044: How I Found Success in Real Estate
On this episode of the InvestFourMore Real Estate Podcast, I talk about my history. How I grew up in a real estate family, what my goals were growing up, how I lost track of those goals, and then got back on track. Even though I grew up around real estate, I wanted nothing to do with it after high school, and even after college. I wanted to make my own way, but I was sucked back into the business, and boy am I glad it happened that way. Not only do I discuss how my career has progressed from an agent not making much money, to where I am now. I talk a lot about what I have done to be more successful. How changing the way I thought and acted, made me much more successful.
Why did I not want to be involved in real estate?
My dad was a real estate agent when I was born. I remember sleeping under his desk in the office when I was three, and always being at the office with him. I did not mind being with him and in the office, but for some reason I wanted nothing to do with real estate in high school and college. I think I wanted to create my own way, and not rely on him to make a living. When I graduated from college, my prospects for the job I thought I deserved at the time, did not look good. I couldn’t believe every company wanted me to start at the bottom, and work my way up! Working for my father part-time became a way to make money after college, and figure out what I wanted to do.
After working for him part-time, I decided I liked the real estate business. I could make my own schedule, I loved helping him with flips and I made okay money. I got my real estate license, started selling houses and went into real estate full-time.
How did the beginning of my real estate career go?
When I first started as a real estate agent, I did not do very well. I tried to hide from the phone, do all my marketing online, and I was not the most outgoing person. I also did my best not to listen to how others had succeeded. I thought I could do it all on my own. I let my ego get in the way of being successful. For five years, I made under $50,000 a year and much of that money I made from working on fix and flips. I liked the free time, the flexible schedule, and people told my I was doing well, but I knew I could do much better.
How did I hit a turning point in my real estate career?
In 2006, I decided to repair a flip by myself, because I thought I would make more money without paying contractors. It was one of the biggest mistakes I have ever made. However, I learned a lot from that experience and it lit a fire in me. I knew I had to change the way I was doing things if I wanted to be more successful. I accidentally created some goals, I got out of my comfort zone and I got a random call to complete a BPO. That BPO was the gateway to getting in to the REO business. I went from selling 10 houses a year, to 50 houses a year, to 100 houses a year and over 200 houses in one year.
How did personal improvement and changing my outlook make me more successful?
I was making good money selling REO listings and completing BPOs, but I worked all the time and it was stressful. I also did not have much to show for the money I was making. It is amazing how the more money we make, the more money we spend. I started investing in rentals to invest my money better, I started to ramp up the flip business to make more money and I ended up buying out my dad, so I could run everything. Not only did I make those business decisions, but I started to invest heavily in myself. I spent a lot of money on books, CD’s, coaching programs and it changed my life. I learned to become less stressed, hire more people to help me and be happier. The happier I became, the more successful I became.
Changing my attitude about what I really wanted in life
One thing I always wanted as a kid, was a Lamborghini. I wanted one all through high school and college. I even told my college roommate I would have a Lamborghini by the time I was 25. He thought I was crazy and laughed at me. Technically, he was right. I did not get a Lamborghini by 25, but I got one by 35. After college, I entered the real world and came to the realization that normal people do not own Lamborghini’s, and I would never have one. I also convinced myself I did not want one, they were too impractical, I would be showing off and does anyone really need a Lamborghini?
Well, when I told myself I didn’t want that car, I was lying to myself. I was covering up the thoughts that I could never get that car, with I don’t really want it. When I stopped dreaming, I halted my growth as a person and my success. After investing money in myself, and going through coaching, I realized I was hurting myself by masking what I really wanted in life. I made big goals, made a goal to buy a Lamborghini and I reached that goal faster than I ever thought possible. The cool part, is the car has doubled in value since I bought it!
I hope you listen to this podcast, because I provide a lot more insight into how I got to where I am today, and why the way we thing has so much to do with our success.