I Made $1000 An Hour Working On A Deal
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 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.
Case Study – David Shihadeh – Indianapolis, Indiana
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I Made $1000 An Hour Working On A Deal
David: My name is David Shehadeh, and currently I live in Indianapolis.
David: It was about I think six years ago. I can’t remember where. I think I was online and I saw Joe somewhere online and then I got in touch with him and I met him and I ended up joining. The best deal I’ve done so far is a wholesale part, you know, where I didn’t do anything to it. It just basically I buy it or I put it on a contract and I flip it. That’s the easiest one. Now I want to do more of those, actually, because I did a lot of rehabs but they are, sometimes they could be a little headache because it is more time consuming, but is also good to do. But now I want to focus more on wholesale.
David: I was sending letters and I got few people called me and I, you know, one of the people called me and that particular deal we talked about, it was just very easy and they wanted rid of it and I just offered them a price and then actually I paid for that one, too, I didn’t, you know, I paid for it and then I sold it within three weeks to a wholesaler for you know, for, about I think $8,000 more. I didn’t do anything to that property at all.
David: That particular one was sending letters because I do some email marketing as well. I do more than one thing. And, but a lot of times the For Rent Method, you know, when I was doing the Automarketer program and it works pretty good for me. But then I took a time off and I stopped doing business for a couple of years. And now I am starting to get back into again because I have passive income from some property that I rehabbed and rented. So, I’ve been taking it easy in the last two years.
David: And you could do that real estate because I think that’s the only one you can do. You can, you know, and I believe in passive income so I definitely encourage people to create passive income so they don’t have to worry about where money is coming every single month. And that comes from you know, renting properties.
David: Just the time, you know, where we are real estate investors. Sometimes we structure deal according to where we are and what we need to do and you know, what makes sense for us. I usually, I’m the kind of investor I do what makes sense to me at the time and every time is different. Sometimes when I buy a property I hold it and rehab and hold it. Sometimes I just want to get rid of it, you know, if I need some cash I sell it quick. I can always find properties, you know. I get the list, since I’ve been doing that for a while, I get a list from wholesalers here and know that property is for sale so I check them out and if I like something I go and buy it. I offer them whatever and then I buy it. So, for me, it’s different than some other people. I do things differently every time so I don’t really follow set protocol, but I do structure a deal as what makes sense. The market, of course, you have to look at the market and everything else. It’s fun. It’s fun, but I do it different every time. I don’t follow the regular protocol everybody do.
David: Just closed. You buy it, bought it for a certain price and I sold it for some price and through escrow of course. Everything I do through escrow. We just do the agreement and we, we have this company, escrow people that we deal with depending on, you know, where I am. And then we close the deal and they send me a check.
David: Well, I mean, I didn’t really spend two weeks working on it. I only probably spent, I can’t really think right now how many hours, six, seven hours. We’ll say ten hours, okay? So if you divide that seven thousand dollars by – that’s close to a thousand dollars an hour. And when you do that, and sometimes you do more than that in business. And I’ve done more and less depending on each deal.
David: For the last two years I don’t really do much except receiving passive income. I did like, four or five deals last year. I really wasn’t doing anything. Just people comes to me, people call me and I see how they are, and so that’s all I did. And I probably, a couple of them are investment properties, so I didn’t really make money on them in terms of reselling them. But I did pretty good last year, you know, in wholesaling. I sold quite a few wholesale properties.
David: My personal goal is just to increase my passive income so I don’t have to worry about money again, which is pretty, you know, pretty much there right now. But you always like to increase it to make sure that you can live there, have a life, and, you know, really stay it. I believe it get, it has a chance to give all of us the right dream where you don’t have to worry you know, about working every day or where the check is coming from, or you have to go from eight to five or you know, like, I don’t have a boss. I never have a boss for many, many years, so I am my own boss. If I, I could make a lot more you know, money, with my knowledge, but sometimes I’m lazy. Sometimes I just want to loaf around, you know, I don’t want to do it. But the money’s there.
