First Failure (And I haven’t even gotten started yet!)

[Benjamin Ervin]

Failure probably isn’t the right word to describe my action thus far, as there are still a few days left in 2017. In Late October, I set a goal to buy my first investment property by Jan 1, 2018. I suppose I can still get one under contract, but am not likely to close. Falling short of my goal to this point certainly hasn’t been a result of low effort. I’ve made tens of offers and analyzed dozens more properties since I set my goal. In fact, I even had one under contract, but unfortunately had to back out due to extensive termite damage. That said, the hot market I am looking at and numerous failed offers aren’t getting me down, but rather they are fueling my motivation to succeed even more. So, moving into 2018 I have goals that I am determined to meet. It starts with the first property. My question to the forum is regarding deal flow. I have been unsuccessful in generating anything remotely close to “flow”. I have begun networking with some local talent and am coordinating the start of a BiggerPockets meetup for Pensacola area real estate investors. But other than staying in touch with wholesalers, scraping Craigslist and the MLS, I have (admittedly) been unsuccessful to this point in finding good deals. For those of you who have found direct mail to be successful, I am considering doing very targeted and small mailing campaigns in addition to the other channels of deal generation I am currently trying to leverage. I am looking to close and flip on the properties, not wholesale. I would love to get some feedback on small, highly targeted marketing campaigns to generate deal flow for low volume startup flippers. Additionally, many of us are dealing with hot, competitive markets across the country - what strategies are working for you to generate the type of deal flow you need to be successful? I question whether or not my criterion are too strict, or I am just not yet generating the right deals. All in all, I am analytical by nature and refuse to offer what competitors are paying in the area for REOs. Anyway, thank you in advance for your feedback, and best of luck on accomplishing your goals in 2018.

[Joe Villeneuve]

There are two problems with what you said.  One is a partial problem.

Problem #1 (partial) has 2 parts to it:  Saying that your goal was/is to get your first property by /1/1/18.  1 - Your goal isn't to get anything by a specific date.  Your goals should be purely financial in the end, based on your personal financial needs.  2 - Don't focus on properties...focus on needs.

Problem #2:  Saying you "failed" because you didn't get a property yet, with all the offers you made.  Edison, when inventing the lightbulb, would have been ashamed of you...because you didn't fail...yet.  In Edison's case, his failure would have been giving up before he invented the lightbulb.  In your case, your failure would have been buying a property you shouldn't have, just to get a property.  You didn't, therefor, much like Edison, didn't fail.  Sometimes the best deals you make, are the ones you don't make.

You're doing just fine.