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Bounce's story - Part 1

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Bounce

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<div class="bbWrapper"><span style="font-family: 'Times New Roman'"><span style="font-size: 12px"><span style="font-family: 'Times New Roman'">Bounce’s story</span><br /> <span style="font-family: 'Times New Roman'">I hardly know where to begin with this. Stories are great, but nobody is going to become as wealthy as Warren Buffett by reading his story. Nobody is going to become as successful as Bill Gates, or Donald Trump by reading their stories. So, rather than just tell you <u>my story</u> as the series of events that happened to me (which will help nobody), I think it would be better to explain my journey from one set of ideas to another and how my life changed as a result.</span><br /> <br /> <span style="font-family: 'Times New Roman'">I don’t know how many of you are familiar with the John Burley/Robert Kiyosaki <u>Seven Levels of Investors</u>, but that is a great tool for demonstrating how the constantly changing ideas you accept as true form the reality that you know. My entire life up through about age 25, I was a Level 0 on the <u>Seven Levels of Investors</u> scale. I spent every dime I could get my hands on and I knew, beyond a shadow of a doubt, that my biggest financial problem was that I didn’t have any money. It was just as obvious to me as it was <u>WRONG</u>. </span><br /> <br /> <span style="font-family: 'Times New Roman'">I had dreams of winning a big lottery or somehow coming to acquire a mountain of money. I thought that would solve everything for me and I could skate through life. I’m not sure how aware you are of what happens to most lottery winners, but winning the lottery generally ruins the lives of the winners. They don’t have the financial intelligence to respect what it is or to keep it. In the end, they wind up digging themselves a hole they may never get out of.</span><br /> <br /> <span style="font-family: 'Times New Roman'">I worked three jobs in college. I was trying to fulfill the requirements to become an airline pilot. It took me five and a half years to finally graduate. The whole time I had nothing. I was so broke that I used to keep the circuit breakers in my efficiency apartment OFF. The only time I’d turn the hot water heater on was 30 minutes before I’d take a shower in the morning. I’d wake up at 5:30, flip the hot water heater circuit breaker on and go back to sleep for a half hour. At 6:00 I’d wake up, turn the breaker off and take a shower. Whatever hot water was there was it. Nothing would anger me more than forgetting to turn the breaker OFF. To me, that was an enormously expensive WASTE of money. I got my electric bill down to under $10 a month most of the time. I could afford that, BARELY.</span><br /> <br /> <span style="font-family: 'Times New Roman'">I have a lot of hardship stories through this part of my life that I could spend time typing out, but I hate to waste too much time on the pain – most people know those parts all too well, but I’ll tell a couple of them.</span><br /> <br /> <span style="font-family: 'Times New Roman'">I had my expenses and income calculated down to the penny most of the time. However, one week I ran out of money on a Wednesday and I wouldn’t get paid until Friday. I had a dollar and a few cents to my name to get me across the abyss. I remembered seeing a “Two heads of lettuce for a buck” sale at the local supermarket. So, I figured that I’d eat a half a head Wednesday night, a full head of lettuce on Thursday and the rest of it Friday morning for breakfast. I’d survive until I got paid on Friday. It wouldn’t be fun, but I’d make it and everything would be fine. Well, I went for it. I bought the lettuce and took it home and cut it all up. However, when I took my first bite I realized I’d made one HUGE mistake. I had inadvertently bought two heads of cabbage. Here I was, a 20 year old kid, learning the difference between lettuce and cabbage. OMG! However, I had NO MONEY. I didn’t even have a penny. There was nothing else to eat. I had to muck it on down.</span><br /> <br /> <span style="font-family: 'Times New Roman'">The next thing I learned in short order is the amount of gas cabbage can give you. I sat there in my <u>SMALL</u> efficiency apartment, which was now FILLED WITH FARTS, sick to my stomach, and completely penniless. I had nothing. It seems humorous to me now, but now that I think back on it, that was my lowest point. One other thing about this that needs to be mentioned is that there was NO running back home for me. I was 1500 miles away from the security of my old bedroom. I was on my own and completely alone. The end of this story is great. On Friday morning, I got paid and rushed to the bank and cashed my check. I raced to the school cafeteria because it was the cheapest food in town. I stood in line and stacked up my tray – I was starving. A real smart-a$$ kid I knew stood behind me in line and was talking to one of his buddies. He said, “<i>This Bounce guy is rich. You watch, he’ll pay for this with AT LEAST A $5 bill – you watch</i>.” We college kids were generally down to paying for food with coinage. After hearing him chide me like that, I reached in my wallet, which was now FULL of money, I opened it up to let him catch a glance of just how much money was in there, and pulled out a $20 bill to pay for my food. LOL The look on his face was worth all the pain I’d been through. He had a car to drive and I was traveling either on foot or on my bicycle. That little scene lifted my spirits a lot.