Some folks will absolutely not go to any trainings. I am truly sorry if you happen to be one of those folks who believe that only selling occurs at these events. I wanted to share an experience from Feb

Earlier this year I did my first sub to deal of the year. I really don't go out there looking for them, but if you meet (yes meet in person) enough leads, you will stumble across a few. Now I will not bore you in why or how the seller was losing his home (combination of divorce and back taxes), but I will share the structure and other tools I used.

The house itself owed just about what it had owed against it after you factored in additional deferred maintenance on it. But I found that a fixed rate 3.7% rate rather attractive. I had to put in $11,900 in back taxes, liens and payments to get it caught up. I also gave the seller $2,500 in go away money after the place was turned over. I also gained $61,000 in equity. Now holding on to this sounds all nice - you know taking advantage of the low interest rate, but the place still needed about $20,000 in materials and three months of work. I know I didn't have much free time for the work.

I offered them to split the money 50/50 that I made off the place after it was fixed up or they could take the fast cash (Split Equity Loan). They took what they almost all do - fast $7,500 cash and the $45/hr work until complete. This transaction closed early last month after taking a couple extra weeks to complete. This was all done within a self-directed 401K.

Yes, I couple have complained about the hourly rate, Yes I could have sneaked in some of my own work - but that lead that cost me about $4,200 in marketing cost yielded me a tax-free profit of nearly six figures. When single deals create that much money at a pop towards your retirement, you don't look at the cost of the hotel room or training. It becomes an investment in yourself. I can afford to hire many contractors, when your deals don't follow that same script that everyone else is using.

If what you are doing is getting you the results you want, I say continue doing them. If what you are doing isn't allowing you to do what you want, you can always wait for someone else to invest in you.

But if you are willing to invest in yourself, don't be too surprised if people will be even less excited.

"When single deals create that much money at a pop towards your retirement, you don't look at the cost of the hotel room or training."

I can see that but that brings a question to mind.

I go to meet up with Ray!

One idea from Convention back in the Great Recession of 2008 made me $156,000 with the props I already owned.

The RE world is changing! Gotta keep up!

Adapt or Die.

BRAD

Full disclosure 6er...... not all transactions will yield mega money. I have done these were I have only snapped off a quick $30,000

In my opinion, many investors don't grow because they are comfortable where they are at. If one is satisfied, then why improve what they do or not do what everyone else is doing. For me, I noticed that the deals from 2008-2012 simply were not their any longer. But at the same time, there were people out there still finding solid and valid deals.

If you are buying directly off the MLS, like 95% of the American population does, what makes you any different than anyone ese? You need to create your own competitive advantage in your own local market.

For me, that means learning what situations cause the problems that you want to solve and then create a sales funnel. I would love to say I don't buy off the MLS all the time. There are times when I am doing an exchange, that replacement property might not be ready in my sales funnel. Does that mean I should pay the government 40% of what was earned? Absolutely not. This year a speaker will go over ways to pay to reduce that tax burden. In my eyes, if you are not going, then you are pleased with your tax bill, your management systems and your residents.

For me - I have residents that occasionally turn sour - so I have to learn better ways to improve what I have been graced with. For others - they rely on the hope method and may complain that the system is against them.

An incredibly valuable lesson from last year's convention- 1031 Corp brought an attorney there. Offline he discussed how to create and build your own replacement property without raising flags with anyone.

I am in the process of doing a lot split on an existing property. Afterwards I will dropping a modular duplex after the basement garages are built.

He could have tried to steer me into a construction 1031 at the cost of $12,000-15,000, but instead, it will be about 10% of that. The cost of that shortcut, measured in draft beer.

Ray, I attended one Convention (Las Vegas, maybe 20 years ago?). I was enthusiastic to begin, but I was quickly disillusioned.

Mike45

J, I will be missing this year as well but not for the good reason you are.