Hi everyone, I'm new to the forum, just finished MJ's book.
I liken The Millionaire Fastlane to another great book: "Rich Dad Poor Dad" which was an inspiration that led me into a rollercoaster ride that was a real estate flipping career from 2002-2008.
I flipped 75 houses in the Northern Virginia area during that time. Using intended iteration I planned to squirrel away enough money to fund a passive money system before I turned 30.
During this time, I learned some great lessons in business structures (set up multiple LLC's and S Corps along with Land Trusts), continuing education (starting at graduation is definitely key), negotiation and filling needs (I did door to door pre foreclosures, of the 75 flips only 1 was for sale, yet by filling a need for the distressed homeowner, I bought 74 that weren't for sale when I walked in), Effection, (the magnitude side of effection was in play when proving new housing for people that needed to downsize and then subsequently providing housing for the new home buyers once the house was fixed up) and how to respond to "whats in it for me" (this was the only factor going through the minds of people about to lose their homes).
My high point was early 2007 the first quarter of the year I made a very good profit from several single family house flips, three months in a row.
There were some bumps on the road that eventually caused my car to stall and require me to pull over and change the oil:
Control, I started from nothing with nothing and part of a deal I worked out to gain mentoring and money for flipping I had to cede control of a major stake in a the form of a partnership.
Scale, I couldn't seem to train anyone to do what I did to increase the size of the operation.
Building a brand instead of a business, Pre foreclosure is a tough business to build a brand, while I did get some repeat business (how scary is that for someone to get into trouble and call me to bail them out more than once?) Most folks wanted to get on with their lives and not talk about what happened or who helped them at such a dark hour.
Looking forward to the next road on the fast lane, Thanks for the motivational juices MJ!
00N8
I liken The Millionaire Fastlane to another great book: "Rich Dad Poor Dad" which was an inspiration that led me into a rollercoaster ride that was a real estate flipping career from 2002-2008.
I flipped 75 houses in the Northern Virginia area during that time. Using intended iteration I planned to squirrel away enough money to fund a passive money system before I turned 30.
During this time, I learned some great lessons in business structures (set up multiple LLC's and S Corps along with Land Trusts), continuing education (starting at graduation is definitely key), negotiation and filling needs (I did door to door pre foreclosures, of the 75 flips only 1 was for sale, yet by filling a need for the distressed homeowner, I bought 74 that weren't for sale when I walked in), Effection, (the magnitude side of effection was in play when proving new housing for people that needed to downsize and then subsequently providing housing for the new home buyers once the house was fixed up) and how to respond to "whats in it for me" (this was the only factor going through the minds of people about to lose their homes).
My high point was early 2007 the first quarter of the year I made a very good profit from several single family house flips, three months in a row.
There were some bumps on the road that eventually caused my car to stall and require me to pull over and change the oil:
Control, I started from nothing with nothing and part of a deal I worked out to gain mentoring and money for flipping I had to cede control of a major stake in a the form of a partnership.
Scale, I couldn't seem to train anyone to do what I did to increase the size of the operation.
Building a brand instead of a business, Pre foreclosure is a tough business to build a brand, while I did get some repeat business (how scary is that for someone to get into trouble and call me to bail them out more than once?) Most folks wanted to get on with their lives and not talk about what happened or who helped them at such a dark hour.
Looking forward to the next road on the fast lane, Thanks for the motivational juices MJ!
00N8
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
