Thank you for taking the time to visit our site, and hopefully check out our real estate investment course. I have enjoyed helping many people who are frustrated with the mumbo-jumbo "no money down" real estate investing snake oil marketed over the last 20 years. I'd like to share a little about my experiences and background, and how I came to be a real estate investor.

I grew up in a real estate investing family. My mother's father owner numerous rental properties in North Carolina. He was a full time investor who maintained his properties himself and collected rents on a weekly basis from a working class group of tenants. He scrimped and saved for years to buy his properties, and reinvested in more houses as quickly as he could. My father's grandfather who was an attorney, also owned a number of rental properties. These eventually fell into disrepair, and were sold.

My parents eventually decided to get into the building business. They gravitated towards building large custom houses and developing outlying parcels for small single family homes. Building will either make you rich or poor, and after the recession (technically a depression) of the early 1980's my family was forced to sell all the rental properties, and lost a great deal of investment capital. Times were bleak. No one was buying, so the rental properties were sold for pennies on the dollar. The family house was sold at a low price to get out from under a mortgage at 21%, and a smaller modest home was purchased. Two Mercedes were sold, and the family used old beat up trucks that were over 10 years old as our only means of transportation.

After the economy cleared up, times got somewhat better, but the family business barely made enough to meet our expenses, and never fully recovered. By this time, we were building large custom homes that sold at the upper end of the market. However, there were not many buyers for these homes, and the margins were tight. Many times, the realtor's 7% commission would be greater than the profit that we made after 9 months of agony. The hours were terrible, and the clients were demanding.

I always knew that I wanted to be a real estate investor. I had grown up around relatives who owned real estate, and who told stories of deals they'd done, and the easy profits they had reaped. These always sounded better to me than building. Building new houses was not an option for me. I wasn't interested in that business, nor was I interested in being under the control of the family business. I wanted to strike out and do my own thing.

An important mentor of mine was my Scoutmaster when I was growing up. I was active in scouting into college, and earned my Eagle Scout award. He was a real estate attorney, and was involved in real estate transactions with a number of investors. Although he did not invest himself, the level of knowledge that he had astounded me. He understood the public records and the legalities of real estate investing off the top of his head. I understood even then that if I had his knowledge, that I would stand a real leg up on other competitors. It was for this reason that I went to law school.

Law School

Law school was a struggle at times for me. My grades were average, and I was somewhat unimpressed by the faculty. None had ever done anything in the real world, and thus had little experience to offer me. I still had my burning desire to invest in real estate, and began to purchase any and every real estate investing course I could get my hands on. I often drove to Atlanta on the weekends to attend real estate seminars, but always found these to be 3 hour long advertisements for courses costing thousands of dollars, or $888 if you are one of the first 3 people to the back of the room! (We've all been there).

While in law school, I made many offers following the "no money down" school of thought, and often confused my sellers in the process. I wrote letters to doctors and dentists looking for an investment partner to put up money for me (no responses), and tried to get multiple credit cards to establish a line of credit.

In retrospect, what I realize is that I was making great effort, but I was doing the wrong things. I didn't know how to find good deals. I was simply looking in the newspaper for deals, or looking for homes for sale near where I lived. Realtors were totally rude to me, as they probably should have been, as I had no chance of buying any of these properties despite having read and studied tons of courses.

Graduation time rolled around, and I still held on to my dream of being a real estate investor. I took a low paying job as a title and real estate attorney with a law firm in Decatur, Georgia. At this firm, I learned how to use and manipulate the public records and to extract any and all information I would need to locate the "hidden deals." I worked for half the salary I could have made elsewhere, and most of my friends thought I was an idiot. While they moved into nice glitzy apartments and bought new cars, I moved into an underground basement apartment with 6'4" ceilings, and stocked up on macaroni and cheese and tuna. Still, I held onto my real estate investing dream, and knew that these steps were all preparation for what was to come.

Unfortunately, this law firm had one major client, and that client was bought out by First Union Bank. First Union promptly fired the law firm, which had to lay off almost all employees, including me. Cut free with $400 in the bank and no job, I began to do some freelance title work. This barely paid my bills, and kept me going. I am proud that I never had to borrow money from my family or anyone to make it through this period.

Building A Law Practice And Leaving It

One day I ran into a friend of mine from school who was struggling with his own firm, and we decided to become law partners. We eventually built a large firm, hiring paralegals, getting office space, and eventually hiring other attorneys to work with us. The hours were hell. We didn't see hardly any of our increasing gross revenue, as everything went back into hiring more people, getting more computers, or paying off the debt we had racked up at the beginning of our practice.

We did legal work for several real estate investors, and I began to see the light once again. They were making huge amounts of money on these properties, and we were killing ourselves for months to make the same types of profits that they made in a space of weeks in some cases. I decided that I would get serious about real estate investing once and for all.

Our practice had been built up mainly by direct mail. This mail was targeted, and designed to attract our clients to us without having to do a great deal of salesmanship. We didn't have the time to make big presentations, and this system worked well for us. I decided to take this same system and use it for real estate investing.

We lost a client because our pricing was "too high," at the same time we were moving to more expensive office space. While I had a "large" business, I was flat broke with less than $1,000 in the bank. Devoting 2 hours each Saturday and Sunday to my new business, I soon bought my first property, put 3% down which I had to borrow and finance with a credit card, moved into it, rehabbed it, rented it out for a year, sold it, and made over $40,000 in profit. That same year, I bought another property that I rehabbed and flipped with over $40,000 in profit. I began to realize the incredible profit potential of these deals, which began to take up more and more of my time. Eventually I realized that I couldn't keep doing real estate and working 60 hours for my firm, so I walked away from my law practice and became a full-time investor.

Since then, I have been constantly rewarded for this decision, which many people thought was crazy at the time. I have bought and sold numerous properties, both single and multi-family, rehabbed houses, and purchased enough rentals to provide for our retirement. I have kept my money working by performing tax deferred exchanges where possible. I have taken totally destroyed homes, brought them back to life, and helped neighborhoods begin to rebuild. It was the best decision of my life. I think that when people wonder what it would be like to be a full-time investor, and all of the benefits that flow from having the ability to control your lifestyle and schedule, that 100% of the benefits they hope for are actually there.

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This is a wonderful business that utilizes our creative side, and can also make more money on several deals per year than 95% of the people in this country earn. My wife is excited about the properties, and it is rewarding to work as a team. She handles all the landscaping on the homes, and is a great person to discuss ideas and plans for the homes. This business will benefit your life in many ways, and I thank you for making us part of your process to get from where you are now to your investing goal.

David Whisnant
Editor, Real Estate Investor, and Attorney

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