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Kinda new from Chicago area

Chicago Jon

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Nov 12, 2013
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Hello, I joined the forums and read TMF at the end of last year but haven't been very active on here. I'll be 30 later this year and have worked in the same industry (auto parts) since I was in high school. I started out at the very bottom of the business working in a parts store through college, earned my business degree and decided to remain in the industry and have spent the last 6 years or so "moving up the ladder" by working in various Sales/Marketing roles for a few major parts manufacturers.

I remember being in college thinking this was exactly the type of career that I wanted and now I'm looking for a way out. Most of my family, friends, acquaintances, etc. think I have a good job (by slowlane standards) and find it hard to believe that I'd want to do something different but after reading TMF it got me thinking a lot more about my time and freedom. I've given away most of my 20's to working a 9-5 which actually works out to be more like a 7-6 when you factor in commuting and everything else that goes along with it. Don't get me wrong, I've had some great opportunities/perks in my career with travel, golf, and meeting some of the more important people in the industry but as I approach the start of the next decade of my life, I feel determined to take things in a different direction.

My initial plan of attack for doing this was to find a niche within the industry that I already know very well and build my own business around that. I started working on this several months ago but I think I went about it the wrong way from the start and didn't get very far with it. This is still something I'm interested in doing but it's on hold for now as I don't think it's the best starting point for me.

I've since decided to look for another way to generate capital. I've spent a lot of time reading through the forums and a couple of months ago, I ended up at the real estate investing forum. This is where I learned about wholesaling properties for the first time. I read many of the posts by @CashFlowDepot and others on real estate investing and this really peaked my interest and seemed like something I could get started with right away. This eventually lead me to various books and other resources for real estate investing and I haven’t looked back since.

I’m currently contacting potentially motivated sellers in my area through leads that I've obtained. My sole focus right now is just to find a way to get my first deal done and go from there. I really appreciate all the great information that’s available from everyone here at the Fastlane Forum and look forward to learning and contributing however I can.
 
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RogerMay

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Jul 23, 2014
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Not anymore, but did it for a little over a year and earned over 6 figures. I did my wholesaling in Las Vegas. What resources are you using to learn?
 
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Chicago Jon

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Nov 12, 2013
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Chicago
Interesting. I found quite a bit of information here on the forum initially. One of my starting points was reading the book by @CashFlowDepot that was posted here awhile ago. I found this to be an excellent resource for getting started and I still reference it a lot. Since then I've found quite a bit of useful information on biggerpockets and listened to various podcasts.
 

RogerMay

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Jul 23, 2014
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I haven't read CashFlow's book, so can't speak to that. But I would look into Sean Terry's free e-book on Amazon Kindle. http://www.amazon.com/dp/B005LXVWPI/?tag=tff-amazonparser-20. That should be just about all you need.

If you're willing to spend the money to get the leads in upfront, that will make life easier. After that, I would just focus on getting your script down. Makes a big difference to your bottom line if you can internalize your script and free up more mental hardware to think on your feet.
 

Chicago Jon

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Nov 12, 2013
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Chicago
Thanks for the info. I'm familiar with Sean Terry and have read his book as well. I've also enjoyed listening to his podcasts.

I've had pretty good luck obtaining leads without paying to this point. It may not be the most efficient way but I've contacted various municipalities and been able to get lists of properties with absentee owners, code violations, etc. I envision putting some additional funds into marketing once I've closed a deal if needed. Until then I'm trying to get the first one done with as little of my own money as possible.
 
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RogerMay

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Jul 23, 2014
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Honestly, it wasn't for me. I was good at negotiating/thinking on my feet, but I didn't enjoy it. Once I felt like I learned all I could from wholesaling (mostly negotiating tactics), I lost interest.

That being said, if you are consistent with your marketing and put some kind of effort into getting better with your script (record yourself!), you will do better than most people in wholesaling for sure. You might want to look into Jordan Belfort's straight line persuasion to help with your phone calls.

Anyway, best of luck to you and look forward to hearing about your progress.
 

RogerMay

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Jul 23, 2014
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Hey @Determined2012. Well wholesaling supplemented my main business which was "buy and hold" real estate investing. Been working on higher end flips and also building my web presence for future investments ideas I would need to raise capital for.
 

Chicago Jon

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Nov 12, 2013
23
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Chicago
@RogerMay Thanks for sharing some of your experiences with wholesaling. I look forward to hearing about what's next for you. I've posted about my first experience with wholesaling in the real estate investing forum and will continue to update.
 

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