I'll start this blog by introducing my first real estate mentor.
I was married at age 18, and by the time I was 20, I had one child and another on the way.
We had one junky vehicle that would barely run and used pawn shops to pay the rent. The house I lived in didn't have carpet or base boards, but it did have roaches and mice, and was located on the "wrong" side of the hi-way.
My older brother had puchased a Carlton Sheets course, and I had "kind of" read it' and thought, "I can use some of this, and maybe find someone to sell me a house with nothing down." I started looking through the paper and for For Sale by Owner signs. I believe I found an ad in the classifieds, and called. On the other end of the phone, was a nice sounding older gentleman, and I just talked with him a little while. I found out that this man was a landlord that owned several houses and some duplexes, and by the end of the conversation, he could see that I was someone that wanted better things in my life and was willing to work towards them.
I haven't spoken with him in years, and If he is still alive, I don't know that he would want his full name in print so I'll just call him "Bob" ( His real first name is Bob by the way.)
Bob and I met at his house that night, and he agreed to sell me a house, (in a much better neighborhood than the one I currently lived), as well as two sets of duplexes! The duplexes were not so great, but they did have current renters. The way we structured the deal was, that I would pay for my house and both sets of duplexes all in one payment, and knowing that I did not have any cash reserves, if I had a vacancy in my new duplexes, he would help me out by reducing my payment while the unit was vacant. This was GREAT! I now had a better house, in a better neighborhood, I owned it so I didn't have to worry about landlord approval before making improvements to my new property, he didn't have to worry about repairs to the house, and I had some rental properties of my own!
While not being a direct "Mentor" at the time, through this "deal" I learned some very powerful lessons about Real Estate Investing, because you see, Bob was an educated man, a college professor, and was experienced in Real Estate, and I was "Smart" but not experienced, or educated in Real Estate.
I have nothing negative to say about Bob, because I think he is a good man with good intentions of helping me and getting a good deal for himself. After this deal, I did actually buy another house, with owner financing, in a better part of town, that was a huge piece, if you know what I mean,(that one turned out to be a real investment) BUT BECAUSE of the painful lessons I had learned on my first deal with Bob, I TOOK A LONG BREAK FROM REAL ESTATE INVESTING (I wish now that I hadn't taken that break).
I'll share the details and the lessons I learned, as well as the deals on my second, and real investment in my next blog.....
Have a great week!
- - P.J. Henry
- Texas, United States
- I'm a long Real Estate investor, and have been buying, Real Estate for almost 20 years, Building Houses, doing "Impossible" remodels, flipping houses, Commercial construction and un-officially teaching and mentoring for many years. I finally realized that investing my time and experience into helping others reach their goals is my real passion. Over the years I have found that the people closest to me whom have had access to my "free" advise, are typically the exact people that take advantage of my time and actually use my gifts the very least, so I decided to get in front of more people via technology and see how many people I can really help.