Our life is amazing and the results we get are always based on our thoughts and beliefs. One of my favorite authors, Napoleon Hill, wrote a masterpiece in 1937 titled, “Think and Grow Rich,” which is on my top 10 list of all-time favorite books.
I will give you a personal example of what Napoleon Hill calls the first step towards riches – DESIRE. As Hill said, “Wishing will not bring riches. But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches, and backing those plans with persistence which does not recognize failure, will bring riches.”
I remember years ago, hearing about this unique real estate technique of buying a house “subject to” the existing loan. I thought it was absurd until I heard about it again and again. The only problem was that I did not know of anyone who was doing it.
At the time I was a rehabber, flipping houses in six months or less, and using hard money lending to do it. The seed was already planted in my head about wanting to find out more about this “subject to” stuff, where it would allow me to buy houses without using hard money lenders.
I did a lot of networking at the time and went to local REIA groups and meetups in the area. I would go listen to real estate “experts and gurus” about every topic from wholesaling, rehabbing, apartment buildings and so on.
One day I was at a four-day event in NJ where I met Keith from Texas. Keith was buying houses “subject to” the existing loan. The light bulb turned on! He was the first person I had met who was doing this. I could not believe it!
Well, I wasn’t about to let this opportunity go until I learn more about it, so we went out to lunch. This was the day I decided that all my deals moving forward would be on a “subject to” basis. After this meeting, I was determined to find a deal “subject to” no matter what it took.
I remember calling FSBOs and looking for someone motivated enough to want to do this. I believed in my heart and could feel that the day I would do my first “subject to” deal was just around the corner. I had no doubt in my mind.
I was so excited calling sellers knowing that one of them would be my first opportunity to buy a house this way. About a month and a half later, it happened. I found my first “subject to” deal!
I met another investor named Joe at a local meetup who lived near me. Joe was also very successful and was buying houses using the unlimited funding method. Knowing that Joe was actively doing this in my local area gave me the support and strength to overcome all of the challenges and adversity one faces when doing something for the first time.
I remember being scared, worrying about making mistakes, not doing the paperwork right, or saying something wrong to the seller. The biggest fear of all though was missing out on this opportunity!
I was determined that no matter how many mistakes I would make, I was going to do this. Fear was not going to stop me. I figured if other people can do this real estate technique and be successful in buying houses, then I can too.
Remember, your desire to succeed needs to be stronger and more powerful than your fear of failure, only then can you be successful and reach your goals and dreams.
To your success,
