Hi everyone, I'm new to the forum, just finished MJ's book.
I liken The Millionaire Fastlane to another great book: "Rich Dad Poor Dad" which was an inspiration that led me into a rollercoaster ride that was a real estate flipping career from 2002-2008.
I flipped 75 houses in the Northern Virginia area during that time. Using intended iteration I planned to squirrel away enough money to fund a passive money system before I turned 30.
During this time, I learned some great lessons in business structures (set up multiple LLC's and S Corps along with Land Trusts), continuing education (starting at graduation is definitely key), negotiation and filling needs (I did door to door pre foreclosures, of the 75 flips only 1 was for sale, yet by filling a need for the distressed homeowner, I bought 74 that weren't for sale when I walked in), Effection, (the magnitude side of effection was in play when proving new housing for people that needed to downsize and then subsequently providing housing for the new home buyers once the house was fixed up) and how to respond to "whats in it for me" (this was the only factor going through the minds of people about to lose their homes).
My high point was early 2007 the first quarter of the year I made a very good profit from several single family house flips, three months in a row.
There were some bumps on the road that eventually caused my car to stall and require me to pull over and change the oil:
Control, I started from nothing with nothing and part of a deal I worked out to gain mentoring and money for flipping I had to cede control of a major stake in a the form of a partnership.
Scale, I couldn't seem to train anyone to do what I did to increase the size of the operation.
Building a brand instead of a business, Pre foreclosure is a tough business to build a brand, while I did get some repeat business (how scary is that for someone to get into trouble and call me to bail them out more than once?) Most folks wanted to get on with their lives and not talk about what happened or who helped them at such a dark hour.
Looking forward to the next road on the fast lane, Thanks for the motivational juices MJ!
00N8
I liken The Millionaire Fastlane to another great book: "Rich Dad Poor Dad" which was an inspiration that led me into a rollercoaster ride that was a real estate flipping career from 2002-2008.
I flipped 75 houses in the Northern Virginia area during that time. Using intended iteration I planned to squirrel away enough money to fund a passive money system before I turned 30.
During this time, I learned some great lessons in business structures (set up multiple LLC's and S Corps along with Land Trusts), continuing education (starting at graduation is definitely key), negotiation and filling needs (I did door to door pre foreclosures, of the 75 flips only 1 was for sale, yet by filling a need for the distressed homeowner, I bought 74 that weren't for sale when I walked in), Effection, (the magnitude side of effection was in play when proving new housing for people that needed to downsize and then subsequently providing housing for the new home buyers once the house was fixed up) and how to respond to "whats in it for me" (this was the only factor going through the minds of people about to lose their homes).
My high point was early 2007 the first quarter of the year I made a very good profit from several single family house flips, three months in a row.
There were some bumps on the road that eventually caused my car to stall and require me to pull over and change the oil:
Control, I started from nothing with nothing and part of a deal I worked out to gain mentoring and money for flipping I had to cede control of a major stake in a the form of a partnership.
Scale, I couldn't seem to train anyone to do what I did to increase the size of the operation.
Building a brand instead of a business, Pre foreclosure is a tough business to build a brand, while I did get some repeat business (how scary is that for someone to get into trouble and call me to bail them out more than once?) Most folks wanted to get on with their lives and not talk about what happened or who helped them at such a dark hour.
Looking forward to the next road on the fast lane, Thanks for the motivational juices MJ!
00N8
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