David: Well, it made a big difference, you know, when you have passive income, when you have good income that’s coming to you. It changes your life, you know, I mean, I think I’ve heard that eighty percent of people, maybe more, think about money every single day, you know, ever single day they think about, you know, where the money’s going to come from at the end of the month. And so it’s nice to know where the money is going to come from whether you will think about it or not. So, it definitely has a great impact on my life that I don’t have to worry about you know, where the check is going to come from next month.
David: Well, I did a deal in Carmel, it’s for sale right now. We bought it in really nice neighborhood. I bought it last year as part of deal. The high end deal. It’s just, we just put it on the market and it’s winter right now, it’s a little tough deal, but, that was a really good buy, you know. I got that as so many other deals but that one is a good buy and we’re going to make good money once it’s sold.
David: I’m doing some coaching, like, one on one, a little bit of coaching right now. I actually wrote one book on Amazon. I have two other books coming out. Two on motivation and one about real estate, you know, how to buy, you know, and like, different chapter of real estate. And so I’m finishing those in the next few months. And then I also want to do more interview with listed investors and put them on line and to get, write a book for each one as, show their experiences so we can encourage entrepreneurs. Being more entrepreneurial because we need more entrepreneurs in this world these days, you know, we need thinkers. And that’s where my mind is right now, and I’m going to do a lot more wholesale deals as well.
David: Yeah, I don’t have another job. I mean, it’s not really full time. I mean, if it’s full time I’d be making a lot more money. I’m kind of maybe working an hour, two hours a day, sometimes I don’t even work.
David: Yeah, I outsource some work and some of them work out, some of them didn’t work out. I have to say I’m disappointed with outsourcing for me. I didn’t find the right person, maybe I didn’t teach them right, you know, and it just didn’t work well for me and I really never got so busy, you know, that I was doing my own thing. But now I know if I want to move faster, I have to find someone, you know, to help me doing the, outsource all this work.
David: The advice I give is follow the steps of Joe Crump’s, really. He has a very good system. I tried it. I used it. It works. You just cannot take it for granted, and this one of the experience I have. In fact, I did that for a while myself where you take it for granted and you do half the work. But if you do half the work, you’re not going to get the full effort of it. So you have to really follow the instruction and do it and you know, today the market is, it’s competitive and marketing, you know, everybody has to be a marketer. And marketing is everything. So you have to work in all the angles in order for you to become more successful.
David: Basically what, for real estate investors, I would like to encourage them to invest and it is not an easy thing, you know, some people think once you have become an investor and that’s it. You do a lot of learning. I always encourage when I talk to people, I encourage them to learn, study, like I have. I bought four properties last year from some guy who bought them and he’s been unfortunately shafted. He lost over $200,000. They promised him the sky and the moon and he never seen the properties, he never even learned about them, so he learned a hard lesson. And I tried to teach him, make sure that you do your own due diligence. Go online, find the prices, go and see the property.
David: For me when I buy properties myself, I have to see it myself. I don’t just go buy it online. This guy bought four. He trusted someone and he, and unfortunately people sometimes, most people are good, but there are some people out there that are, you know, they’ll take advantage of you if you let them. So I just encourage people to really educate themselves. Like, you know, Joe Crump teaches a lot of method where it will allow you to know enough so that you know what questions to ask before you get involved.
David: And I do the same thing and I learned that, you know, from him and other people as well. So, I just encourage investors to really do their work. Do the due diligence and don’t just buy somebody else’s idea, you know? And that’s why we get educated. That’s why we, I come here, you know, you learn something every single time. So, I encourage everyone to really learn before you invest, learn about investing and know all the, you know, what can go right and what can go wrong because things, if things will go wrong, it will go wrong.
David: The more you learn about it, the less wrong things happens. That’s what I like to tell people.