What a Mess!

http://realestate.msn.com/buying/Article_busweek.aspx?cp-documentid=5084782&GT1=10233

I didn't finish reading this article but it talks about people who are leaving foreclosures in horrible condition that may include human and animal feces, pets without food or drink, flooding, mold, etc....

People facing foreclosure don't care any more, but are foreclosures causing people to trash their homes? Since its the mortgage industry's fault that there are record numbers of foreclosures, one can logically assume that the mortgage industry is responsible for suffering pets and destroyed properties.

I don't think so.

These are probably the same people who have trashed every apartment or house they have ever lived in. Lax lending standards allowed them to buy a home they probably shouldn't have and now everyone is paying the price. This time, its the bank and new owner. In the past, it was landlords who were stuck with all of these bills.

Don't blame foreclosures. Blame the people who lack the character or common decency to take care of their animals and property. You don't have to be rich to give your pet away. You don't have to be rich to take care of your property.

It's Not the Shoes!

(I want to preface this article. I'm not a great basketball player. Barely above average and far from great.)

On the way home from work today, I saw an open court. I happened to have a ball in the back seat so I stopped and shot around. I don't suppose I looked like much of a basketball player in running shoes, khaki shorts and a polo. It was a beautiful day and I hadn't played in a few months so I thought I would seize the carp or whatever.

I don't think I'm the only one who didn't think that I looked like a basketball player. A younger kid (later found out he was 19) approached me with a big smile and said, “Wanna hoop?”
“Sure,” I replied.

As the game progressed, a few things were evident.

1. I'm fat and out of shape. I was dying out there playing half court 1 on 1. I need to get on the treadmill!
2. I was a lot better than he was.

After winning three games, I was literally laying on the court. We were talking and the excuses began to pour like rain.
“I didn't have my shoes.”
“I haven't played in a couple of weeks.”
“I usually play against poor competition.”
“I usually don't play 1 on 1.”

If I had played in the past few months, was wearing basketball shoes or felt that I was actually a decent 1 on 1 player, these excuses could have carried a little bit more weight. (Frankly, even if the excuses were legit, I was too tired to care.)

Driving home, I took some time to think and reflect. Here are some of my thoughts:

• What excuses hold me back?
• I'm exhausted.
• Am I looking for reasons not to succeed or am I proactively searching out success?
• I'm exhausted.
• Do I have a plan/goals?
• Am I making these goals a reality?

I would encourage anyone looking to buy a home or invest in real estate to answer a couple of these thoughts and questions. I'm a big believer in personal check ups. If I don't have a direction/purpose/goal, I find myself getting by rather than getting ahead.

Quotes to Consider

"He that is taught only by himself has a fool for a master."
- Ben Johnson

All investors are learning all the time. Each project is unique.

Get in touch with seasoned investors who are not only capable of providing you with insights and wisdom, but want to see you succeed!

Motivation! (or not)

I do not believe that easy money exists. I believe that hard work, determination and wise business decisions will lead to wealth.

When I think about the weeks after I purchased my first home, it was all an exciting blur. I was up by 7:00 Saturday morning energized and ready to conquer my flip! During the work day, I would take all of my spare time and invest it preparing long lists of items to be purchased and tasks to be completed. I didn't need any annual, semi-annual, weekly, or monthly goals.

It was fun!

I want to take a moment to emphasize was. After 4 months, my enthusiasm and funds were quickly disappearing. Dragging myself out of bed to go work on the &*$# house was not easy. Did I hate every minute of it? No, not at all. Were there days when the frustration was all I could bear? Absolutely.

Frankly, I didn't have many options. I didn't have the money to hire out contractors and wasn't in a position to take even an afternoon off from work. I had a choice to make.
1 - Give up on the flip. No one would have really blamed me. After all, I was a novice carpenter learning on the fly. We could have sold the property to a wholesaler and probably got out even.
2 - Dig deep and find a way to finish. Frankly, this was my only option. Here's why.

Goals provide urgency. This summer I will sell my first condo and reinvest all of that money into my next project. This fall I will sell my second condo and reinvest the profits into a larger residence.

I will grow my business as I come into contact with the right people who will help the company succeed. I'm planning on a minimum of six flips in 2008 and want to be doing 12 in 2009.

Emotions don't get in the way. I don't feel like going to work. That doesn't matter. What matters is whether or not I went to work. I can promise you that some days you will feel like being on the site working. Those days are great! I guarantee you that there will be days when you don't feel like getting after it. These can be the most rewarding days! The can build strength, character, persistence and help to instill a relentless work ethic!

This article isn't to serve as a pat on the back (Lie: I'm really proud of completing flip #1.). It's also to encourage you to think about your goals within real estate and your personality. What motivates you? What drives you? What is going to separate you from the pack and make you successful?

Where did I go???

Sorry I haven't had any posts lately. Things have been a little bit nuts between mortgages and the open house. I am also recently engaged! (July 3) Tanna & I are busy calling friends and family to let them know the exciting news. We're also busy planning a November wedding.

I'll get back on the ball shortly!!

Open House

We've done it!

Completing the remodel is one of my proudest accomplishments. I can't believe its done & can't wait to sell the place.

I'm physically, mentally and emotionally exhausted.

Now, the hard part... sit & wait for the market to tell me what my place is worth!