This is an older story, but I never shared this success story with anyone until now. I think it shows my perseverance. I realized my purpose and direction in real estate around July/August 2003. My realization came when I began listening to and learning from an investor named Joe Crump in Indianpolis, IN. I was interested in real estate for years, but was never compelled to take such decisive action as I was when I learned from this man. I started that September with an ad in the newspaper. Got some calls from some interested sellers, but nothing concrete. I came close on one deal, but my fears caused me to lose the deal. Without a lot of time to dedicate to the biz, I did what I could with my leads and learned something from each one. Then came the holidays and we all know how they treat us. =^)
I decided to hit it again on the first of the year. I first placed an ad seeking investors to join my network. I then started testing seller ads and came up with a good ad to run. I didn't come upon my ideal ad until April, 4 months after starting. I was part-time, so I wasn't able to dedicate all necessary man-hours. I had many calls from many sellers, investors, and just plain Curious George's. I was visiting each property and learning about what it took to succeed in this biz. My hopes started to grow weak and I could see why so many beginners fail at this game. But, I KNEW this is what I wanted to do, and I wouldn't stop. Finally, on May 3rd, 2004, I got a call from a seller who immediately came at me with a price of about 80% LTV. Here was the best lead yet!
I set the appointment and visited the property. The seller had a job transfer and needed to be out of town in 2 weeks. I said I could do it and signed the purchase agreement after getting the price down a bit more. At this point, I started calling my investors and offered it to the first person who spoke up. I had several investors tell me there wasn't enough margin in it for them. If they all said the same thing, I would have had to go back to the seller and re-negotiate. I had one investor who showed interest and I ended up asigning the deal to him 2 weeks later for $3k assignment fee. Small potatoes, but I finally saw some reward for my efforts. 2 weeks, $3k, I could live with that. Nevermind the 5 months of nothing it took to get it right. But, I never gave up and it paid off.