I have really taken it easy for the last two or three years after moving my family from Baltimore to the Midwest. As I transitioned away from Baltimore, I started to dibble and dabble in investments in the Midwest. But I must admit, kicking back and enjoying my family and life have been my greatest priority since making the move. While I’ve done five deals since moving to Wisconsin, that number doesn’t remotely compare with what my business used to look like.
After two and a half years, I decided that I was going to ramp my business up again. I don’t have a really good reason other than I was beginning to feel like I had to start doing something again. It’s not something that I need to do. However, as I stated in my last article I see it as an opportunity to provide for others and that is the way I’m viewing my new business venture.
Having said that, I’m going to share some of my struggles as a newbie. I’ve coached thousands of people over the years and I’ve heard every excuse in the book as to why people can’t make this thing called flipping work. This week, as a result of my own personal experiences, it occurred to me what the struggle is for others.
They are too slow.
Once I understood the flipping game, the reason that I bought as many houses as I did was my speed. There are no special skills required to get a good deal. You just have to beat others to it.
I play around with a few things that I’ll buy and flip- gold and silver, diesel trucks and of course houses. Over the last six months, I have really discovered what makes one person more successful than another because I’ve taken a back seat to others. I’ve been lazy because I haven’t needed to do the deal. I’ve missed out on several deals in the last six months. Missed it by a day, or sometimes hours- and that is the same story I hear from so many of my students.
I have to admit that every one of those deals I’ve missed were ones that I knew about in plenty of time to have gotten the deal done. They could have been mine. But I took my time, thinking that in my little town no one would beat me to them, that my skills, my experience, my resources would set me apart. I don’t care what you have going for you; if you are too late to the party, you will miss it. Plain and simple.
Last week, I had a great opportunity on a diesel truck. It was clearly a great flip opportunity that would make me anywhere from $3-6k, and a simple deal at that. I knew about it for three days before I acted on it. Part of the reason I waited was that I just did not feel like going to pick it up. I didn’t feel like going to the bank to get the money. I was just being lazy. On the third day, I got the phone number of the owner and waited 24 hours before calling. I couldn’t get through to them. I then emailed them and they emailed me back telling me that the truck was already sold. Someone was coming to pick it up in a couple of days.
This lit a fire under me. I was mad that I had lost this deal. It was a small profit, but a quick, easy no brainer that would have made me thousands of dollars for only a few hours of my time. I tried making excuses, but the only real excuse was that I was too slow and too lazy. And then it occurred to me. That is the problem with most of my students who can’t get up and running in the business. They buy Wholesaling for Quick Cash and forget about the “quick.” To make quick cash, you need to be quick. My course is not called “Wholesaling for Slow Pokes.”
I called the owner of the truck and told him that I am a serious buyer and that if things don’t work out, he should call me. Within hours, he and I were on the phone while his other buyer started wavering. I owned that truck two hours later and I’ll make a few thousand on it.
Unfortunately, if you want to make a good living flipping, you can’t do it moving slow and hoping that one falls apart here and there so that you can get a deal. You need to get them wrapped up and fast.
P.S. For a limited time, you can get your hands on a copy of Wholesaling for Quick Cash for a no risk 30 day trial. If you want to really make a go of 2012, I suggest that you learn these techniques and then get out there fast to make it happen.Tags: featured