</span><br /> <br /> <span style="font-family: 'Times New Roman'">Another thing that was burdensome to me was not being able to afford to drive. I couldn’t even get a date most of the time. If some girl was going to go out with me, she’d have to drive AND PAY. That wasn’t going to happen. Those of you who saw me at the first REIU know I’m not exactly Chippendale’s material. LOL</span><br /> <br /> <span style="font-family: 'Times New Roman'">I used to go to school, work in the math and computer science as a tutor between classes, I worked behind the counter at a convenience store each evening from 3:00 – 11:00 and, being a pilot, I flew loads of skydivers on the weekends. I can remember sitting behind the counter at the convenience store selling gas and beer and bread while trying to get my homework done. There were many times that I felt like my life was over. It felt like was wasting my life away for nothing. It seemed endless.</span><br /> <span style="font-family: 'Times New Roman'">Anyway, I kept plugging away and plugging away and plugging away. Then, just before I was FINALLY going to graduate, the PATCO air traffic controllers went on strike, were fired, and aviation in this country virtually shut down.</span><br /> <br /> <span style="font-family: 'Times New Roman'">After EVERYTHING I had been through, all the pain, all the grief, all the hardship… to have the entire airline industry shut down just as I was rounding the final bend was a blow that I cannot describe. It was a life event that I couldn’t do a damn thing about. It was an insurmountable mountain. I sat in my room and cried, and cried and cried. It seemed that everything I had just been through was all for nothing. My life was over. Moreover, I managed to acquire about a $50,000 debt. I had no idea how I’d ever pay off that debt. I just couldn’t believe it. I was about to have a degree, but I had a very dark $50,000 debt cloud hanging over my head and I had no job prospects – nor did it look like there would ever be any. </span><br /> <span style="font-family: 'Times New Roman'"> However, shortly thereafter, I heard a radio ad that said the military was hiring pilots. So, having no other choice, I joined the USAF and some lights started to come on for me.</span><br /> <span style="font-family: 'Times New Roman'">Realize, this whole time I had been a Level 0 on the Seven Levels scale. I was about to receive a life-changing idea.</span><br /> <br /> <span style="font-family: 'Times New Roman'">I remember getting a bank statement back in 1984 (as a Second Lieutenant in the USAF) and I saw something that just blew me away. I received a statement that showed a “CREDIT” to my account for some small amount (maybe $2 or something like that). It hit me like a truck. I can still remember thinking, “<i>MY GOD! I DIDN’T HAVE TO WORK FOR THAT MONEY!”</i> It may seem humorous that I could be so affected by such a small amount of money, but it wasn’t the amount that hit me, it was the fact that money showed up in my account that I didn’t have to expend effort for. There was a free lunch!</span><br /> <br /> <span style="font-family: 'Times New Roman'">In that moment, I KNEW that somehow it was possible to realize my dreams, but more importantly, my real dream became clear. Up to that point, I didn’t even have any real goals other than to have “more money.” At that instant, my real goal materialized in my mind: <u>Effort free cash flow</u>.</span><br /> <br /> <span style="font-family: 'Times New Roman'">My life changed in that instant. I had no idea how I would create it, but as I stood there holding that bank statement in my hand, I KNEW it was possible and I had proof right there. If I could start the flow with a $2 deposit into my account, I knew that somehow, some way, it was possible to create ANY amount of effort free cash flow. I became a believer and once you truly BELIEVE in something, your life changes.</span><br /> <br /> <span style="font-family: 'Times New Roman'">I want to pause here and go back to something I said in the opening paragraphs… Your life changes as your beliefs change, not before. In that instant, my beliefs changed and my life would change as a result. In that instant, I transitioned from a Level 0 to a Level 4 investor. Every single day, I started to get wealthier. I had no idea what a Level 4 was, but I became one, instantaneously. I was so fired up. I can’t tell you how elevated my emotions were as I saw my debt load being paid down and my net worth stacking up. Each month, more effortless cash-flow was showing up in my account. My attitude went from one of constantly being in the doldrums to having a skip in my step and a whistle in my lips. I was on my way. Going from a Level 0 to a Level 4 in my mind, made ALL the difference in my life. Realize, this is 1984 and I had no clue what these Levels were, but I had made the jump from one to the other in my mind and it had completely changed my life.</span><br /> <br /> <span style="font-family: 'Times New Roman'">I will leave it here for now. Little did I know at the time, but I had much bigger horror stories to come and much bigger challenges to deal with. I’ll type more as I get time, but the biggest thing I can do to help someone else at this point is to point out that your ideas form your reality. Your life grows as your mind grows and NOT before. Please believe me. You must know what you think and then start weeding out ideas of limitation. Those that exist for you are in your mind, not in reality. Later, I&#039;ll explain the journey from Level 4 to Level 5.:icon_super:</span><br /> </span></span></div>
 
