Find a Mentor or Quit?

Find a Mentor or Quit?

Kenneth Goldman

Investor · Chicago, IL · Member since 2013 · 57 posts · 3 votes

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!!!

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Santa Monica, CA · Member since 2013 · 34 posts · 23 votes

12y

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.

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Michael Olesky
Investor · Indialantic, FL · Member since 2013 · 111 posts · 76 votes
12y
@Kenneth Goldman

I'm guessing you are recharged now after 3 pages of great responses!

At this point, you've come this far and put this much into it because you know the reward is out there for you to find. So you've seen and know too much to turn back now, sorry Ken but you took the red pill (matrix reference!). Adjust course if you have to, re-calculate your route like a gps, but keep working towards your end goal.

When you are feeling defeated, read/watch success stories and believe that if the person in the post or video did it, you can to!

Then think of how many people you will inspire when you tell your story of struggle that finally led to your success, powerful stuff. I look forward to reading your success story!
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Kenneth Goldman
OP
Investor · Chicago, IL · Member since 2013 · 57 posts · 3 votes
12y
Originally posted by @Michael Olesky:
@Kenneth Goldman

I'm guessing you are recharged now after 3 pages of great responses!

At this point, you've come this far and put this much into it because you know the reward is out there for you to find. So you've seen and know too much to turn back now, sorry Ken but you took the red pill (matrix reference!). Adjust course if you have to, re-calculate your route like a gps, but keep working towards your end goal.

When you are feeling defeated, read/watch success stories and believe that if the person in the post or video did it, you can to!

Then think of how many people you will inspire when you tell your story of struggle that finally led to your success, powerful stuff. I look forward to reading your success story!

Michael I am recharged as I needed to know that I am not alone in the struggle for success in this business. I look forward to that day that I can be an inspiration for someone else. Thank you for your words of encouragement. Best-Ken
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Jim Biggs
Investor/Syndicator · North Aurora, IL · Member since 2013 · 167 posts · 70 votes
12y
WHAT A THREAD!!! A heartfelt thankyou to everyone who posted to this thread. I think it is the best I have come across in my limited time on B.P. and it is the kind of inspiration/education I was hopeing to find. Solid Gold....
2 Reply
Zach Shepard
Investor · Chicago, IL · Member since 2011 · 73 posts · 35 votes
12y
@Kenneth Goldman

Give me a buzz. We're in the same market. I can always use some help to find new deals. And help w/ some of the leads we have now.

Also, it took me about 8-9 mo's to do my 1st deal, which I bought w/ an old partner, and we ended up splitting the business and I never made any money on it.. oh well! Onward and upward! More deals are going to fall thru then close. Its just part of the business!

- Zach
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
12y
Along the lines of @Aaron Mazzrillo's comment, a quote I like is

It's not how many times you get knocked down that counts, it's how many times you get back up.

@Kenneth Goldman ten months without a deal is not out of the ordinary. The gurus often set unrealistic expectations for results. I spent $7,000 for a year long coaching program and didn't get my first deal for 6 months. And I cheated I bought it at auction. I could have done that without the course.

I suggest you look at what is holding you back. You may not recognize it, perhaps asking question here will help. Some possibilities are, not having the confidence, not taking enough action, not taking the RIGHT actions, not having enough knowledge to evaluate deals, Not knowing your market well enough, not having the right negotiating skills, etc. Once you identify what is holding you back you can address it.

After all this, if you still want to find a mentor check out this blog post. How to Find a Real Estate Mentor
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Scotty Hamill
Real Estate Investor · Oklahoma City, OK · Member since 2009 · 71 posts · 21 votes
12y
Hang in there, I have been doing this close to two years and no deals yet. I know it can be frustrating but you have to just keep telling yourself that first deal is right around the corner. Don't quit and never give up because in the long run real estate will pay off for you.
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Brian Gibbons
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
12y
Ok here is a new installment.

http://www.screencast.com/t/3K1uVdSnCP5l

Subject - Telling the seller what the real costs to sell with an agent.

Commissions, Concessions, Spruce up Costs, Holding Costs until sold, etc.

Once the seller understands the net from the sale, then perhaps a terms sale might be more attractive.

Agents rarely tell the net forecasted from the sale to home sellers.
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Brian Gibbons
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
12y
And since it is happy hour...

0 Reply
Ted Schmidt
Real Estate Investor · Riverside, CA · Member since 2008 · 164 posts · 30 votes
12y
...let's see I walk about 450 miles per year, 44 gallons of beer, I think I need more fuel efficient vehicle...
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Stephen Akindona
Investor · Memphis, TN · Member since 2013 · 741 posts · 845 votes
12y
Don't quit stay encouraged, keep working hard and it will happen for you! Finding a mentor is not as hard as you may think, but you have to be willing to put yourself out there and ask for help. Some guys will be jerks, some will promise to help and will never return your phone calls, but all it takes is one that will see the potential in you and bring you on! Always look to add value and not just take.

When it happens for you make sure to post in the success forum, and give encouragement back to others who may be struggling and need just a little hope!!!
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Brian Gibbons
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
12y
I am coming back to this thread.

Anyone want FREE coaching on getting a Lease Option assignment deal ASAP? I will coach you, 3% fee paid by tenant buyer.

You need to implement the action steps. Find thin equity deals. Present to the sellers. Write up a letter of intent to lease and option. Assign your deal to the buyer for 3%.
0 Reply
Ilhan Dahir
Fridley, MN · Member since 2013 · 31 posts · 7 votes
12y
Continue to persist Kenneth. I felt the same way at first. Become a marketing machine as well. Market, Market, Market. Just, when you feel like giving up, your phone will start to ring non stop. Your first deal will increase your faith and believe. Read Napolian hill and Earl nightingle books and listen audios.

KEEP TAKING ACTION.
2 Reply
Kenneth Goldman
OP
Investor · Chicago, IL · Member since 2013 · 57 posts · 3 votes
12y
I had spoken with Brian Gibbons who was very kind to provide some really great coaching ideas and insights into this business. I am grateful for his time as he clearly stated that being successful in this business means bringing value to the home seller. I highly recommend that anyone is hitting a bump in the real estate investing road to give Brian a call and seek out his services as he is clearly well thought out and creative in his real estate business strategy. I had promised Brian that I would post immediately after speaking with him but was not able to due to outside forces taking control of my time. Wishing all much success in your real estate pursuits.
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