I have had an entrepreneurial side to me for a very long time. It didn’t just start with real estate.
Years ago, my father introduced me to local auctions and specifically mentioned that one of them had a lot of steel weights. At that time I was working in the fitness industry and knew a thing or two about slinging iron.
I knew that if I got these at the right price, I could flip them. Having bought low and sold high for years at garage sales, thrift stores, online, etc, I had done a lot of smaller deals. $5 turned to $35, $50 turned to $350, etc. There were A LOT of weights being sold so I knew this would be my biggest “flip” to date.
That day at the auction I was nervous but I ran my calculations and knew what number to not exceed. One guy went round and round with me before I won. Out the door, I had paid $440 for over 4,000lbs of steel weights (plates and dumbbells), a few GHD machines, and an entire indoor rig. This was all the old gear for a high school weight room that had been put out in the elements hence the rust and damage on the GHDs.
Nonetheless, my father and I put in the work moving it to my garage and within a few days I had everything sold. My goal was speed (I needed my garage back) and at great prices I sold everything within 2-3 days for a $1,500 profit.
I have always loved the hunt of a great deal and I don’t see that really ever going away throughout the seasons of life.
I love sharing this story when people tell me that they don’t have money to get into real estate. The concept of leverage notwithstanding, I share this to teach people that a return is possible. Seek a return. Get your money working for you regardless of how small. It will build up over time.
Learn to have an eye for opportunity and it will change your financial landscape!
I started smaller and now I’m flipping businesses, houses, and commercial real estate.
Have you ever flipped anything other than real estate before? If so, I’d love to hear about it!