<div class="bbWrapper"><blockquote data-attributes="" data-quote="Bounce" data-source="post: 123681" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=123681" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-123681">Bounce said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> <span style="font-family: 'Times New Roman'"><span style="font-size: 12px"><span style="font-family: 'Times New Roman'">You must know what you think and then start weeding out ideas of limitation.</span></span></span><span style="font-family: 'Times New Roman'"><span style="font-size: 12px"><br /> </span></span> </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> <br /> Best line in the whole thing. Thanks for sharing part 1, B, I&#039;m looking forward to reading the rest!<br /> <br /> :eusa_clap:</div>
 
<div class="bbWrapper">Thanks for the honesty in sharing Part 1. Looking forward to the rest!<br /> <br /> speed ++</div>
 
<div class="bbWrapper">Great introduction to your story. Looking forward to the next parts.<br /> <br /> +++Speed!</div>
 
<div class="bbWrapper">Great stuff Bounce.<br /> <br /> Here&#039;s a link everyone can <a href="http://www.lulu.com/content/626447" target="_blank" class="link link--external" rel="noopener">read/download the Seven Levels of Investors</a></div>
 
<div class="bbWrapper">repost</div>
 
<div class="bbWrapper"><span style="font-size: 15px">Part II<br /> <br /> At this point, I was in hog heaven. I was flying a front line fighter for the USAF (F-16) and I was paying off what I considered to be an enormous debt load (my $50K debt). At this point I was happy to just cruise for a while, but still… $50,000 back in those days was a MOUNTAIN of money to me. That debt formed a dark cloud over my head and I carried it with me like a weight around my neck. I hated it. It hurt, it REALLY hurt.<br /> <br /> Then, I found that the USAF had a program designed to save them money. If you had to move from one base to another, they would figure how much it would cost them to move you and pay you 80% of that amount if you simply moved yourself. That was a deal that was nearly too good to be true for both me and the USAF. I had to move from New Mexico to San Antonio, Texas. Then, I had to move from San Antonio to Enid, Oklahoma (Vance AFB). Then, I moved to Holloman AFB in NM, then to MacDill AFB in Tampa and then to Nellis AFB in Nevada. I did all that moving in a very short time. The money I made for moving myself, when added to the money I was able to earn and use to pay off my debt, was enough to pay off my entire $50,000 loan in about two years. <br /> <br /> I can still remember the feeling I got when I paid off the last of that loan. I was once again penniless, but I was debt free. I felt like I had just been let out of prison and I vowed to NEVER AGAIN go into debt for anything. Remember, ideas form reality and I had a very bad idea – DEBT IS BAD – in my head at that time. I didn’t have the financial intelligence or sophistication at that time to understand the nuances of the differences between good debt and bad debt. I simply understood that debt was bad and that idea stayed with me for another 15 years or so. It hurt my ability to grow. It hindered me and it hurt me, but I held it tightly because I KNEW it was true (even though it’s nowhere close to being true).<br /> <br /> Because I knew that debt was bad, that idea fed right into other REALLY BAD IDEAS that I knew to be true – you had to have money to invest, and risk was bad. Ideas have tentacles that feed into other ideas. They can feed each other even if they’re wrong. After all, I reasoned that since debt was bad, and since risk was bad, it was totally obvious to me that borrowing money to invest was a HORRIBLE idea. These ideas fed right into each other and brought me to a financial standstill for many years. However, I was still a Level 4 investor. I still had my cash-flow and expenses in line. I grew each month, it was just very slowly. Many people never do grow beyond these same limiting ideas.<br /> <br /> During this time, the commies were on the rampage and as an F-16 pilot I spent literally all my time for the next six years concentrating on playing my part in the Cold War. I didn’t bother to think about money or finances at all. Plus, I had another catastrophic event in my life – THE BOUNCE.<br /> <br /> On Memorial Day, 1986, I was skydiving with my wife and managed to survive a jump from 15,000 feet without the benefit of an open parachute. It was in north Phoenix. Those of you from around that area may be familiar with the location. It was out at the corner of 99th Ave and the Care Free highway at a place called the Wild Horse Saloon. We were using a dirt road out behind the place for a runway. To make a very long story very short, I spent a lot of time in the John C. Lincoln Memorial hospital in traction (10 weeks in traction total). <br /> As a quick aside, and off the subject… at this point I learned that there is only so much pain your brain will allow itself to sense. At first, it didn’t hurt at all. I felt like I could get up and shake it off. No joke. However, about 45 minutes later when the paramedics rolled me onto a back board, I could feel my broken bones tearing through my insides – literally ripping me apart – and the pain went from zero to OFF-SCALE HIGH. I remember that I could hear someone screaming and it took me a few moments to realize that it was ME. I had an out of body experience. I stood there looking down on the poor fool (me) and I could hear what turned out to be me, screaming. <br /> I had to teach myself to walk again as well (yes, you forget how to walk if you don’t do it for a while). But the larger point (other than all the pain and suffering I went through) is that I spent all that recovery time learning about finances and investing. Is I laid there in traction, I read every book I could get my hands on about Mutual Funds, Bonds, Corporate Bonds, Government bonds and whatnot. I learned about moving averages and technical charts and gold and silver. When I finally emerged from the hospital, I had a plan on how to put my money to work for me. I opened up a brokerage account and started putting every dime I could into it. If you can remember back in the mid to late ‘80s, the Fidelity Magellan fund was really going great. I thought I was really on the financial fast track. LOL (it’s a total joke to me at this point) As a quick aside – the name “Bounce†was given to me by the guys in my F-16 squadron. A fighter squadron can be a fairly harsh place. They will take the thing that’s the most embarrassing in your life and use that as your name. It stuck and people still use it today.