I Made $5,500 On My First 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 – Bren Stimpson – Kanab, Utah
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I Made $5,500 On My First Deal
Bren: My name is Bren Stimpson. I’m from Utah County, Kanab, Utah. I initially heard about the program actually years ago. I was looking to find a real estate business and get into the real estate business. I’d studied Joe for quite some time. I actually had his newsletter for several years prior to getting into this. And I was actually in real estate at one time where we had designed a program that allowed investors to come in and buy bank owned properties, REO properties. And we did extremely well with that.
Bren: When the market crashed we ended up losing our, losing everything on that, in that deal. And so I kind of got out of the business for a little while and went to work and that’s how I initially got into the business. But decided to come back and so I’m here now and have kept Joe’s newsletter going for lots of years. But I always knew that I wanted to learn from him and knew that I needed a mentor. And so I chose Joe and knew that he was the man for me.
Bren: During my first deal, the process, I simply started doing the work. Following the instructions that Joe has given us as, you know, as my mentor. And you know, that’s all you really need to do is start the process. Do what he says you to do, tells you do. So, when you start the program you do step one. He tells you what to do. Step two, and so forth. Joe has always indicated and has told me on occasion and especially going through this training, if you do the work, you literally do the work, you’ll make money. If you don’t, it’s same. You won’t. And so that’s how, that’s what I’ve done. And so I follow it, made the calls, had rejections learning the process, through that process, you know, you go through a lot of no’s and so forth, but I stuck with it.
Bren: And finally got someone to do the deal with me. And so, what I did was, I ended up doing the rent to buy program, would you be interested in renting to buy, and I went through the process of putting that together. He was very interested after we were able to answer the questions properly. And we were able to do that.
Bren: I made $5,500 on my first deal, and basically what we did is, we went in and we, it was a disgruntled renter, really, not a renter I should say, a landlord. And he was interested in talking to me about it, wanted to know what his options where. So we in, I went in, and actually told him, you know, what we could specific and how, and went with the would he be interested in the rent to own program, you know, renting to own his property.
Bren: And then we got, I gave him the details, we went through the process and you know, he asked all the right questions and we, I was able to answer them, thank to, you know, Joe and his training that we have. And then we were able to move forward. He accepted the offer, again, I got a $5,500 lease option agreement signed and received that from the tenant buyer who was happy. I had built a small list of buyers initially and went right to my second one and was able to get the deal done with him.
Bren: It’s a deal in progress. And I was just telling Joe about it and we had an opportunity, when I was making some calls in my local market there, and, well, about hundred miles away in St. George, Utah. I had the opportunity, I called this one guy and he said, you know, I’m just sick of every, you know, being a landlord. I hate this process. And I said, my biggest challenge, though is I just have a lousy property manager. And I said would you be interested in getting tenants, in looking at an option to get, you know, different tenants in there that are actually paying you, that you’re not having to worry about? Because he had expressed that he was having that problem as well.
Bren: And he said, yeah, what are you talking about? And I said, well, there’s options for you. Tell me exactly what you’re looking for? He said, well, I just have tenants that are paying, some that aren’t paying. But my property manager’s just not getting the job done. I said, well, I know some people that might be able to help you, associates that might be able to give us some direction that way. And you know, they’re property owners as well and could possibly help you.
Bren: And he said, well, that would be great. And he said but what I really want to do, hopefully, is I would like to sell all these properties, you know, and I said, well, let me tell you about our program. And so I kind of went into that in depth and talked again about the rent to own program. He said, I’m very, very interested in doing that.
Bren: He said, so, how do we go about that? And so I went through the details and I said, what I can do is, when I get back from the trip that I’m on right now we can sit down and we’ll go through the process. He says I would be interested in selling these properties, you know, to you if you wanted to buy these properties, you know, on lease – or – excuse me – on terms or for cash. I said, well, I’d be interested in buying them, too. So, let’s discuss that and we can go into it.
Bren: There’s eighteen properties. So, if we can secure this deal, which it looks like we probably will be able to once he, we have an in depth conversation about it, that it would be my biggest deal. And, again, that’s two weeks in. And it was based on going back to Joe’s program and making those calls.
Bren: I’ve done deals from fifteen to twenty thousand. I’d say my average deal is probably five thousand per deal is what I’ll receive on a lease option type deal, or however I structure the deal. I’d say the average is that.
Bren: I am, now that I’m back into it, back into the program and am doing everything that I’m supposed to do with it, but, yes, I would say that I’m closing them very, very consistently. And, again, I have to give credit to the structure and how they’re got it with the things that I’m learning through the program you know, though my mentor Joe.
Bren: You know, it’s really freedom, personal freedom. And freedom too, and, basically financial independence. The ability to develop a portfolio and have, you know, the structure set up to where I can really do it on autopilot. That’s really where I’d like to be. But financially independent and you know, from the standpoint of doing that I’d like to be, you know, at least a couple million dollars’ worth of property, you know, within the next year, year-and-a-half. So that’s my objective at this point is financial freedom. Freedom to live my life.
Bren: You know, it’s, my wife is extremely happy about the way that things are going. She’s quite independent herself. And you know, has her own business. And runs not – she’s not in real estate – but she has her own business and is very successful that way. But it’s personal impact is that it’s really given me a plan. It’s given me a structure and a design and a way to really accomplish the things that I want to do. So it’s the structure, it’s the ability to really follow a solid business plan and, you know, obtaining a mentor that’s been able to give me those, that guidance.
Bren: And so how it’s changing my life and personally, in fact, I, it’s tremendous. It’s like night and day when you have a roadmap and you have the answers and you have a path to follow by a leader that’s been there, you know, by a mentor that’s been there and it’s going to give me my life back.
Bren: I am doing it full time now and that’s really only been for the last couple of weeks since I’ve been back in the program. So, I jumped right on the opportunity to come to the buying event and it’s been great so far. Learning great things. But, yes, I’m in it full time now. Just the fact that I didn’t have to do any of the guesswork any more. I didn’t have, I wanted to follow a leader that had been there and done that and worn all the hats, but had perfected a system that would allow me, the systems to allow me to reach my goals. And Joe has done that. And he’s done that in spades. So I’m excited to follow him.
Bren: I’ve always been very impressed with him. I found out in my conversation with him when I was talking about coming to, and joining the six-month mentor program, that we shared the same mentor in J.J. Abraham. And we really had some things to talk about specifically. But, again, I, answering your question, it’s to, yes, I’m full time and I have a structure and a business plan and all I have to do is do the work. And I’m excited about that.
Bren: I would say get your education, however you do it. There’s lots of ways to do it. I would give them Joe’s name and refer them to, I don’t know how many videos that he actually has on YouTube, but I would direct him to his materials and I would give them the guidance that way for starters.
Bren: You know, he’s up front, he’s frank, he tells you specifically what you need to do. His program’s not cheap. But he shows people how to get involved and how to work. If they have the desire to be in the program, that’s what I would counsel someone. Get a mentor. Get a mentor. Someone that can lead you, that can help you design your business plan, you know, based on the goals that you have, what you want to do with the business. Someone that has done it and has failed and has done it and has failed, but has ended up on top because he followed and developed systems.