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Fixer Upper Doctor Blog – Day 10

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One of the biggest goof ups I have ever made with my real estate investing business is hiring the wrong contractor. I hired one contractor from only one reference and that was a big mistake! I was in a hurry and it was really hard to find available contractors. This contractor was never on site and basically just told his day laborers what to do. So, I had smokers taking really long breaks, workers having intimate relations in the house, and workers drinking beer on the job!

To make things worse, I hired this contractor again on a second job! Same story…I was in to much of a hurry and to lazy to find a good contractor. So this time, the contractor stuck me with a $5,000 lien from the HVAC subcontractor! I deserved the hit because of making the same mistake twice!

 

PRESCRIPTION FOR TODAY: You always reap what you sow: There is no shortcut. (Stephen Covey)

 

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Fixer Upper Doctor Blog – Day 9

Monday was busy for me because of getting two great wholesales under contract. I have two buyers fighting over one property and I am getting the paperwork completed with another buyer on the second property. Wholesaling takes different strategies at different times…and this new system seems to be working. 

One item I would like to go over again is due diligence. No matter what, it is up to the investors to do their due diligence when it comes to getting their education or investing in a property. If you spend thousands of dollars on a mentor, make sure that mentor is right for you! If you invest thousands of dollars in a property, make sure you do inspections, read the contracts, and have a plan and a backup plan if the first plan fails! I run into a few investors who want to blame others for their financial loss. It is better to look in the mirror and ask yourself how you can do better next time. I know I have had to ask myself that question a time or two!

 

PRESCRIPTION FOR TODAY: Whatever happens, take responsibility (Tony Robbins)

Read more at: https://www.brainyquote.com/quotes/tony_robbins_147801

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Fixer Upper Doctor Blog – Day 8

 

Like so many new investors, I signed up for different classes and coaches to help me get started. I am glad I did because you can never know enough. However, you can go overboard with it as well. I met one new investor who had spent over $100,000 in education/coaches and never had bought one house yet! Talk about a deer in the headlights!

 

One time, I flew back east to attend Robin Thompson’s weekend seminar. I was interested because she was the only woman real estate investing coach I knew about at the time. Robin was good because she went into more of the nuts and bolts such as construction and how to get your buyers financed. I still go to classes that interest me, but the best training I think you can get is on the ground. However, I know many investors (including myself) who have lost money in a project…and it is a lesson you don’t soon forget! Real estate investing is risky and there are a lot of pitfalls as well as profits in it.

 

Warren Buffet says it best for today’s prescription: Part of making good decisions in business is recognizing the poor decisions you’ve made and why they were poor. I’ve made lots of mistakes. I’m going to make more. It’s the name of the game. You don’t want to expect perfection in yourself. You want to strive to do your best. It’s too demanding to expect perfection in yourself.

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Fixer Upper Doctor Blog – Day 7

Even though I was doing great in the wholesaling business, I knew I needed more coaching help. I learned Bill Bronchick was putting on a weekend real estate investing class in Denver and I flew up to attend it. I was really impressed with what I learned and became one of his students. I can say that I am still receiving assistance from Bill because his depth of knowledge is expansive and he is very helpful. Bill is also a real estate attorney so he assists me with legal documents when I need it.

 

One time, Bill helped with a property I bought at auction in Denver. I was planning on fixing and flipping the property, but it was in a bad part of Denver and I did not know it. Bill told me to get out of it so I owner financed it to another investor (with Bill’s legal documents). It worked out great for me and I learned another side of the real estate investing business in doing owner finance. I have done several owner finance properties since then and it is a great way to do passive investing…whether you own the property outright or you have a mortgage on the property!

 

Prescription for Today: Know the neighborhood you are investing in!

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