<br /> At this point, I thought I was really well educated about the subject of money. My mind was filled with stuff that was just plain WRONG and it was hindering my progress, but I believed it all to be true at the time. Those bad ideas all became true for me because I believed them to be true and they all seemed to feed each other. This is a HUGE point. There is a reason you are where you are. It’s not “luck†or “bad luck.†If you want to change your life, you MUST begin with your own ideas. What do you think, and why do you think it? 90% of it is probably completely UNTRUE, especially if it involves ideas of limitation. If you hear yourself using the words “I can’t†you should start right there. What in the world are you telling yourself that YOU CANNOT DO??? There is no such thing as “can’t†unless you believe you really can’t. The belief is your problem, not reality.<br /> <br /> My next major financial disaster came with the stock market crash of 1987 (or thereabouts). I had thrown everything I had into mutual funds and it was growing great. Then, in a day or two, much of it went away. I was pretty devastated. I was crushed, actually. I was learning a very important lesson about loss of control when you invest in stocks. I thought I was investing, when in fact I was gambling. After being bitten like that, I never went back to the stock market looking for gains. I knew I had to find another way.<br /> In 1990, I separated from the USAF and went to work for Delta airlines. I was finally on the track I had started out to get on back in 1976 when I went to college. It had been one heck of a 14-year detour. I was based down in Miami and my wife and I bought a house just in time to lose everything in hurricane Andrew. By everything, I mean everything except our washer and dryer. Nothing else survived the storm.<br /> <br /> There I was, 35 years old with a wife and an 18 month old daughter, and we didn’t even have a roof over our heads. The insurance paid off my mortgage, but the house was obliterated. We just wanted to leave at that point. The good news was that I still had a job and moving was a piece of cake. We had no possessions left to move, but ourselves. LOL <br /> <br /> As time went on, it became apparent that the people running the airline were idiots (seriously). There was just no way I was willing to put the financial future of my family in the hands of the morons running the airline. At that point, I KNEW I needed to find another way, but I had no clue what it could be. I decided that I would keep my eye out for opportunities and I promised myself that I wouldn’t say, “NO†to ANYTHING until I had fully checked it out.<br /> My only real criterion was that it had to eventually turn into passive cash-flow. It didn’t matter to me how much work I had to put into it. It didn’t matter that I didn’t get paid for doing whatever it was. I just wanted to set something up that could eventually be put on auto-pilot, would pay me regularly, and I could have my life back. I didn’t understand it at the time, but my criterion eliminated anything on the left side of the cash-flow quadrant. <br /> <br /> I looked and I looked and I looked. Eventually, I stumbled on a network marketing plan that sold cheap long distance service. I worked that night and day for two or three years and did reasonably well with it. I used my income from that to help pay off my new house. I still had it in my mind that debt was bad and I was on a mission to pay my house off in the same manner I had paid off my college debt. However, in one 60 day time frame, every single representative I had under me and most of the customers we had all accumulated, quit. No kidding. My entire organization was dead in just a couple of months. Once again, I was crushed. I had spent a couple of YEARS building what I had and was once again back at ZERO. The only difference was that I managed to pay my house off. I still had a job and was debt free, but the only income I had was earned income from the E quadrant.<br /> <br /> Through all that I came to the conclusion that I just couldn’t depend on the efforts of other people. Most people are as lazy as sin. Most people are long on whine and short on dreams, ambition and effort. Most people are hard chargers right up to the VERY FIRST “NO†they get and then they’ll quit. If it wasn’t as simple as pie, they simply won’t do it. If the outcome is at all in question, they’ll say the risk is just too great. People drove me crazy!!!! The average person is so filled with doubt and negativity, that I am constantly astounded that we have come so far in this country.<br /> <br /> At any rate, I decided at that time that networking wasn’t for me. I couldn’t make it work if I couldn’t depend on others to have the same ambition, motivation and energy that I have. I had no idea what it would be, but I promised myself I’d find something. I still have these beliefs. I still can’t delegate worth a darn because I can’t trust anyone to do anything. I have always been disappointed when delegating to others. It may be why I never made it in the B quadrant. I never mastered the art of delegation. That remains a major problem I have yet to overcome.<br /> More later.<br /> </span></div>
 
