I just put down the phone after talking to a
young real estate investor in Houston. He is
making money hand over fist, in spite of the
bad economy, and the recent devastation
in the area by the hurricane.
The key ingredient in his success?
Adaptability.
He has shifted the primary emphasis of his
business 4 times in ten years, and has never
experienced a slowdown, no matter what is
going on. He doesn't have employees, keeping
his operation lean, mean, and ready to go for
the green.
Now he does have people that work for him,
but they aren't part of his operation. They do
all his legwork, and paperwork, so he can
focus on what deals to do. "I just sort things
out, and prioritize deals. I rank them, and start
going down the list. When I find a deal that's
doable, I'm on the phone."
And the thing is, 99.5% of his deals are done
on the phone. His office is in his basement,
and he works when he wants to. "I have a
general schedule," he says, but it can change
at any time. If I'm on a real roll, I might stay
in my office for days. Then, when it slows a
bit, I might just spend two hours a day in the
office, and the rest is family time."
But it's a rare day that he doesn't make a deal.
He is content some days to make $10,000.00,
and spend time with his young children. But
other days he has made $100,000.00 or more.
And he continues to prosper no matter what
the conditions in the market are.
He isn't bothered by the current liquidity
problem because he is 100% liquid himself.
He doesn't need banks, or lenders of any
kind. He buys and sells so fast that it would
make most people dizzy, but he says that
is all part of the fun.
He didn't come from money either. He started
his business with around $2500.00, and
now he has that in his pocket in cash every
day. "It's a reminder of where I started, and it
was all that I had. If I lost that today I wouldn't
even blink."
Sometimes he has given that $2500.00 away.
"There is always somebody who needs something,
and I've been blessed. Besides, it comes back to
me anyway, so I can give it away again."
When I asked him what he would tell people today
he said, "Tell them to turn off their televisions, and
burn their newspapers."
Amen.
From the big saddle,
Jim Whelan
The Chairman of the Board
P.S. Now who would have bet Cleveland last night?
thejamesrwhelanagency.com
206 407 3124
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