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 – Tim Madden – Cincinnati, Ohio
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I Make About $20K To $30K A Year On My Rental Properties
Tim: I’m Tim Madden from Cincinnati, Ohio. It’s been a long time, it’s been over 10 years. I believe I probably responded to one of his many emails and Automarketers that he’s sending out. I’s been a long time. Just that he actually made it sound fairly straightforward and you know, I’ve been involved in some real estate groups and I’ve been pitched before by different gurus and Joe just seemed really pretty real and pretty genuine. I enjoy that.
Tim: The best deal I’ve done so far is I bought a house that needed a lot of rehab and my initial goal was to actually rehab it and resell it. Ended up I sold it on a lease option which I learned how to do from Joe. Fortunately, I’ve actually been able to hang onto that property for over 10 years. It’s got a really nice cash flow. There’s still a lot of equity in it and hopefully the folks that are in it now will buy it, but it’s really okay if they don’t. That’s been a great property for me.
Tim: Actually, I’m not making enough. I have a full time job so I’m trying to fill in, you know, kind of do a little bit of both and I probably make about twenty, thirty grand a year on my rental properties. But I’d like to get more active. That’s really why I came back. I trust Joe and I like what he has to say and if I need to get going on this again he’s the guy I want to listen to.
Tim: My first deal I actually bought a house through the MLS and rehabbed it. Then I actually sold that on a lease option. It probably took me a year of actually learning and having the courage to actually go out and do things. That’s probably the biggest challenge is you always want to know enough and you really don’t. So sometimes you just have to kind of take the leap. So, probably about a year before I actually started in real estate and actually did my first deal. And that was actually bought a house through the MLS, you could actually do that back then, and rehabbed it and then resold it on a lease option and ultimately I actually sold that property.
Tim: I’d really like to be doing this full time. I mean, I have a blessing and curse. I’m a financial guy by background and I do consulting work and I do pretty well with that. But I really would prefer to be doing real estate. Whenever I drive around I’m always looking at properties and I can see the ugly fixer-uppers and you know, really enjoy actually taking these properties and turning them into something pretty beautiful. So I’d like to be doing it full time.
Tim: It’s hard when you, you know, I’m older, people always ask well if you were to do things over what would you do? I probably would actually do more, been more involved in real estate from day one. I really do like it. Impacts on family, when you’re trying to do two jobs at once it has a little bit of a negative impact. But it’s something I really enjoy doing and my family knows I love it. My daughter go into working for a home builder and my son is interested in fixing properties, so I think I’m leaving a legacy and they know I love it and I think they do, too.
Tim: I actually advertise. I’m using some postcard services where I actually provide leads to them and they actually print the postcards. Also some letter campaigns. I’ve actually used some outsource letter campaign companies. Not enough. I mean, the biggest challenge in this business, especially when you’re doing another job is just having enough time and automation would certainly help with that. That’d be great.
Tim: Find somebody that you trust, that can be your mentor. There’s a reluctance to try to do anything until you know everything. The opposite happens where you try to learn everything and you don’t do anything. So my recommendation would be find somebody that knows what they’re doing that can lead you and you can follow, and act. I’m probably not a perfect example of that, but I’m still trying. I’ll never give up. I’m back up here, it’s been like, 10 years since I took Joe’s course initially. I’ve reached out to him over the years and asked him for inputs and he’s been very generous in helping on things. He’s really a genuine guy and I really respect him and I think he does things the right way. So, I’m happy to be here, I’m happy to listen and find out what’s going on in his head these days and what kind of different ideas he has for making things work.