You're Not Thinking of Quitting, Are You??

[MichaelC 160]

I just want to pass along my experiences in this matter. I thought it might be helpful to the novices among us.

All too often I see a new comer enter this business breathing fire and full of excitement. Dreams of quick riches and easy money. Shortly thereafter, reality begins to take its toll. Perhaps twenty phone calls were made, and twenty rejections were received. Inevitably, what follows is an email or a phone call, telling me this "stuff" doesn't really work. If they have some resiliency, maybe they go back and make another ten calls. OK, now they're ready to call it quits. Sadly, most do. Quit on themselves and quit on their dreams

Even worse is when I see a newbie come close to a deal, and then for any reason that deal doesn't pan out. Maybe they did something wrong. Maybe they really weren't close to begin with. The homeowner wasn't really motivated, perhaps. So, the balloon bursts, the air is gone, and they go running home with tail tucked between legs.

The disillusionment is too much to handle, I guess, so they throw it all away and quit on themselves.

Does any of this sound familiar? Let me stress something here that is very important. I am not writing this to berate anyone here. My intent is actually just the opposite. I want so much for all of you to succeed. I want all of you that this applies to to prepare for a long, hard road to success. If it takes you four months to your first deal, so what? You're running about normal. No one should have ever told you this is easy money, or get rich quick. If they did they were lying and you can blame yourself for believing. Now you know better.

The bottom line is this. There isn't a one of us on this board who is not capable of doing their first deal, having that lead to another deal, and turning this into a full time career, if that's what you want.

If will, though, require effort and time. Along the way will be disappointments, disillusionment, perhaps fear and anger. Accept all that and just know each day you work this business and work your plan, you are closer to succeeding. Your mantra should be Make Calls and Market, Make Calls and Market. You must be speaking with homeowners on a daily basis. Otherwise, you are just pretending. Remember, there is no education like experience. Talk to those homeowners, make offers, make mistakes even, but work. You'll be amazed how much easier this business becomes after a short while. How much more comfortable you become speaking with homeowners and making offers. How much easier it is to get that second deal.

You probably have a support network at home amongst family and friends and business associates. You know you have one here! I will do anything to help anybody on this board. I'm sure most of the other members feel the same way. So, if you find yourself feeling negative, overwhelmed, and discouraged, let me know, let us know. We'll get you back, pointed in the right direction.

Yeah, it's difficult and frustrating at times, but you have all the tools you need to succeed at your disposal. Use them and know the payoff for that hard work will be a very rewarding payday and personal satisfaction the likes of which you have never experienced. Best wishes everyone and let's get it done!

[moneynfast 0]

Well said MichaelC, I look at it this way. I told myself I will quit after 1000 no's but that is unlikely. I say that to myself, because it will take along time to get 1000 no's from home owners. Thomas Edsions fail over 1000 times to try to event the light bulb. He really did not fail 1000 times he just found one thousand ways it would not work, so he kept trying and he found the light just my thoughts. I think about that to keep me motivated in realestate. I have call over 50 sellers and yet to get a deal but will I quit no. Quitting for me is not and option because I want this to bad, and I want to be able to work for myself full time in the realestate business.

 

Hope this made aleast one person re think this business over before giving up. Yes it is hard work, but think of it down the road when you are working for yourself and not having to punch a time clock again.

 

 

MichelR

[MichaelC 160]

Right on, MichaelR! By the way, 50 calls ain't no thing. Make more calls and do more marketing. You will locate a homeowner with a need for your problem solving abilities and solutions. We need to unearth 'em and let them know we're here, that's all.

One more thing.....for those of you who think "This doesn't work in my market", I want to say this works in EVERY market. True, it may work differently in some markets than in others, but there are investors making money in every city, every day of the week. You have to learn your local market: the rents, the trends, the local customs, the bankers, the title companies, etc. Then, apply the techniques you already know and adapt them for your market.

If you are in a down market, you can find lots of bargains.

If you are in a hot market, you can sell properties faster and ride appreciation. The market may not be in trouble, but individual homeowners often get in trouble. You can find deals, even in a hot market.

The good news is, in a hot market you don't have to steal properties for half price. If properties are selling like hotcakes and buyers are over-bidding, you can buy at a small discount and sell for MORE than market value. Same formula, just adjust the prices to suit your market.

