Bouncing Back from Being Discouraged

Bouncing Back from Being Discouraged

Member since 2020 · 9 posts · 8 votes

Hey Everyone!

I suppose I am just here to get some perspective on how to bounce back from feeling discouraged. I have been wanting to do REI for a few years now, learning everything I can about it. It has been a struggle because of lack of capital and credit challenges. My SO and I decided to make it happen, which became a little easier after we formed an LLC and used his credit to get some capital. We were going to do a fix and flip over here in northern California, and we found one that we got under contract for $137,500, which as Californians know, is not super common. It had a great ARV, we had an inspection done, wrote out our rehab plan/budget, and were so close to moving forward, and it fell through at the last moment. Long story short, we thought we were going to be able to get more capital than we were ultimately given, and we were short about $13k.

I am trying to not be discouraged about this, but it's difficult.  I feel like I am so motivated, and while my SO is interested in the idea as well, it is mostly me being motivated and doing all of the encouraging/pushing to make this happen, and it's hard place to be in.  It just took so long to get to the point of almost having a deal, that I don't want to just keep reading and learning without taking action for however much longer it takes to get the momentum back.  It is hard to be in a position to have to depend on someone else wanting to do what you want to do in order to make it happen.  That said, he is very supportive and also has a tough and physically demanding day job, so I can understand why he doesn't have as much energy or enthusiasm for this as I do.  I just saw a change for our future whether individually or together.  I suppose I am just looking for advice on how to maintain a positive mindset when this sometimes feels impossible.

Additionally, if any of you are in norcal, I would love to connect.  I'm trying to build a larger network of people who have similar goals.  I was able to go see David Greene's house hacking seminar last night in Roseville, and it was really cool to be surrounded by like minded people!

If you made it this far, thank you for listening to my vent.

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Jo-Ann LapinPro Member
Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
5y

Thanks for sharing and you sound like you are on the right path . I always say success is more about who you know now what you know. Partnering in the beginning teaches you more that you can actually wrap your head around . This is a craft with many pitfulls but can really lucrative .wishing you much success . Happy to network and try and assist in the future .

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  • Investor · Roseville, CA · Member since 2012 · 21 posts · 11 votes
    5y

    Hi Shelby, I'm in Roseville and actively flipping. I had the same obstacles as you and was able to make it happen and get traction. Now I'm doing multiple projects at a time. Is that deal you had still possible to put back together? $13K is not a lot, we could make something work. I'm happy to connect sometime. 

  • Realtor · Auburn, CA · Member since 2018 · 5 posts · 2 votes
    5y

    Hey Shelby, 

    I had a similar experience with my wife. It took me being consistent but respecting her ability to tolerate my talking about real estate 24/7 not being very high. After a while (couple years) she is fully on board.

    In my experience there is no way to force people to see what we see. It has to happen naturally for them, keep going!  

    We just completed a live in flip in Northern California and are looking for a house hack in the near future. We were also at the meetup last night. I was the coordinator for the event. I’m currently interning for Kyle on the DGT. I’d love to connect and talk real estate! 

    Don’t get discouraged! We are playing the long game. Consistently taking action, learning and a growth mindset like you have will lead to great things. 

  • Member since 2020 · 9 posts · 8 votes
    5y
    Originally posted by @Matt Loeffler:

    Hi Shelby, I'm in Roseville and actively flipping. I had the same obstacles as you and was able to make it happen and get traction. Now I'm doing multiple projects at a time. Is that deal you had still possible to put back together? $13K is not a lot, we could make something work. I'm happy to connect sometime. 

    Hi, Matt!  Thank you for the reply.  I'm going to message you and send a connection request.

  • Member since 2020 · 9 posts · 8 votes
    5y
    Originally posted by @James Murphy:

    Hey Shelby, 

    I had a similar experience with my wife. It took me being consistent but respecting her ability to tolerate my talking about real estate 24/7 not being very high. After a while (couple years) she is fully on board.

    In my experience there is no way to force people to see what we see. It has to happen naturally for them, keep going!  

    We just completed a live in flip in Northern California and are looking for a house hack in the near future. We were also at the meetup last night. I was the coordinator for the event. I’m currently interning for Kyle on the DGT. I’d love to connect and talk real estate! 

    Don’t get discouraged! We are playing the long game. Consistently taking action, learning and a growth mindset like you have will lead to great things. 

     Thank you for the encouragement, James!  I do feel that he is interested and wanting to pursue it with me.  I feel like once we have our first success and get the momentum going, hopefully the enthusiasm will follow.  The event last night was awesome!  I'll send you a colleague request and I would love to chat about real estate!

  • Jo-Ann LapinPro Member
    Loan Officer · Tustin, CA · Member since 2015 · 3k+ posts · 713 votes
    5y

    Thanks for sharing and you sound like you are on the right path . I always say success is more about who you know now what you know. Partnering in the beginning teaches you more that you can actually wrap your head around . This is a craft with many pitfulls but can really lucrative .wishing you much success . Happy to network and try and assist in the future .

  • Property Manager · Sacramento CA · Member since 2021 · 6 posts · 3 votes
    5y

    Hi Shelby,

    Sorry to hear you are running into some capital issues in your attempts to get into the flip industry. I work with a property management company here in Roseville that manages over 1K rental homes in the Greater Sacramento Region.


    I just wanted to connect incase you have any questions regarding what a home may potentially rent for once you get off the ground with your flip business. Its always nice to have local connections so feel free to reach out if you have any questions about the rental market out here in Roseville.

    Best,

    Ben

  • Rental Property Investor · San Jose, CA · Member since 2021 · 13 posts · 4 votes
    5y

    You were super close Shelby! To be frank, I think even getting a property in contract is quite an accomplishment itself! I think you definitely have what it takes to try again. Persistence is definitely the name of the game especially in Northern California. I would definitely focus on taking a breather and then figuring out what next action you can take (even if it's small) so that you can continue to move the ball forward, so that you don't get completely discouraged and give up. I've found both the Sacramento area interesting, along with Merced. I'd love to chat / connect with you if you're interested, feel free to message me!

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