't have to be there. The seller is really happy it closed and is going to give me referrals as he gets them. Also the buyer is happy with a good deal. I'm excited about the final transaction.

This one was a little crazy. The transaction looked like this: A B B B C. There was another wholesaler and an agent involved with the deal and we all made $2500 each. not a ton on it, but i'm glad to close it. My deadline was only a couple days away. Fewwww!

Love it. Just like Dean teaches it.

hey, your journal is awesome please don't stop posting. I have just started reading dean's books and am really excited about what a future in real estate could bring. I was up late the other night looking at homes and starting looking at mobile homes and thought it would be a great way for me to get into real estate. prices are more manageable for me to deal with. Then I saw your post and got even more excited because someone is out there making a killing doing it. I was thinking of offering to purchase some properties with no money down then rent them put to pay the seller on a rent to own basis, does this sound reasonable, and would it work? How do you get these mobile homes for free or so cheap? Where do you get your contracts from? Thx for any advice!!

How do you get these deals so cheap or free? I haven't done a deal yet and have no money to fix and flip. What's a good strategy to use on mobile homes to get started? Thx.