#053 Tim Gordon celebrates 3 years of real estate investing freedom
On this episode of Secrets to Real Estate Investing Holly is joined by guest Tim Gordon. Tim quit his job and has been real estate investing for 3 years this week! Holly asks Tim to share the path that led him to real estate investing. Tim shares that he had a variety of jobs before he became a full-time real estate investor; his favorite being the garden shop at Kmart. Tim came to California in 2008 with a his window tinting business, when he realized that wasn’t going to be something that worked out longterm he knew he needed to start to look elsewhere. A girl he was dating at the time introduced him to real estate investing. While the relationship didn’t work out it did lead Tim to the real estate path. 

Holly asks Tim to share with listeners what kind of deals he started out with when he got into real estate investing and Tim shares that he started out with Bigger Pockets. After Bigger Pockets he started attending to the investment clubs which soon lead him to wholesaling for 3 to 4 years while he was also working full-time. Tim shares that the first year he started wholesaling he wasn’t very successful at it. In the beginning Tim was looking for deals of the MLS, going off of referrals and even working off of other people’s deals but found that those methods didn’t produce many deals. Tim discovered that by using direct mail marketing he was able to find more deals. Today Tim does not use direct mail marketing to get his deals but this is because he does not do a lot of wholesaling. Holly asks Tim how much he was spending on direct marketing and he says that he was spending about 4 to 5 thousand dollars a month - which could produce deals that were $5,000 to $50,000 wholesale. Tim shares the best wholesale deal that he ever had which happened a few years ago that he and a partner made over beers at a hotel lobby. 

Holly asks Tim to share what it felt like to quit his job to work in real estate investing full-time. Tim shares that it was terrifying because he didn’t have the confidence as some other people do when it came to quitting his job. Tim shares that when he was working in the corporate world he had a job that was basically set up nicely for him; he had health insurance, a company car, nearly 6-figure a year income - but he knew that he needed to quit. Tim also shares that he has set up a business that he pays himself out of every two weeks with direct deposits so that he has the same sort of structure a corporate job would offer and this structure allows him to not stress out about where his pay is coming from as well as not spending more money from the business than he has already allowed himself. 

Holly and Tim talk about how mindset is everything in the real estate business. Tim says that he can tell when meeting someone he can tell within a year whether or not they will do a deal based on their attitude during their interaction. Tim says that he can tell within the first minute of meeting someone whether or not they are ‘all in’ or not. Both Tim and Holly agree that real estate investing is a team sport. Without the support system and networks that real estate clubs offer some deals might not even be possible. Holly shares that she has put together a Facebook group for the purpose of networking and to help other post and find deals. You can find this group on Facebook at www.facebook.com/groups/hhhreit/

Holly asks Tim to share a deal that he did with a FHA 203K loan. Tim shares that he likes talking about this deal the most but it seems to get the least amount of attention. At the time of this deal Tim was still working in the corporate world and he needed to get a loan. At the time before this deal took place Tim knew that he wanted to find a deal that was a 4-unit apartment anywhere in San Diego county and a house in Oceanside. When he was searching for his wish list someone came to him with exactly what he was looking for. Tim shares that the property was in terrible condition and there were people selling drugs out of it. When this property came to him Tim had also heard about a 203K loan. With a 203K loan lenders will give you money to repair the property. The catch is that the lender will appraise the property as if it is fixed up. The amount that you borrow to buy it and to fix it needs to be less than the amount that it is worth once it’s fixed. Tim advises that you really need to find a good deal to make this loan worth your while as well as the sellers. Because Tim was new to real estate this was the perfect deal for him to take on because he could afford to take the risk. On this deal he put down $15,000 which got him a 4-unit apartment complex which was in pretty bad shape - Tim shares that to this date he has gained $350,000 in equity in 3 years. With this property Tim also bought the drug dealers that lived in one of the units and he had to do some strategic thinking to remove that threat and disturbance from his newly acquired complex. With some quick thinking and some serious power plays Tim was able to get the drug dealers to vacate the property and since then he says that they haven’t been back to cause any problems and this property now is nice and quiet. Holly and Tim talk about the trials and tribulations of land lording and the process in which they learned how to be the best land lords possible for their property and tenants. Tim says that one way he dealt with tough situations was to create a fake partner. Anytime an issue came up that he didn’t want to face head-on he would say that his partner said ‘no’ or that his partner said they needed to raise the rent. 

Tim shares a story about a time when he was in Taiwan and he had a plumbing emergency in one of his units. This story led Holly to ask Tim to share what other places that Tim has traveled to. Tim shares that it is because of the flexibility that real estate investing has offered him that he has been able to travel the world and he has been able to makeup for time that he felt that he missed out on in his 20’s. Tim says that real estate investing is a way to challenge yourself but he also finds that traveling is another great way that he enjoys challenging himself with the many adventures that he finds himself on. 

Holly asks Tim to share what his plan is now and what he sees himself doing in the future. Tim says that he does not do a lot of wholesaling anymore and has transitioned to more flipping. Tim says that he is not looking to make a fortune he just wants to make enough money to be able to afford his life and be able to travel and enjoy his free time. Tim prides himself in living simple and not being a slave to the dollar. 

Holly asks Tim to share his best advice for those that are just starting out in the real estate world or are interested in getting started. Tim says to make sure you are kind to yourself in the process; this journey should be fun as well as rewarding. 

Tim has created a great downloadable freebie for listeners; a wholesale contract in the form of an editable Word document for your use which you can find by putting in your info (Please have your lawyer review this document before you set out to use it). 

If you are interested in getting in touch with Tim you can contact him via his website www.GordonBuysHomes.com
YES, I want the your FREE wholesale contract from Tim Gordon
Copyright © 2017+ Hard Hat Holly - All rights reserved. Privacy Policy/Terms
Powered By ClickFunnels.com