Hello Bigger Pockets!

[Brandon Lee]

A couple weeks ago, my usual daily distraction (The Tony Kornheiser Show) went on summer hiatus. In its absence, I burned through the latest Malcolm Gladwell audiobook, David and Goliath. I then listened to three, or four, Ace On The House podcasts. Some how, after that, I stumbled onto Josh and Brandon discussing building a spec houses with Jon Klaus. I think I've listened to 25 more since that day, and I’m sure I’ll bang out the other 56 in no time.

I have worked in Real Estate in some capacity since 2003. Graduating from college in Orlando, FL (UCF) at the height of the boom. I was pretty much assured to test the waters at the Real Estate related companies plugging new graduates into cubes in the early 2000’s. I took my talents to Wells Fargo Financial. You learn a lot selling 3-year prepay ARMs with a non-negotiable 4 “discount” points tacked on for good measure.

If you have ever worked in lending, you know how hard it can be at times. Smiling and dialing, burning that power hour, bothering calling home owners during their dinner, a coked-out caffeinated boss breathing down your neck. Having an apprehensive borrower can be one of the toughest gigs in the industry. One borrower’s refinance in particular probably changed my career forever, and he will never know it. It took weeks to get that file to close. This guy treated me as if I were a necessary evil, at best.

We were prepped, and ready to sign. All we needed was the notary to show up, on time, and send us back the signed documents. Well...let’s just say that didn’t happen. If the docs had been signed in pink crayon it may have made the package more fundable than how it returned to title. The borrower had been shopping my loan the entire time, and I lost the sale.

We launched NOWclosings.com in 2006, just a few months after that disastrous closing. I have always been an entrepreneur, starting little businesses since I was 12 years old. Ever since graduation, I had been dreaming up scenarios to allow me to quit my day job. I dreamed of being what blogger Aaron Karo calls a “day-crawler”. Those that walk the world during normal business hours; whose time is their own, and this was my opportunity.

We have since closed over 50,000 Real Estate transactions. We aren’t a huge company. Our best months probably a drop in the bucket to some people, but we have earned a place on national vendor lists of some of the industry’s largest companies. Along the way I have gained invaluable experience growing a company. Not to mention, It has paid my business partner’s bills and mine for 8 years now, while working from the comfort of my home. Not bad for a modest investment that consisted of a 1 computer, some letterhead, and a couple boxes of business cards.

When you do what we do…you get a feel for what is going on in the industry. Observing volume fluctuations in regions, government policy effects, various buyer types, and learning about the most recent financing available has given me an MBA in Real Estate. Right now I’m suffering from a severe case of “Damn, I wish I knew as much 5 years ago” syndrome. I am sure most of you feel that way from time to time.

We have had every intention of moving into property development. Like a lot of you…we have had starts and stops…with the usual business distractions. Our business has moved from Tampa, FL (2006-09) to Jacksonville, FL (2009-10) finally settling in Charlotte, NC. We have been sticking our faces up to windows of houses, and tiptoeing over fences in each of those cities. My wife is convinced that behavior could get me shot one day. That is the number one reason I am getting for my NC Broker License this month. Not that you need a license to be an investor. I have learned that now...but in a low margin industry, saving 3% can hurt.

I would like to thank Josh and Brandon, as well as the guests on the Podcast. You see…up until a few days ago, I kind of thought that you had to be secretive with your Real Estate intentions. I viewed other developers, lenders, flippers, and builders as this competitive society. Why would someone want to tell you about his or her trade? However, the BP Podcast has shown what an inclusive community there is out there. By communicating and organizing we can all learn something, and by working together we can do some really cool things in our cities.

Thank you if you made it this deep into the post. I would love to meet some new friends, and talk about what’s new in the industry. Please check out my page, send me a message, or check out my website www.BLee.is. I look forward to hearing from you.