It’s not to often you see and read a blog post of one of your fellow house flipping comrades who recently passed away. Earlier this month I attended a funeral of ED James a.k.a. “The King of Dolfield” (in his early days). During the funeral the pastor asked the attendees if anyone wanted to reflect on the life of Ed several people he grew up with, a former girlfriend of 3 years who was almost 20 years younger than him (Ed had Swag) took to the stage and shared their condolences, stories, experiences and how he made an impact on their lives. Ed made a huge impact on my life in a very short time of getting to know him and I shared that with his family and friends.
Some of you may have attended my trainings or boot camps when I share a story about a man who had been to federal prison for 15 years for flipping kilos of cocaine who turned his life around upon his release and began his journey flipping houses legally.
See I actually got to know Ed after sending out one of my wholesale deals via email to my buyers list. Like clock work when the numbers on my deals make sense and the location is prime my phone starts ringing by the minute. This particular deal received a lot of attention from my buyers list because it was located a block from Johns Hopkins Hospital prime real estate. Up until this deal I had never partnered up with another wholesaler, since my start I had no problem finding buyers for my deals making 3 to $5k on each deal. Out of all the calls that I received that day one call stood out from the rest. I remember like it was yesterday I was seating at my dinning room table (my home office) when the call came in from a guy named Ed who wanted to purchase my deal. The first thing he asked me though was are you in anyway related to Ricky Umphery this totally was a shocker to me because Ricky Umphery was my dad who had passed away over 12 years ago then and I hadn’t heard anyone mention his name in years. I let Ed know that yes I’m related to him he is my father he went to tell me he grew up in the same neighborhood with him and that the ladies called him “Pretty Ricky” growing up and how well he could dress and how good he could dance.
After sharing those stories with me he went on to tell me he wanted to put my deal under contract and that he wanted to meet to sign the contract and put a deposit down. During that meeting Ed shared with me that he had served time in prison and that during his imprisonment he read books on Real Estate by Donald Trump and Robert Kiyosaki and how when he first became a free man he was blessed to get a job in a call center where he started saving up his money to attend boot camps and seminars that helped lay the foundation for his future real estate business and how he eventually invested in himself and enrolled into a real estate investors mentoring program where he learned how to wholesale houses with no cash or credit needed. While listening to his story and testimony all I was thinking was real estate investing does not discriminate if you have a burning desire you can become successful.
After catching up Ed took a look at my assignment contract and saw the profit that I was making he chuckled and said that’s all your going to charge me for this deal man you should be making a lot more than that on your deals (that never happened before). Ed went on to tell me he was making 20 to 50K on each of his wholesale deals without a website and email marketing software. He was actually very impressed with my website and internet marketing strategies however he told me a was selling my self short on my deals. Especially with the amount of value I created online to my potential investors. He then went on to tell me that I was going to make 20k on this deal instead of 7k by partnering up with him on the deal and wholesaling the house to one of his cash buyers from Sudia Arabia.
Now I had never joint ventured with another wholesaler before because I actually thought I was doing quite well myself and I had heard the horror stories of wholesale deals gone BAD, but after meeting Ed I learned that partnering with other real estate investors on deals if structured correctly can bring in Bigger profits for your pockets. And that particular j.v. wholesale deal yielded a 20k pay day for me. That deal opened my mind up to several things I could start implementing in my business.
1. Be open to partnering up with other Wholesalers (if structured properly)
2. Never sell yourself short
It’s very rare in business especially in our industry that you will do a deal with someone that will actually put more money on the table for you. After that meeting Ed and I became friends and started doing more deals together (make sure you watch the videos below). Ed taught me things from an old school perspective but he always seemed to stay up with the new concepts and strategies always educating himself. One day he called me and asked if I had ever thought about selling my specialized knowledge on the internet like those boys down in Tampa Bay, Florida he went on to drop some names of some guys that I was very familiar with Preston Ely, Kenny Rushing and Nathan “The Short Sale Kid” Jurewicz and that I needed to fly down there and connect with them to learn how they sell their information. He was obviously on their email list lol.. So I took his advice and flew down to GURU city and started my journey into the information marketing industry. Ed would call it selling shovels. Since 2010 I began sharing my information through my blogs, info products, seminars, webinars, newsletters, coaching calls and boot camps.
One thing that Ed would talk about all the time once he saw that I took action with his advice to start teaching what I learned over the years to others was getting him involved some how we had planned to do a conference call and webinar on how he went from being a gangster back in the 60’s and 70’s doing some hard time in the Penitentiary surviving to come out and defeat the odds and actually make a honest living investing in tax sale certificates, wholesaling houses and rehabbing houses. Due to the procrastination bug and our busy schedules we never got the chance to sit down and knock them out. Man I wish we would have made the time so you could have learned some of those Old school secrets he used to build a million dollar real estate business with just a cell phone and laptop. Don’t worry he shared them with me and I’ll share them with you one day soon.
Thanks for Sharing, Encouraging and Inspiring ED!
This is one of many blog post you will see from me this year. Over the last 24 months I have been busy building up a coaching program that has helped many people get started just like you and become successful real estate investors. Know that it’s running like a well oiled machine I now have the luxury to get back into blogging on a regular basis and share a whole lot more. 2013 is going to be a GREAT year for you and me both I can’t wait to share more with you in the days and weeks to come. Make sure you share this post and comment on it below.
Rehabbing Houses, Wholesaling Houses, Short Sales, Lease Options, Rent to Owns, REO’s, Tax Sales and Tax Deeds have been a staple of Real Estate Investing since the beginning of time.
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