<div class="bbWrapper"><span style="font-family: 'Times New Roman'"><span style="font-size: 15px"><span style="font-family: 'Times New Roman'">Part III</span></span><br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">One day (this was about 1997 or so) I was out at the local airport and I ran into a realtor that was really bummed out. He was singing the blues, big time. He said that 99% of the houses in the MLS would never sell, no way, no how. I asked him why that was. He said that the owners were all underwater and would have to come to the closing table with at least $15000 to sell their house. He then added a one liner comment that led me on a whole new track. He added, “None of the houses will sell – except the owners who are willing to offer a real estate contract. Those houses sell right away.”</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">I asked him, “So why don’t they sell on a contract?” He replied that most owners needed to clear their credit and move on. I thought to myself, “Well, I wouldn’t need to clear my credit. Maybe I should BUY a house and sell it on a contract.”</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">The more I thought about it the more the idea made sense. What if I could buy a foreclosure house really cheap and then offer it “Owner Financed” at a higher price? The answer to that led me to where I am now. This is about the time I found Rich Dad, Poor Dad.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">I looked around and found that in certain sections of town (bad areas), I could buy a beat up three bedroom, one and ¾ bath house for about $48,000. That house would appraise for $60K. I found a bank that would lend me money (80%) based on the appraisal. So, if I found a house that I could get for no more than $48K, I could buy it using NONE of my own money and that was a requirement for me because I didn’t have any money to invest. All my money had gone to pay off my house. Bad ideas I&#039;d held for years about debt and risk evaporated in an instant. Once those bad ideas were gone, things got a whole lot easier. I learned to think very differently. The key to my success at this point was changing the way I had become used to thinking. The ideas I had had, sucked! It was time to dump them and move on.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">So, I started doing it – big time. I’d buy houses for $48K and sell them to people with bad credit for $75K. I get a loan for the house at $8% and offer it to the buyer for 10%. I was making money twice (on the sale price and on the interest rate). I was making two percent on the money I borrowed from the bank and 10% on the money I made up out of thin air (the difference between what I bought for and what I sold for). As time went on I started getting smarter. I’d find a foreclosure that met my criteria and SELL IT FIRST. I’d put ads in the paper for properties I didn’t even own. I’d get a purchase agreement and a down payment before I put in a bid to buy the house myself. It was simple and on each house I generally made $35K when the whole thing was said and done. Plus, the laws here really favored the owner of a contract. If the people stopped paying, I could easily get them out within 45 days. It was a no-brainer. Moreover, since the houses were insured for the construction costs of a new house, I told the people that if they ever got really mad at me, to be sure to drive their truck through the house from north to south and then from east to west. Then spray five gallons of gas throughout the house and set it afire as they left in the dead of night. I explained that although they’d go to jail for arson, I’d make a whole lot more money even faster! As a result, nobody who defaulted on me ever damaged a house they were in. LOL</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">At one point, I hit a dead spot. I had read everything Robert Kiyosaki had written. He said he looked at 100 properties, made bids on ten and actually got ONE. Well, at one point, I ran out of properties that met my criteria. I looked and looked and looked. NOTHING. I kept track of the properties I looked at and had searched well in excess of 100. I was out of ideas. Then, I saw RK had a new program out with Time-Life. I’ve forgotten the name of it at this point, but it came in a plastic binder and had eight or nine cassette tapes. It had a big work book, too. It cost something like $130 and I fought with myself over whether I should buy it. I kept thinking, why should I buy the same exact thing over and over and over again from him? I changed my mind back and forth several times. Then, I finally asked myself, “If he offered to come here and just talk for an evening and the only thing he asked in return was a $500 dinner, would I be willing to pay that?” I agreed that I probably would, so I went ahead and purchased the program.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">I listened to the tapes and out of the whole thing there was ONE SENTENCE that got me going again. ONE SENTENCE was worth the price of the program times 10,000. He repeated that he looked at 100 properties, made offers on 10 and actually got one. I thought, “Yeah, so tell me something I don’t know.” HE DID! He said, “If I ever get to 100 and can’t find a property, I start all over again at ZERO.”</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">It seems simple enough now, but at the time it was a revelation. I was concentrating on the 100+ losers I had seen and not the next 100 potential winners. The end to this particular story is interesting. I looked for a whole year without finding anything. I looked at at least 200 more properties without finding anything. Then, one day, I went out do drive by three properties AND ALL THREE WERE SCREAMING BUYS! ALL THREE! So, I had looked at about 300 properties and in the end found three goodies. I was astounded.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">At one point, I had ten of these houses going at once and in any given year about three would cash out and pay me off. So, I had about $100K per year coming in from this process. During this time, I learned another HUGE idea – THE ONLY PURPOSE OF MONEY IS TO MAKE MORE MONEY. It was at this point that I found the game CASHFLOW. It came at exactly the right time for me. As an interestin aside, in the video that came with the game, RK outlined the nearly exact same process that I had figured out on my own except that I was doing it a little smarter and selling the houses BEFORE I bought them. It was time to take the profit from my houses and buy a hotel (so to speak).</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">I took every penny of profit from these deals and bought commercial real estate around town. These were all properties that were leased out on Triple Net leases. I had no landlord responsibilities whatsoever. I had become a mailbox MBA. I got paid simply because my name was on the deeds and leases. My cash-flow and my net worth exploded upward. In a very short time I was able to walk away from my job as an airline captain. Since then, my income has only gone up. I am making approximately 50% more now than the day I retired and that’s saying a lot considering I left the earned income stream behind.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">Before I go on, I need to warn people off of doing what I did the way I did it. Times have changed. Now, lenders are the favorite enemy of the government. There are new federal laws regulating lenders that didn’t exist when I was doing the foreclosure, real estate contract thing. I wouldn’t do it that way again. Not now anyway.</span></span><br /> <br /> <br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">I can’t express how much help Robert Kiyosaki’s material was for me. His diagrams made perfect sense. People have read his stuff and said, “<i>Well, it sure sounds simple, but he doesn’t tell me what to do</i>.” I can’t understand that reaction because to me, RK’s books told me EXACTLY WHAT TO DO. The <u>Richest Man In Babylon</u> was also HUGE in my success. It’s like the book was talking to ME.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">Now, after reading all this, you may think, “Wow, Bounce has it made.” How wrong that is. Over the past three or four years, I’ve had a growth on my right thigh. It kept getting bigger and bigger. When it was the size of a grapefruit, I finally had it looked at and it turned out to be cancer. Not only cancer, but REALLY BAD CANCER. The medical reports I read said that the five year survivability of people with this kind of cancer was 15%! COnsidering I had already had the cancer for three years without knowing it and it had been untreated, last July I was pretty convinced that I was a dead-man. I spent a lot of time writing and rewriting everything I had learned to pass down to my kids. I spent a lot of time trying to teach my wife exactly how to think – although she understands what’s going on, she still doesn’t understand the basic thought process that I have. Her mind is still welded in the middle class mentality.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">Anyway, I went through 16 brutal weeks of chemo. I went through the surgery to remove the lump in my leg and now I am nearly through with radiation therapy. The good news is that the doc said last week that the cancer was “probably” gone now and it “probably” wouldn’t come back. So, hallelujah! It looks like I’m not going to go down for the big dirt-nap after all – at least not from the cancer.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">As I was going through the whole cancer treatment thing, I kept remarking to my wife at how nice it was not to have to worry about a job. It sure was nice not to have to worry about how the bills were going to get paid. It sure was nice not to have to answer to ANYONE, FOR ANYTHING. It was great knowing I was leaving my family with a boat-load of monthly cash-flow instead of a boat-load of debt and no earned income to support it.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">I can’t tell you how nice it is to be cancer free and OUT of the rat race.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">If I could convey one thing to each of you who have read this far, it would be to understand that you are where you are for a host of very good reasons – all of which have to do with YOU and WHAT YOU THINK.</span></span><br /> <br /> <span style="font-size: 15px"><span style="font-family: 'Times New Roman'">If you want to change your life, you must FIRST change the way you think. IF you do that, your life WILL CHANGE. The problem for most people is that they refuse to question what it is they THINK they know. People get a death grip on their ideas - even when they don&#039;t work. I&#039;d venture to say one of my biggest advantages was the fact that I was willing to change the way I thought. And, I am still open to new ideas.</span></span><br /> </span></div>
 
