Five Hours Of Work For A $10K Deal
Ruth Mejil – Austin, Texas
I believe the best way to learn the business of real estate investing is to hear how others have done it.
When these interviews were recorded, I asked Tom, the interviewer, to ask questions that would help the viewer see how these folks got started.
I wanted to hear the struggles, the successes and a clear path and explanation of what they had to do to make these deals happen.
I did NOT want them to be a bunch of people telling you how wonderful Joe Crump was. I wanted content, examples and real life experiences.
I hope we succeeded.
My 6 month mentor program:
A few Case Study Video Interviews with my Students:
Five Hours Of Work For A 10K Deal
Ruth: My name is Ruth Mejil. I’m from Austin, Texas, at least that was the city when I joined in Joe’s program. I have been interested in real estate for a while, so I started doing some research online. Joe Crump kept coming up and I liked mostly the creative financing methods that he talked about, and then later learned about the for rent method with lease options.
Ruth: I’d have to say, seriously, probably last year, when I came to this event, and I say “seriously” because it was when I did my first deal. So, my first deal was about five weeks after I attended Joe’s event in January and it was a lease option and it was a $10,000 deal which was very shocking on a, it was about a $110K house, so that’s not typical, but, it was good. It worked well.
Ruth: Wow. Probably, of actual work time, I’d say maybe four to five hours, if that, and it was actually an out of state deal, so I never saw the property. I only spoke with the seller and the buyers who had come through to look at it. Just posted on Craigslist. I didn’t have boots on the ground at the time. It was out of Alabama and so, yeah, three weeks. It was done start to finish. So, it was a through all the stars were aligned. It didn’t happen like that following, but very, very good deal for sure. That was my best deal, just because, like I said, everything kind of fell into place. I found that deal from the pushbutton Automarketer and this was an investor guy who’d had several properties and he’d been trying to move this one for, about five months it sat vacant. So, it did need some cosmetic repairs. So there was a lot of wiggle room. He was willing to come off of his price. He’d already had it on the market so long that, you know, he just was ready to get the deal done and I was happy to be able to bring him a buyer so quickly. And it was a good deal for the buyer, it was a good deal for him, and of course in the end, it worked out really well for me as well. So my best deal ever.
Ruth: Not quite yet. I don’t know that I’m there yet, but that would be my fault because I’ve kind of backed off of the daily activities that I need to be doing to get that. But I know it’s doable and it’s partly why I came back to the event this time because it always gives me a little bit of a boost and a refresher and a little nudge that I need to do what I need to do.
Ruth: I’d say my immediate goal is to get cash flow. Lots of cash flow. And then beyond that long term, I’d like to get into the multi-family space. I’d like to start doing some commercial deals.
Ruth: It’s been great, so, I flew for the airlines for seventeen years and I loved it for a long time, and then, you know, as the years went on and my daughter, you know, my life needs changed and so I needed to kind of be home more often and not traveling and so this worked really well doing this work from my home. And I was able to work less and eventually I opted out in 2015. So, yeah, it’s been a great decision for me to start this business and to move away from flying. I just had, you know, done it. Now I’m doing something that I’ve wanted to do for so long.
Ruth: Oh, absolutely. You know, like I said, that deal that I told you was my best deal, was, it was just great knowing that I could be part of something that was beneficial to everyone involved. You know, that person that bought the space or moved into that space, was super-excited about it. They would not have gotten to a home otherwise that way. The seller was excited because he’d had a vacant property for five months. And of course I was excited because I was able to, you know, make some money on a deal that, to be honest, it was my proof of concept. I really didn’t know for certain that it would work for me. I knew that I’d heard other people say, you know, I’m making great money, I’m doing this and this deal and that deal. But for me to actually close on that was proof of concept that I, myself, could do it and that I could make a really good income doing it and helping people to boot.
Ruth: I’d say start where you are, you know? Learn as much as you can in the space that you want to learn from the people that are doing what you want to do, you know, depending on, there’s so many different aspects of real estate and whatever it is that you want to do, I’d say, you know, find someone that is doing it and then follow them. For me, this worked well because, like I said, the seller financing, not seller financing, but the creative financing options were really key for me, because I think you can use them in so many different ways and, both in residential and commercial space. And then the lease option was great. I think it’s a super easy way to get started in the business and actually create some cash flow and generate, you know, so that you can kind of get, gain some momentum and Joe Crump was great for that. I highly recommend, and then also the pushbutton Automarketer. That’s how I got my first deal, you know, it just made it so much easier to have in bound leads as opposed to cold calling every day.
Ruth: It’s something I’ve always wanted to do and I’m glad that, you know, I’m able to make it happen and I encourage you that if this something that you’ve ever dreamt about or even thought could make a difference in your life, I say try it. Because you’d be surprised.