Transcript:
Donya Douglas 00:02
Basically word got around and my dad came to me and said, “Hey, I have a friend and he has a family member that wants to get rid of a property.” And it’s so funny because I heard Cushing like theirs was the hoarder house and this was a hoarder house. One of the daughters had lived in the house, till she like, filled it up and then once she filled it up, she moved and the house had been vacant for like five or six years.
Till I came along. I literally Chris, when we walked in the house, we could not get past the front door, we had to like make pull out stuff and make a pathway so that we could walk through the house. I was able to get that under contract. It was so funny that people were so nice. I called them.
I remember talking to them on the phone and what happened was, I was so scared. Right? I came to my dad, I say “Hey, Dad, you want to partner with me on this? You know, I think the numbers work, and it’s gonna be great.” And he was like, “Oh, no way. I’m not putting any money in this. And I’m not gonna do that.” I was like, Okay, I got to get this deal done.
I googled like, hard money lenders and I just started calling all of them. This is a really good-something I remember to this day. I started calling them and then the first one or two were like, “well, how much experience do you have?” You know, you’re gonna pay high interest rate and all this kind of stuff. I was like, “okay, that’s fine. That’s fine. That’s fine.” I kind of used that I had a full time job and I’ll say, “Well, I’ve been an operations manager, I know how to run things.”
Then maybe, I wasn’t really getting any traction, right. Then all of a sudden, I guess they went and they looked at the address of the property I had under contract and then all of a sudden, I started getting calls back. And then they were like, “Donya, this is a good deal. We want this deal. We want this deal.” I was like, “Okay, wait a minute now.”, Three of them have called me back, I must really have a great deal.
That’s one thing because, I’ve learned too over the years is that, even hard money lenders a lot of them have different standards or they’ll bend their standards, if the deal works. You always hear seasoned investors, they say, “Oh, we’ll get the deal and the money will come.” In my case that really was true, I got the deal and the price was right and then they came back to me and wanted to invest in the deal. I use hard money lender the first deal I got.
Chris Bounds 02:43
That’s good because the number-there’s two things that keep people from doing their first deal. I pulled it multiple occasions, threads, forums talk with people. Money is always number one. That’s actually the easiest thing to solve because they’re hard money companies everywhere that will do a deal even for brand new investors.
And depending on how cheap you get the deal and the locations they all have different standard. You may have very little and in some cases maybe even no money out of pocket. It just all depends on the deal, and the lender, and all that, and of course the market. Then the number two is the education.
What you did is, you saw both of them with hustle and grit and it seems like that’s probably if I can infer it’s how you built all your entire business career. Getting the deal, being told by family like “Hey, I know you’re on your own figured it out.” Googling and just calling lender after lender getting told No, no, no and and then that now you got to deal you got to yes.