All Forum Posts by: Peter Vekselman

Does luck have anything to do with success? 

It has as much to do as hard work. 

As much as determination. 

As much as ability to align with successful people. 

As much as attitude. 

As much as the right opportunity. 

As much as knowledge. 

As much as perseverance. 

As much as all the things that you tend to control and encounter on a daily bases. 

Yet luck maybe the secret weapon that has the ability to literally change everything. The ability to take you several levels higher. The ability to go from nothing to Everything. 

One thing about luck is you never know when it will hit, how it will show up, or in what form it will appear. 

So here’s the best way I have been able to put my hands on how to achieve luck and be the benefactor. You simply have to be around when it hits. You have to keep on battling, keep on being present, and keep on keeping on. 

To Good Luck!

This WILL hold you back. 

When something goes wrong in this business what do think about? 

Like Seller lets you down, a deal falls through, you can’t figure something out, you haven’t closed anything, you keep hitting road blocks, you’re told this business doesn’t work, you are discouraged 24/7, you feel totally lost, etc., etc., you get the point. 

When these things happen to you, you can think in one of two ways. 

First way is about fixing whatever the issue is and moving forward. The second option is you are constantly thinking about quitting and giving up. 

The problem with the second thought option is you are preventing your brain from coming up with the solution and fixing whatever the issues are that are getting in the way of progress. 

Here’s my suggestion. Figure out 100% whether you are all in this business. That this is your future. That one way or another you will get this done. And if that is your decision. Then during the times crap hits the fan your brain is thinking about the right stuff instead of wasting it’s time on totally wrong thoughts.

 there is definitely ways of going slower and definitely ways of going faster in this business.  and there is way of being successful at both.  obviously the faster way takes a lot more risk.  but has a huge upside if done correctly.

 Point well taken.  But for those of us still standing that says a lot. 

When it comes to growing and scaling in real estate it will almost always come down to building out a team around you.  And yes, ultimately hiring people.

In my opinion the first and the most critical hire you can have is someone to make out bound calls for you.  Someone that has no problem Sitting on the phone and basically reaching out to owners.  Getting good deals is the only thing that makes you money in real estate.

Who would you hire?

@logan M

Very good points.  There are of course different ways of asking this and classifying this.  My point in starting this whole conversation is that in the end, this industry has a huge amount of people interested in it, and very few people making real money...

I have seen this work with one of my partners like a charm. Remember, its all about getting a hold of owners directly for best deals. You want to avoid getting deals from MLS and Wholesalers.

Most high rises, condo and town home complexes have one thing in common.  They have a centralized mail room.

Write a friendly note and post inside the mailroom that says something like:

"Im looking to buy a property in this amazing community.  I can buy it quickly, pay cash, and you dont need to fix a thing and im not represented by a realtor so you dont need to pay a commission."

Bottom line, make it as friendly as possible and post it in as many complexes as you can.  Watch what happens with your phone...

There are tons of experts and veterans of investing on BP.  Lets see if we can help out the newbies with just one nugget.

For me, its the importance of aligning yourself with someone more successful than you.  I did that 8 months into my real estate career.  Unfortunately that was after I had made about 500k plus of mistakes and basically lost everything.  So even with my first real alignment with a truly successful investor in my area it still took me 3 years to get out of the mistakes I had created for myself.  Alignment with success is my number one piece of advice! 

Brilliant idea.  I would not stop, but I would increase.  You are actually onto something that very few people even think about doing.  You have a number of things going for you.  A big one is you have no real competition in this space.  Turn up the volume!  Congratulations!

Hard money lenders will not lend under those 2 scenarios.

They will want you to have some of your own capital in the deal if they make the loan.

They do not lend down payment money because they need to be in first position on the deal.

You are really looking more for a private lender who can do wither of those scenarios.  It does sound like you are new to real estate and dont have a lot of money.  These two things make you the riskiest type of a borrower.

If i were you i would either go down the wholesaling route which will not require much funds, or better yet, align yourself with 1 or 2 successful investors in your area and see what you can do to help them in their businesses.  the second option is the best way to learn and gain practical experience.