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My wife Kim and I have done a few rehabs in the past but never thought about doing it as a career. I’m a truck driver. I also, up until a few months ago owned a print shop that I operated on the side part time. I never quit my driving career for fear of failing at being self-employed. Having a job was my safety net. But then I was in a car accident on my way to work and I messed up my neck and back which put me out of commission for 1 full year. We lived off our savings but that dwindled faster than I had anticipated. I was finally given my DOT medical card so I could resume driving truck. While I was healing from my injuries I studied and studied and studied about being a real estate investor but I never did anything with what I learned because I was (and am) afraid of failure. But as I look back on how much time has passed and how many opportunities I have let walk right past me and where we are in life today, I have finally declared “enough is enough”! I am done being afraid of failure. We sold two houses for a combined profit of just over $111,000 about 10 years ago so I know there is money to be made in real estate but I cannot figure out what I am afraid of and that is stupid on my part. I am able to only drive part time because of my injuries so I have plenty of time to put into starting a career in real estate. I am also going to set up my printing equipment again so I can offer printing services for my fellow investors
I said all of this to encourage anyone who is also fearful of failure and to join me as a collective to overcome that fear and succeed in real estate or in any other area of life because life is too short.
Let us live rather than merely exist.
Vic
Great post Victor
Read Jack Miller’s book Face the Fear Factor. You can also download the audio book to listen to when you are driving.
Fear is usually based on losing money with real estate but you can avoid that if you don’t put your money in to a deal. Instead, control a property with an OPTION or a Master Lease. Always write a “way out” in to every contract you write. And seek helk here on the forum before you dive in to a deal. We will tell you when it is safe to pull the trigger and when it is better to walk away.
Making money from real estate is a great way to break away from your truck driving job. But ultimately, it is CASH FLOW which will set you free! With cash flow, you get money every month without working. Cash flow does NOT require that you own the house. YOu can master lease. Or you can buy with seller financing or subject to, then either rent the house out of sell it with seller financing so you have no maintenance.
You get my book Flip Deals with your membership, it will teach you how to wholesale properties for quick cash.
the other training at CashFlowDepot is all about making money and creating cash flow WITHOUT taking on any risks.
Thanks again for being a member. I sincerely look forward to helping you achieve your goals.
Jackie
Hi Jackie. I deleted some music from my iPod to make room for some audio books including Face the Fear Factor to listen to while driving. I had read the book Facing the Fear Factor on Thursday evening and put what I read to use the next day. I arrived at my stop which is 2.5 hours away from my Terminal. The guard and I have a comfortable friendship where we chit-chat for a couple of minutes if there are no other trucks around waiting to be checked in at the gate. After talking, she gave me my bills and I turned to exit. As I was walking toward the door I was looking at my truck through the window and the feeling of not wanting to do this anymore hit me. I want to work for my self again. I don’t want to struggle in life anymore. I want to give my wife things I promised her when we were just 19 (We are High School Sweethearts. We’ve known each other since we were 15 and have been married for 25 years.). I stopped, took a deep breath and turned back around and asked her “do you know of any vacant properties around here?”. She immediately told me of a house that has been vacant for 2 years. She knows the owner and the house. I asked for more info and she said the house was rented by the owner’s niece but she didn’t clean it or take care of it and it was filthy inside. She went on to say that it’s a shame because the house is in a nice neighborhood. The owner tried to sell it as is but no one was interested. I of course told her that I was interested and would like to see this house and speak with the owner. She is going to take pictures for me and tell the owner of my interest. The owner doesn’t want the house anymore. BINGO! If the house makes sense financially I will offer to buy it if he can provide Seller Financing unless I can find a PL. I saw in the Forum a post about Angel Investors. I think I am heading back to that stop tomorrow so I’m excited to see what my unintended Bird Dog has for me
VicVictor
Tell your bird dog that you will pay her $500 for every house she finds you. She will hustle to find you many more deals.
Don’t be so quick to “buy” this house. A wholesale flip might be a better way to go or a master lease.
Our mantra at CashFlowDepot is to REDUCE RISKS. You do that by not putting much money in to any deal. This house needs a rehab and that will take a lot of money. There are many ways to profit from this deal WITHOUT buying it or fixing it up. Safety is more important than maximum profit ( or at least that is the way I approach real estate and it has worked for me for 20 years)
Do not be so quick to “make an offer” it is always better to ask the seller … what’s the least you would take if you could sell this house for cash in 30 days or less?
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