Find a Mentor or Quit?

[Kenneth Goldman]

I have been hammering away at trying to start a fix and flip real estate business of single homes in the Chicago market. I have tried pursuing several avenues to identify opportunity including knocking on homeowner's doors, working with wholesalers and brokers, trying to buy notes and calling attorneys for their lists of potential foreclosures and short sales. I am now at the 10 month mark and have not closed a single deal. There always seems to be some problem that causes the deal to fail such as investor issues or seller issues. I am beyond frustrated and not sure whether I should call it quits or try to find a mentor to show me what I might be doing wrong. It has been so difficult to just identify opportunity in this over inundated market with little supply. Anyone have any ideas? I have seen the concept floated around about a local investor's coaching program but I don't have any money to spend aside from splitting the profits of a deal 50/50 nor do I know where to identify such a program. Help!!!

[Tyler Kimmel]

I found a seller who was going through a divorce and unloading 14 of his properties, many where old houses in extremely "hot" neighborhoods. None of them were even on the market. When its all said and done I will have purchased 8 of them. I found him through looking for deals on Craigslist. He was advertising only one of his properties and come to find out he had many more.

I found the "jackpot" with this guy. You never know where it will come from. Thats why you can't give up. I am on my 4th business and finally finding success after 12 years of being an entrepreneur (33 yrs old).

I have been traveling from CA to Indiana and visa versa every 60 days for 2 years. It's been grueling but I have created a great team of agents, contractors and crews. I own 7 rentals that I manage from CA. I do not work with PM yet.

I have bought bad properties that I have been totally upside down, I have had a property taken back by lender, I have lost $30k in more than one flip, I have been ripped off by contractors, my homes have been severely vandalized, I have been homeless and the list goes on. All in 2 years. It has been really bad at times.

I never lost sight of the dream tho. I think you either have it or you don't. Some are willing to sacrifice and some aren't. Don't be afraid to lose money. Put the best deal you can together and pull the trigger.