[Andrew Ikeda 0]

Greetings Everyone!

 

Eh? Quit? No way! I just got started and starting to really enjoy it. Now that I'm back in the US, I stopped the emailing thing and started on phone calls. At last count, I sent 48 emails to FSBO's on the web and since the first of the month around 30 phone calls..(yes, a piddly amount I admit!) but I'm learning one thing really fast..and that is that this business is really fun. Earlier this evening I talked to several sellers and had a good chat with them. Most of them were happy to share their ideas on buying. I even got a call from a realtor who spent about 30 minutes helping me to understand working with mortgage brokers and some referrals. What the heck? It didnt lead to a deal, but I got two lenders' names. This could be of value someday.

I'm looking forward to my next 30 calls, next 60, next 90.!! By golly, there were two fsbo's that expressed interest last week. I mailed them a letter of introduction with a letter explaining our l/o program and neither one called me back. Am I happy? Yes, because I know how close I was. Once I get more experience in, this will be much easier.

Quit? Heck no! This is too much fun and too interesting to just "quit". I have to admit to being a 'motivated investor' and a very naked one at that too!!

Good luck everyone!! Hang in there!

 

Sincerely,

 

Andrew

[mamasanta25 0]

I will never quit. In fact, I feel that if I am not out there getting fsbo numbers, or at home making calls, or strategizing for marketing, I am losing deals. I believe in this business. My husband, however, wants to see results NOW, and he is being a bit discouraging. Has anyone else had this problem? I mean, it's fine, I don't have to let it get me down, but I would much rather not hear anything negative. I agree Andrew, this business is fun, and I won't stop for anything. I really enjoy talking with the homeowners now, and it's amazing how quickly they open up to me. The ONLY thing I am unsure about is my immediate market. I drove around for two and a half hours the other day and got eight numbers. Is that GOOD? I don't know, I believe you Michael, when you say any market can be sufficient. And I KNOW that every day the market changes, and that there are potential deals out there that are not advertised, and must be found. I am tempted not to go to summer school and try the business out full time. I want to be making calls all day, sending letters out, driving around, all that. Any opinions??? do you think it is foolish to put college aside to go full time at the business? I don't have to quit college, maybe just take the summer off, and return in the fall. I know what you are all saying, well, why not do BOTH? Maybe I could do both once I feel like a pro at the business, I don't know. I also have a 2 year old and an 8 month old who are very time consuming, so that's why I feel like it's either the business or school.

I need some words of wisdom.

[Andrew Ikeda 0]

Hey there Samantha:

 

Good to see you are not quitting either! Well, my wife is very supportive of the r.e. investing but she is Korean and understands English quite well but just not real estate "talk". The rest of my family is very skeptical about all this. My brother in law doesnt believe this works but after I told him that this was a numbers game, he just looked at me and said "you have a lot of numbers to do and go through." I joked that I'm used to being rejected but regardless of how many 'no's' there are, I believe something will happen.

I'm very encouraged because in the last 10 days, I've come across three people who expressed openness to l/p. They all fell apart but knowing how close I was is really exciting. I figure I need to learn to 'close' better and get the people to get committed. Once I solve that little problem, I believe the deals will start comming in. It's just a matter of time.

Hmm...driving around? Why not try the internet for all the fsbo's? You could save money and time driving around. Call and get them open to l/o first and then go look at the property. You are wasting time and money driving around and then finding out they're not interested in what you have to offfer.

As far as college is concerned, that is your decision. Personally, I would take the time off from school and do this business. First, with summer approaching, this is when most people will be relocating so there will be some more activity. Second, you enjoy this so enjoy the summer. Third, you can go back to college anytime so why hurry?

Hope this makes sense to you Samantha and good luck to you.

 

Andrew

[mamasanta25 0]

Hey Andrew,

I appreciate your response and your thoughts. I never really thought about school that way, (that it is not going anywhere) because I have dropped out two different times, so I guess that is why I feel rushed to graduate. I am a senior, but I need like forty more credits to graduate. I am only going to have a ba in psych. I say only because I cannot get a job I want with that degree. I will need a Masters. So, I guess I feel like I am not getting any younger here. BUT, I do agree with you, I should try the business in the summer when I am more likely to have success, and then, hey, maybe I won't need those student loans next semester.