<div class="bbWrapper">Thank you for sharing your story!!!</div>
 
<div class="bbWrapper">That was a great story!!!!!!!<br /> Thank you.</div>
 
<div class="bbWrapper">SPEED +++<br /> <br /> Great story.<br /> <br /> Great to hear from you again after so long! Too many people from the old days dissapear and are never heard from again!<br /> <br /> - Hakrjak</div>
 
<div class="bbWrapper"><blockquote data-attributes="" data-quote="hakrjak" data-source="post: 123768" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=123768" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-123768">hakrjak said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> SPEED +++<br /> <br /> Great story.<br /> <br /> Great to hear from you again after so long! Too many people from the old days dissapear and are never heard from again!<br /> <br /> - Hakrjak </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote> <br /> <br /> I&#039;m not sure where everyone went. I hear from Dave/Stacey (successenterprisesllc) from time to time. Last I heard they&#039;re doing well.<br /> <br /> Once I got OUT of the rat race, I lost interest in the forum over at that &quot;other&quot; place. lol</div>
 
<div class="bbWrapper">Bounce said:<br /> <br /> <b>If you want to change your life, you must FIRST change the way you think. IF you do that, your life WILL CHANGE. The problem for most people is that they refuse to question what it is they THINK they know. People get a death grip on their ideas - even when they don&#039;t work. I&#039;d venture to say one of my biggest advantages was the fact that I was willing to change the way I thought. And, I am still open to new ideas.<br /> <br /> <br /> Thank you...Bounce......This sentence...if applied...works miracles !!<br /> May the cancer always be in your past. BLESSINGS!<br /> <br /> </b></div>
 
<div class="bbWrapper"><blockquote data-attributes="" data-quote="Cat Man Du" data-source="post: 123778" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=123778" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-123778">Cat Man Du said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Bounce said:<br /> <br /> <b>If you want to change your life, you must FIRST change the way you think. IF you do that, your life WILL CHANGE. The problem for most people is that they refuse to question what it is they THINK they know. People get a death grip on their ideas - even when they don&#039;t work. I&#039;d venture to say one of my biggest advantages was the fact that I was willing to change the way I thought. And, I am still open to new ideas.</b><br /> <br /> <br /> <b>Thank you...Bounce......This sentence...if applied...works miracles !!</b><br /> <b>May the cancer always be in your past. BLESSINGS!</b> </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote> <br /> <br /> Thanks man! Thanks EVERYONE! :yourock: :thankyousign:</div>
 
<div class="bbWrapper">Bounce, just wanted to let you know i enjoyed your story and took some great notes from it. Thank you for taking the time to share it with the community, it is very well received!</div>
 
<div class="bbWrapper"><blockquote data-attributes="" data-quote="LightHouse" data-source="post: 123794" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=123794" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-123794">LightHouse said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Bounce, just wanted to let you know i enjoyed your story and took some great notes from it. Thank you for taking the time to share it with the community, it is very well received! </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> I agree with this wholeheartedly. I enjoy the stories, because they really give motivation to me. Its removes those mental roadblocks you talk about. If he can do it, why not me?<br /> <br /> I know it took some time to write your story out. On this particular forum, folks that have a &quot;I refuse to quit&quot; attitude hold a special kind of unwritten honor.</div>
 
<div class="bbWrapper">Speed ++ to bounce that is a very inspirational life story.<br /> <br /> <br /> can you suggest some reading or website where I can learn about borrowing money, investing, etc.<br /> <br /> I do not have any money but would like to start investing.</div>
 
