July Update

This month was honestly not too eventful on my own investing side of things. One thing that did happen was I had the chance to read Pace Morby’s book Wealth Without Cash. This book was incredibly good and really opened my eyes to the creative finance space within real estate. He mentioned time and time again about being able to solve people’s problems with a clear explanation of using stories.

First, you need to solve their problem. In the book, Pace shared a story about how a person didn’t want to sell because they didn’t know what to do with their bunnies if they moved. The person didn’t say this openly at first but after a lot of talking, Pace was able to figure out this issue that was keeping them from selling. He calls this finding their bunnies. Almost every deal has some issue to be solved. Find the bunnies and create a solution.

Storytelling is incredibly helpful for those people who have never heard of creative finance before. A lot of people are not open to the idea because they simply don’t know what it is. This is why it is vital to have some story to help explain creative finance. Pace used a story where he sold his old F150 truck using creative finance. The truck only had a Kelly Blue Book value of a couple thousand dollars but with the sentimental value it held, he wanted to get more than ten grand. After talking with his wife, they came up with the idea to sell it by taking payments, meaning they would basically be the bank. A person didn’t have to have all of the money upfront and could instead pay it back over time. This allowed the sellers, Pace and his wife, to charge more but yet it worked for a wide variety of people who could not normally afford or meet the credit criteria to purchase a vehicle. Pace now uses this story for new clients who don’t understand seller financing.

This month I also started a new paid task within my internship which I will continue into the school year. We get leads from BiggerPockets and get daily emails with all of their information. I reach out to these people both via text and email to get them to sign up for a call with one of our agents. For each client that signs up for a call, I get $7. This job is really easy and will be a nice side hustle during the school year.

I am still searching for a way to get my first deal. I’m not going to lie, the motivation to find one has slipped some this month. I need to stay on top of my game and keep working. I encourage you to do the same. Anything worth having is worth working for.