As for the driving around, here in my town, it is small enough that I can cover all grounds within like a month and get every possible number out there. People here don't always use those websites. The listings I have so far found on web sites have been way outdated. Anyway, good luck to you.

Samantha

[mamasanta25 0]

One more thing, Andrew, isn't it great talking to homeowners? I know exactly what you mean when you say you have been encouraged by the openess from homeowners. They are really interested in this. Let's educate them and get a deal done!

[gone2vegas 0]

Andrew ,

 

Family members are often the worst people to share your dreams with. It's sad but true. Even friends can be bad. Those closest to us sometimes don't want us to succeed because they will be left behind. Misery loves company I guess. Once you've made it, you can bask in the knowledge that you are doing something fun and lucrative for a living while they are all stuck in the rat race.

 

 

Samantha ,

 

Keep driving for dollars! You may find vacant properties that aren't FSBO or FRBO. That's the advantage of driving your neighborhood.

 

 

Michael ,

 

Thanks for thinking about us new guys and gals.

 

 

Just remember, the reason people fail is because they give up.

[insert favorite motivational quote here]

 

 

Peter

[Summer 0]

I'm reading a book and there's a quote from Ross Perot:

 

"The biggest mistake that people make is that they quit on the 5 yard line, just before they score a touchdown."

 

Hey, I think many of us are one that 5 yard line. Let's stay in the game a little bit longer. Why not? We've got each other for support!

Let's do it together.

 

Summer

[MichaelC 160]

Summer, I like that. And you're right. Many of you guys are on the five yard line. It's just a matter of being persistent and refusing failure as an option.

 

Peter, unfortunately, I must agree with you. Family members can often be the most negative of all. You need to turn a deaf ear to their "advice" and move on with your convictions.

Living well is the best revenge .

[-Tony- 0]

Summer, I like that. And you're right. Many of you guys are on the five yard line. It's just a matter of being persistent and refusing failure as an option.

 

 

MC,

 

Sorry I didn't get that option form in with my manual, so I can't use it

 

Tony

[Andrew Ikeda 0]

Greetings Fellow Investors:

 

I cant begin to tell you how much of a charge I feel reading the posts in this section. I took on a sales job this week and did three presentations today and got royally shot down. I read the posts a few minutes ago and now Im recharged and smiling again.

 

Yes indeed, relatives and friends can be the most pessimistic. But you know what? I just make a joke of it. In my response to my brother in laws comments (above) about being used to rejection, that was literally a joke. Its gotten to the point where I have no sensitivity or feelings to it. However, I now find my greatest challenge when someone does express interest in an l/p!! Amazing, isnt it? I'm so used to criticism that when I hear something positive or a seller saying maybe or yes...I'm often floored and speechless!!

 

But thanks to MC, I'm armed with more knowledge and determination to work around that little glitch.

 

Samantha, glad I could help you with the school decision. I dont knock education but if you've ever read Kiyosaki's material, he states that financial education is very important but they dont teach that at college/university. It's thought provoking to think that people will spend $40,000+ to get an education that will lead to a good job. But what is a good job? And, why not invest the $40,000 into some good real estate and skip on those long hours of studying for a degree thats not going to get what you want? (at least for the summer?) Again, I'm not criticizing formal and higher education...just an afterthought.

 

Yep, talking to sellers is really fun. I have no more fears about it anymore. Now I am concentrating on explaining the benefits to them and handling objections so I can get that first deal done and make Michael happy!!

 

Ok Samantha, if you are ok with driving around and your town is small then do what it takes to get the job done! Drive with purpose and your hair on fire and knock those deals out and get 'em done!!

 

Good luck to all of you and again, hang in there!! Success is just around the corner!!

 

Andrew

[MichaelC 160]

Summer, I like that. And you're right. Many of you guys are on the five yard line. It's just a matter of being persistent and refusing failure as an option.

 

 

MC,

 

Sorry I didn't get that option form in with my manual, so I can't use it

 

Tony

[-Tony- 0]

Samantha,

 

I believe it was Mark Twain that said "I will never let school get in the way of my education" lol

 

Tony