Entrepreneurship is the most humbling experience. You learn about your strengths, discover your weaknesses and get paid along the way. I chose to take the path of entrepreneurship in February 2020. I had many jobs in retail, corporate, financial services, but the entrepreneurial bug as long as I can remember has been eating me alive. I looked into many businesses; I even had a janitorial company that was cleaning several offices. Around 6 years ago I bumped into the exciting world of real estate. Like many of you, I’ve heard about it from late night infomercials. It got me interested, so I studied everything and everyone. I read bunch of books and listened to bunch of podcasts.
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Along the way I did a few wholesale deals. The money was good, however I became lazy and complacent. I stopped marketing as much. I discovered even more exciting world of multifamily real estate. Last year I have purchased my first 17 unit apartment building, which was brought to me by a broker. Since the beginning of year I have been actively looking for apartment building while I’ve abandoned the wholesaling side of business.
Wholesaling and flipping is a great source of cash, but it is not an investment in real estate. It is a sales job. You have to market to owners, negotiate a deal, fix it up, market, sell . There are lot’s of hoops to jump thru. Anyway, I found a 17 unit deal in Spring in my neck of the woods, here in North Saint Paul, MN.
When you study the successful players, all of them say find the deal first, the money will show up. Well, I took their advise and found a deal. But no money in sight. I contacted all my circle, nothing… Just crickets.
As of this writing I found another 150 unit monster, which has a huge upside potential, and still no money, no interest.
You know the definition of insanity? Doing the same thing and expecting a different result. On my last 17 unit deal apparently I did not learn my lesson, and figured if I find an ever bigger and juicier deal, the money will show up. Well, I’ll be damned. The owner would not even show me the deal without me proving the funds/ability to close. Which makes 100% sense, they do not want to waste time with someone who cannot close.
As much as it’s disappointing, it’s business, it’s real life, it is what it is.
So what’s the solution?
After these two “missed” opportunities” I realized even more how important is my network and who knows me and what I do. Also, I realized that I need to crank up my wholesale side of business to generate and accumulate more capital. This will allow me to show the ability to close the deal and the sellers will take me more seriously. Plus when I put several hundred thousands to million in a deal other investors will see that I am not just full of shit and have a significant skin in the game.
I have decided to take a different approach to my blog, Facebook, Instagram, Linked In and Youtube channel. I will be covering more day to day struggles, successes, discoveries, and I will talk more about myself, my ideas, outlook on life in general, and my story. This will allow me to deeper connect with you, my reader, and provide you with value, show you the ins of my business, and share with you my knowledge and who I am.
Today is ground zero, the new beginning.
Ride along on my journey!