Confessions of a Motivated Seller

[Michael M.]

BP is great place. The world in general is not. Over the last year I have listened to all the BP podcasts, those guests who succeed are showered with praise and emulation. That's why we are here, we want to be like that success story, we want to learn, network and grow. While an investor may strive for the most profitable deal, it comes at an expense to the seller.

As I write this post a women has lost her wallet. It's a Coach wallet and looks full. I lost my wallet as a kid walking to school. I had $43 dollars to my name. Two weeks went by, I got a call from a house wife asking if I was Michael. Turns out she lived, ten minutes away from my childhood home and told me my wallet was ready to be picked up. I'm 41 now and never forgot the honesty displayed when my wallet, ID, and all my money was still intact. I offered the lady a $20 reward. She declined, so we agreed on two Peach pies her husband liked.

As soon as I discovered the Coach wallet from a window, another woman walked by, picked it up and started to walk away from the store with it. Not so fast riff raff. I notified the store manager about the wallet. It's safe and so that women's identity, credit cards, and cash. Hopefully she comes back to the store and inquires about it. She'll never know it was me, but hopefully good karma will never let her forget to pay it forward. Back to my confession.

I used to be a motivated seller. I had a low paying job, that didn't pay my mounting credit card debt. The typical motivated seller isn't savvy about real estate, doesn't value property correctly, spends too much and earns to little.

I made a few mistakes that led to my losing six figures off my list price.

1. Not selling in 2007 when the market was up. I sold in a down market instead.

2. Poor budgeting. I spent too much, earned to little, deep in credit card debt. I didn't earn enough to qualify for a loan.

3. I made the mistake of becoming HOA president and remaining so for 8 years.

4. I didn't educate myself about real estate. How banks low ball LTV when no recent comps exist.

5. Financially illiterate. I didn't educate myself about loans and DTI ratios, credit hard pull vs soft pull.

6. My list price was too high. Lower list prices attract bidding wars.

I'm homeless now, loosely living out of my car, and back to spending too much. In two years I'll be broke. Robert Kyosaki was also homeless for one week along with his wife, but he managed to get through it and come out ahead. Phil Pustejovsky was also homeless at one point in his life and got through it. I endeavour to do the same.

I most likely would benefit from having a mentor to guide me in real estate. I've setup a website in hopes of having something to show for my efforts toward gaining financial freedom from poverty and homelessness. While most "mentors" or "gurus" will be more than happy to take my money, I'm offering myself freely in exchange for free guidance. Perhaps that guidance is here on BP and technology can transcend the traditional barriers I've been conditioned to accept as gospel.

I already reached out to a guest on BP. He said I have nothing of value to offer him on his marketing for deals. He's right; why should he spend his marketing dollars on my training wheels? So I've assembled a few options for myself along with an about me. I'm interested in the vicinity of Walnut, CA, the Inland Empire to the Antelope Valley.

I've been listening to several real estate podcasts for several years without taking action nor getting my real estate license. Before me are various paths and I could use advice on.

First I need the lowest barrier to entry. A very high chance I'll get traction and make an income right away.

I've considered several career paths to give me an immediate stable income without a four year degree including:

Escrow assistant, agent or officer

Title officer

Real estate note investing

Buying and selling raw land

Wholesaling

Certified Apartment Manger (CAM)

That's my initial plan. Eventually I want to leverage time and interest, contracts and processes to become wealthy. I believe in myself, but I lack a good guide and an immediate living wage.

I could just get a real estate sales person license, pay the the expense and seeming futility of not earning enough money with listings, promoting the brokerage, while I network with title, escrow, home inspectors, real estate attorneys, brokers, REIA, and self help books until I stumble upon success or fail.

Podcasts are great but don't provide income unless I start my own podcast and promote my own products or affiliate links. No affiliate links are posted below. Here's what I've listened too so far.

http://realestateguysradio.com (generic real estate podcast)

http://www.richdad.com (rich dad poor dad, cashflow quadrant, 2 other audio books)

http://www.thenorrisgroup.com (real estate notes)

http://michaelquarles.com/author/michael/ (http://www.yellowletters.com (Whole tailing)

http://www.biggerpockets.com (real estate podcast with niche guests)

http://www.thelandgeek.com (buy and sell raw land, finance land notes for passive income)

http://www.amazon.com/Think-Grow-Rich-Napoleon-Hil... (personal growth, a positive worldview attracts other to you)

http://www.grantcardone.com/the-10x-rule/(Inspirat... speaker with no specific guidance)

http://www.amazon.com/ONE-Thing-Surprisingly-Extra... (success is sequential)

http://www.amazon.com/gp/aw/d/031623673X (personality types)

http://www.smartpassiveincome.com

Recognizing real estate is the best industry to succeed without a college degree, which may not be worth incurring student loan debt, looking for entry points into real estate, how quickly I can enter the industry and network, and weighing the return on value with various real estate pathways and strategies.

I need traction, income and advice. It could be worse, I could be a cripple or a junkie. I am neither, just a former motivated seller trying to get a fresh start in life, to learn to be the hunter rather than the hunted, and never again be a desperate motivated seller.

Before anyone gets teary eyed on me I'm sure the world is full of selfish don't give damns who are out for themselves. I have no illusions of finding gold here. Just reaching out just in case I'm off.

Respectfully,

Michael