<div class="bbWrapper"><span style="font-family: 'Times New Roman'"><span style="font-size: 15px">Thanks again to everyone who enjoyed the posts.</span></span><br /> <br /> <span style="font-family: 'Times New Roman'"><span style="font-size: 15px">Here&#039;s the deal... I wanted to include enough &quot;frustration&quot; and downright &quot;horror&quot; stories to let you know that I&#039;ve seen real life. If you are frustrated and going through hell, believe me - I GET IT. I&#039;ve been there.</span></span><br /> <br /> <span style="font-family: 'Times New Roman'"><span style="font-size: 15px">But I also wanted to offer the key I found to the exit door. If you&#039;re not yet at John Burley&#039;s Level 4, you have to get there first. The way to get there is to change the way you think.</span></span><br /> <br /> <span style="font-family: 'Times New Roman'"><span style="font-size: 15px">You each hold the key to your own unlimited financial future.</span></span><br /> <br /> <span style="font-family: 'Times New Roman'"><span style="font-size: 15px">LOOK, (pausing to collect thoughts), the bottom line is that EVERYONE in the history of mankind who has EVER become wealthy has done it in a slightly different way than everyone else. It&#039;s not a matter of WHAT YOU DO. Any system will work if you learn to work it. Lots of people became wealthy in Amway for crying out loud. Now, I couldn&#039;t make Amway work for me, but the point is that it can be done - it HAS been done many times.</span></span><br /> <br /> <span style="font-family: 'Times New Roman'"><span style="font-size: 15px">First, sit down and create a list of written goals. It wasn&#039;t until I saw that deposit in my checking account that I realized that oodles of PASSIVE INCOME was my main goal. Developing that goal was crucial to my ultimately achieving it. Find a system that appeals to you, or do like I did and create your own. Each and every day work toward your goals. You&#039;ll have to work through unlimited frustrations and problems. That&#039;s just the way it is. That&#039;s life. As I indicated in my post, I&#039;ve been through my share - trust me. lol</span></span><br /> <br /> <span style="font-family: 'Times New Roman'"><span style="font-size: 15px">IF YOU DO NOT QUIT, YOU CANNOT FAIL.</span></span><br /> <br /> <span style="font-family: 'Times New Roman'"><span style="font-size: 15px">No whining! If you think you&#039;ve got it tough, just think of what I had to beat my way through.:smash: I have a lot more horror stories than I wrote about, but I relayed enough to make the point that it hasn&#039;t been easy. However, there is a light at the end of the tunnel if you&#039;re determined to succeed and you are willing to accept ideas that work and cast away ideas that don&#039;t. Most people fail in that very step from what I&#039;ve seen.</span></span><br /> <br /> <br /> <br /></div>
 
<div class="bbWrapper">And another thing...<br /> <br /> One big difference between me and many other people is that the path of LEAST resistance has NEVER BEEN the path of LEAST effort and work.<br /> <br /> The idea of living in the rat race for the rest of my life was much more painful than the idea of working 24/7 for as long as it took to build something that would lift me out of it.<br /> <br /> If sitting on the couch seems like a good way to pass the time, nothing I say will make much sense. I was out there beating my way through the brush to reach my target. I couldn&#039;t have spent my time watching TV. I couldn&#039;t have sat still all that time knowing I hadn&#039;t reached my goals.</div>
 
<div class="bbWrapper">Bounce, great story, thanks for sharing. Rep++<br /> <br /> A very interesting point I want to make and would like your opinion about is the current state of Real Estate Investing.<br /> <br /> Things have changed.<br /> <br /> Based on what you know, how would you do it again if you had to?<br /> <br /> What &quot;how-to&quot; advice would you provide to your nephew/son/niece/daughter/neighbor&#039;s kid about making it in REI in today&#039;s conditions?<br /> <br /> We know there are millions being made today. The rules of the game have changed a little bit. How to adapt? What is working today?<br /> <br /> --now that I think about it, this may be a whole other thread... but hey, you can&#039;t blame me for asking, can you?</div>
 
<div class="bbWrapper">Fantastic story, this is the Bounce I remember for RD forums! I still remember reading about your lettuce story years ago over their.<br /> <br /> I didn&#039;t know you had cancer and am extremly glad you came through OK. Its a horrible thing, I just burried a friend who died from it a couple of months ago.<br /> <br /> If your ever in CT look me up, I&#039;ll buy you dinner.</div>
 
