Blogging for the first time from the office
My high school friend, Rich Dad’s son
Yesterday, was my first full day at my Rich Dad’s new office. He just bought a larger office building to expand operations. I was offered free office space and mentoring.
There is no salary but I will get commission for finding deals and helping sell houses.
In exchange for free office space I will provide ongoing tech support and help out with the business where needed. My biggest gain is free mentoring from Rich Dad and opportunity to participate in a successful real estate investing business.
A little bit about Rich Dad…
Rich Dad is my high school friend’s dad. Rich Dad made a bunch of money in real estate during the last down market in the 90’s. He retired for a few years but now is back to teach his two sons the business – so the sons can eventually takeover.
Who better to learn “How to Make Money in Real Estate in a Down Market” than from Rich Dad? He is a true value investor, not a speculator.
He started with nothing as a real estate agent. With hard work and determination he quickly became the top producing listing agent in the area. Then he joined with a couple of partners and got into the fix-n-flip business. He was one of the few investors flipping houses while the market was crashing all around him! He was known for offering the highest quality homes for the lowest price in the area. Buyers loved it.
When the market began to recover in the late 90’s, Rich Dad started holding some of the houses for appreciation – building his “equity garden”. A little while later he exchanged all the houses for a couple of large fixer-upper apartments. He improved the apartments, raised the rents and sold a portion of ownership to the management company. He is now financially independent – collecting passive income and living his dreams.
Reason I call him Rich Dad is because it reminds me of Robert Kiyosaki’s book/concept of Rich Dad Poor Dad. In the book “Rich Dad” taught his sons to build multiple streams of passive income in order to brake out of “the rat race”.
This does not mean my real dad is “poor”. In terms of financial independence – yes. But in terms of faith, values, integrity and hard work, my real dad is VERY rich, and I respect him a lot. I can learn something from both dads.
Anyway…
I have been friends with Rich Dad’s and his sons for several years. They watched me do different businesses over the years without much success. At one point Rich Dad’s son (my high school buddy) offered me to join him and work in the real estate business with his dad. But I was not ready then. I needed to go out and try it on my own.
So, they watched me spend $15,000+ on real estate investing seminars (financed by credit cards). They watched me go out there and do my first $30,000 flip and pay off my credit cards – initial success. Then they watched me go out and buy 7 more houses across 4 states attempting to do more fix-n-flips all at the same time! They watched me get over-extended and fall flat on my face!
But they didn’t laugh. They gave me recognition for trying (with a little bit of “I told you so”). They saw that I was willing to do what it takes to achieve my dreams. They saw that I will NOT let this temporary failure stop me. The seminar education was a good start. I was simply missing a mentor. And now Rich Dad is willing to take me “under his wing” and show me how to do it right. I am very blessed to have such opportunity!
Office = Structure.
I must do things differently this time. In the past I would let business to take over my life. I am a very driven person and tend to become a work-aholic. My wife has been suffering from it the entire 2.5 years of our marriage. She thinks my business is my “mistress”. It’s sad but often true.
The relationships with my wife, family and friends are infinitely more important to me then financial success. However, that’s easier said then done. I’m still learning to keep my priorities in order and put boundaries on my work time. Now that I will have an office to go to, I hope things will improve:
- I will not work more than 8 hours a day. Monday through Friday 9am to 5pm or something similar. This way I’ll have room for daily exersize, social life and a full night’s rest.
- I will focus on money producing activities. Since my working hours are limited I must use the time wisely. I must learn to work smart and be efficient.
- No working on weekends. That is a general rule. Weekend work would only be allowed if it’s something that cannot be done on a weekday. Open house is a good example of that. My wife will have to approve the activity first – to prevent me from abusing the privilege.
- I will keep all work in the office. No taking work home.
- Blogging, comment moderation, email, etc, will have to be done in the office during working hours. I did however, negotiate a 2 hour blogging/email allowance on Saturday. This way I will not have a huge pile of messages on Monday to go through. So I hope to continue posting daily, except for Sundays.
- Sunday will be a rest day to connect with my Maker and spend quality time with wife, family and friends
I’m Excited About all of This:
- Mentoring under Rich Dad as the missing piece of the puzzle.
- Having my own office space and strict working hours to give me the balance I need.
- Continued flexibility of self-employment.
Yes, I decided NOT to take the normal 9-to-5 job with a “secure” paycheck and benefits. However, under the guidance of Rich Dad I should be able to get my real estate business (AbleBuyer.com) up and running in no time. If I don’t get something going quickly, I can always get a regular job.
By the way… I never said, having a regular job is a BAD thing. A good job provides the financial base to launch your business and/or investing ventures. However, being tied up for 8 hours does have it’s trade-offs. For now I feel I can sacrifice temporary security of a job for attaining financial independence faster.
I want to restructure my RE investing business and call it “Able Buyer of Sacramento” showing a new focus on the local market.
Initially I will be finding deals for Rich Dad and other investors to make some quick cash via assignment fees. I will also use my internet and marketing skills to help sell their houses.
I will use the finder’s fees and commissions to support myself and my wife. Eventually I will get back to doing my own deals. But this time I will go it slowly with expert guidance.
Rich Dad to Offer Mentoring…
Being a test case for Rich Dad’s mentoring program is part of this opportunity. Rich Dad wants to share his experience and knowledge as a way to give back. I will be the first “Guinea Pig”. There may be room for a couple of more people. Email me if you’re interested. The details are still being worked out…
Still Facing Foreclosure and Bankruptcy…
I met with two bankruptcy attorneys in the last couple of days. I’m doing some of my own research online too. Your comments have also been very helpful. Thank you. Will report on my findings and my decision soon.
Still trying to sell the houses. I’m out of cash to continue marketing so I will have to get creative. Things are happening but slowly. There is light at the end of the tunnel. Will update you of the latest developments as it happens.
On Toward The Dream…
I am eager to sell my over-leveraged houses, avoid foreclosure, and attempt to repay every dirty penny I borrowed… and document the process on this blog.
My dream is to achieve financial independence with integrity and be used by The Dream Giver to help people.
I got overzealous, compromised and fell down. Now I’m re-grouping and making a come back… On Toward The Dream!