<div class="bbWrapper"><blockquote data-attributes="" data-quote="andviv" data-source="post: 123805" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=123805" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-123805">andviv said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Bounce, great story, thanks for sharing. Rep++<br /> <br /> A very interesting point I want to make and would like your opinion about is the current state of Real Estate Investing.<br /> <br /> Things have changed.<br /> <br /> Based on what you know, how would you do it again if you had to?<br /> <br /> What &quot;how-to&quot; advice would you provide to your nephew/son/niece/daughter/neighbor&#039;s kid about making it in REI in today&#039;s conditions?<br /> <br /> We know there are millions being made today. The rules of the game have changed a little bit. How to adapt? What is working today?<br /> <br /> --now that I think about it, this may be a whole other thread... but hey, you can&#039;t blame me for asking, can you? </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote> <br /> <br /> Excellent questions! I have two teenage daughters and consider the same issues all the time.<br /> <br /> You&#039;re exactly right in your statement that things have changed. Now, there is an all out WAR going on against lenders. They&#039;re being painted as criminals. Lending is, in the end, what I did. I borrowed money to buy a house (my name was on the mortgage) and I then resold the house guaranteeing the financing to someone with bad credit.<br /> <br /> When I was doing it, if someone defaulted on me, I could easily get them out of the house and resell it in short order. I have sold several houses the first day they went up for sale. So, there was virtually zero risk from my perspective.<br /> <br /> However, today, there are new federal lending regs that weigh heavily on the lenders. It&#039;s bad enough, at this point, that IMO it would be dangerous to lend any money to anyone for anything. When the government can go in after the fact and rewrite the terms of a contract in the favor of a deadbeat borrower, there is NO WAY I want to be a part of that deal as the lender <u>WITH MY NAME ON THE MORTGAGE</u>. NO WAY.<br /> <br /> So, that being said, what &quot;would&quot; I do if I had NOTHING to start with? One of my bigger problems when I got started was the fact I had no money to invest. I had to get creative and think outside the box.<br /> <br /> So, think about this... what if my name WASN&#039;T on the mortgage? Would it be so dangerous if your name isn&#039;t on the mortgage? What if you you took the idea another level deep. For instance, what if you found someone who was about to lose their house and you told them you would save them a foreclosure, and you&#039;d take over their payments on an UNRECORDED contract, but you had to leave their financing in place? Then, you wrapped the wrap.<br /> <br /> You wrapped their mortgage on a contract promising to pay their payments and then you sold it again to someone else using the existing financing on yet another contract?<br /> <br /> You&#039;d be violating the Due on Sale clause, but there is nothing illegal about that. The Due on Sale clause is nothing but a clause in a contract that says the lender HAS THE RIGHT to call the note due if they find out. It doesn&#039;t even mean they WILL call it due. It doesn&#039;t force them to. It just gives them the right to do so. There are many ways of making sure they don&#039;t find out.<br /> <br /> I&#039;m just typing out loud here. I&#039;m not saying this is a great idea. It&#039;s just something to toss out as a tactic to keep in the back of your head as time goes on. Then, if the buyer defaults, you&#039;re unable to resell the house, you find yourself in a pinch and you have to walk away from the whole thing... your name is not on the line and the original owner of the house is in no worse shape than they were in before you came along.<br /> <br /> I&#039;m not saying this would be my first choice, but if I had NO MONEY and I had NO CREDIT and I had NO FRIENDS OR RELATIVES THAT WOULD LEND ME MONEY OR CREDIT AND I HAD NOTHING AT ALL... you have to do SOMETHING to get the ball rolling.<br /> <br /> Sometimes you just have to do what you have to do to get started.<br /> <br /> In answering this question further, what situation are people you&#039;re talking about actually in? Do they have any financial resources, or are they starting off at ZERO. Meaning, zero credit, zero cash, zero credibility and zero friends and relatives who are in a position to help. All those things come into account.<br /> <br /> As for my own daughters, they&#039;re not starting off at zero like I did. I could easily arrange financing for a strip retail center to get them started with cash flow. I will be able to explain all the issues and solve all the problems on their first few properties. So, they will eventually have a big leg up and won&#039;t have to fall on their faces to learn like I did. So, the exact situation of the aspiring investor means a lot. If they have absolutely NOTHING - as in NOTHING AT ALL, they might have to do what it takes to get started.</div>
 
<div class="bbWrapper"><blockquote data-attributes="" data-quote="hatterasguy" data-source="post: 123809" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=123809" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-123809">hatterasguy said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Fantastic story, this is the Bounce I remember for RD forums! I still remember reading about your lettuce story years ago over their.<br /> <br /> I didn&#039;t know you had cancer and am extremly glad you came through OK. Its a horrible thing, I just burried a friend who died from it a couple of months ago.<br /> <br /> If your ever in CT look me up, I&#039;ll buy you dinner. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote> <br /> <br /> Yeah Hatterasguy, I remember you. Weren&#039;t you looking at a 30-unit office complex that some Arab was trying to sell a few years back? I seem to remember looking at a google earth image of it or something.</div>
 
<div class="bbWrapper"><blockquote data-attributes="" data-quote="andviv" data-source="post: 123805" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=123805" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-123805">andviv said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Bounce, great story, thanks for sharing. Rep++<br /> <br /> A very interesting point I want to make and would like your opinion about is the current state of Real Estate Investing.<br /> <br /> Things have changed.<br /> <br /> Based on what you know, how would you do it again if you had to?<br /> <br /> What &quot;how-to&quot; advice would you provide to your nephew/son/niece/daughter/neighbor&#039;s kid about making it in REI in today&#039;s conditions?<br /> <br /> We know there are millions being made today. The rules of the game have changed a little bit. How to adapt? What is working today?<br /> <br /> --now that I think about it, this may be a whole other thread... but hey, you can&#039;t blame me for asking, can you? </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote> <br /> <br /> In my opinion, we are going to face the greatest transfer of wealth the world has ever seen over the next five years. It hasn&#039;t started yet, but it will. Now is an EXCELLENT TIME to be marshalling forces and getting ideas together in preparation.</div>
 
<div class="bbWrapper"><blockquote data-attributes="" data-quote="Bounce" data-source="post: 123819" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=123819" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-123819">Bounce said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> In my opinion, we are going to face the greatest transfer of wealth the world has ever seen over the next five years. It hasn&#039;t started yet, but it will. Now is an EXCELLENT TIME to be marshalling forces and getting ideas together in preparation. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> This is an intriguing thought. Why do you think this will happen? And as fastlaners, how do we profit from it?<br /> <br /> Love to hear people discussing this...</div>
 
<div class="bbWrapper">Finally took an hour and read the story, incredibly loaded with awesomeness and evidence success is always a journey of hardwork. My fav ... <blockquote data-attributes="" data-quote="" data-source="" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Through all that I came to the conclusion that I just couldn’t depend on the efforts of other people. Most people are as lazy as sin. Most people are long on whine and short on dreams, ambition and effort. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote> Funny I didn&#039;t see any mention of you sitting around playing video games all day?! Ha Ha ... it&#039;s great to have you here and my well wishes for you and better health.<br /> <br /> Speed+</div>
 

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