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Real Estate Investing Mogul Shares Insider Knowledge
There’s no doubt about it—the Orange County housing market today is a tough place to live. In fact, everyday we read headlines about people either a) seeking creative financing to purchase their Orange County dream home, or b) figuring out where to move outside Orange County to live—and still find a job.
But what if you could have a job you love that lets you live anywhere you want and not worry about how to afford it? What if that job had unlimited income potential, promised both personal and professional growth, let you spend time with friends everyday, and benefits others while it benefits you? Orange County businessman Corey Donaldson insists in can be done. In fact, he’s living proof.
An entrepreneur since his college years, Corey not only knows the secret, he’s eager to share it with anyone who’ll listen. He’s that passionate about what he’s discovered. The biggest surprise element in his story is he’s not a successful senior citizen or even a bonus-baby boomer. Donaldson is only in his mid-thirties.
Donaldson began investing in real estate in his early twenties. Within ten years, in 2004 he “retired” from corporate life. Today, he is president of Avalon Properties, which owns more than one hundred Orange County housing units, along with mobile home properties and storage units in several out-of-state locations.
“I’ve always had an entrepreneurial spirit,” Donaldson said, “so I know that’s helped. But what I’ve learned in a relatively short time convinces me that almost anyone who wants to be free from the nine-to-five grind can do it.”
By relatively short, Donaldson refers to a period of about ten years. In that time, there have been a few failures—as there are with all attempts. But each failure, Donaldson says, has provided an opportunity to learn. And each fall is a little less painful than the last, with a speedier recovery.
Donaldson’s winning ways do not involve getting rich quick. Rather, he emphasizes, finding a life that works for you. “When you love what you’re doing, it doesn’t seem like work at all. I know a lot of people are frustrated in their jobs, but finding something fun to do that makes money for you isn’t as hard as it looks. If I can do it,” Donaldson said, “anyone can.”
Look for Real Opportunity
The particular world Donaldson has succeeded in involves real estate, which is something everyone deals with at some time in their lives. After all, everyone either owns a home, rents from someone who owns a home or apartment, works for a business that owns property or does business with people who rent or own property. Life happens in places and on places. Buildings, ground, space—we all use it. So it’s a natural resource for investors and provides greater stability with less risk than other commodities.
The stock market, for example, offers great potential rewards. But the losses can be devastating, and sudden. Even with all the help available from books, radio programs and TV analysts, it’s a risky business to be in. A stock that looks great today can tank tomorrow. Real estate is different. While it, too, fluctuates, the roller coaster ride is a lot slower. You can watch it and anticipate the dips, curves, highs, lows and wild moments. In time, a smart student of the real estate market learns to predict future trends.
Donaldson’s adventure began when he bought his first place, a duplex in Costa Mesa, and rented out the other half. Between rent money and his day-job, he was able to move up to a triplex within a year. Timing was right and his property values rose. Before long, he had two four plexes. His plan—an important thing to have from the get-go—was working beautifully.
Today, in addition to owning multiple properties, Donaldson offers seminars to help others succeed. While there’s a lot to learn, he points to four key elements that have helped spell success for him.
What You Need to Succeed
1. Make a Commitment
Recognize nothing worth having comes easily. If you want anything to work, you must be ready to make a commitment you can’t turn back on. People who make it, Donaldson said, are those who don’t mind living “close to the ground,” willing to trade a wealthy lifestyle now for long term profits down the road. “If anything claims to be easy,” said Donaldson, “like many of those late night infomercials on TV—be suspicious,” and be very afraid.
That said, when you understand how real estate investment works the possibilities are almost endless, Donaldson said. Just be ready to do the work it takes. In other words, once you start to paddle out, don’t turn around and head back for shore.
2. Build Your Knowledge
No matter what we might want to do these days, there’s some way to learn it. Where we go wrong is in failing to read the directions! “What I see are too many people buying property all over the place without really studying what they’re buying first,” Donaldson said. “I recommend becoming a local market expert, because all real estate is essentially local. Know
what you own.”
Tools for learning can be as intense as a seminar, as informative as reading books, and as basic as studying the market. Learn how someone else did it, then take those tips and modify them to fit your own unique personality and work lifestyle.
For a couple of years now, Donaldson and his partner, Kyle Kazan, have hosted seminars on a regular basis. These forums provide a great way to share information, learn from others, and network. Clubs are another great learning forum. “I host one in my home every month,” Donaldson said. “It’s a great way to meet people and help them get started.”
Bottom line: find others who’ve been where you want to go as well as those headed in the same direction, and learn all you can from them. Which brings us to tip number three.
3. Find a Mentor
No matter what we want to learn, we can learn it better and faster from someone else who already knows the secrets.
“One of my first business opportunities,” Donaldson recalled, “came when a woman who lived in my home town back in Connecticut asked me to recoat her driveway for her. I’d never done anything like that before! But she asked, ‘Do you know how to paint a wall?’ I figured, sure! She told me that she had seen her husband do it a million times and she would teach me. The job took about 4 hours and she paid me $200 for my efforts. I was able to turn that $200 into what became the largest residential sealcoating company in the state of Connecticut. The sealant business that I started that day paid for my college education—and that of my brothers and about 5 long time friends.
Then there was the time Donaldson decided to go right to the source—he called Ernest Tew, the acknowledged “godfather” of mobile home estate investing. Sometimes finding mentors takes a little boldness. For Donaldson, this move paid off in spades.
“He invited me to spend a few days with him in Florida, so I did. What a treasure hunt I was about to embark on! As he traveled the state, I went everywhere he went, zigging where he zigged and zagging where he zagged. En route, I must have asked him at least a thousand questions.
“At the rainbow’s end, I asked what he would charge me for this training. ‘Nothing,’ he answered. ‘I had the best time of my life.’
“I couldn’t believe it! Here was this great, successful man, teaching me virtually everything he knew—for the love of helping someone else succeed. Well, needless to say—I was hooked. I’ve been in the mobile home business ever since. And I love to teach others how to do what I do.”
4. Cultivate a Support System
Have you ever been a member of a team, either in sports, at work, or just for fun? Remember what it was like, having everyone working for the same goal? Successful people do that in their professional lives. They build teams of like-minded people, networks of folks headed in the same direction. “It’s great!” Donaldson said. “I get to spend all day, everyday, with my friends.”
Where can you meet people like that? It’s not as hard as you might think. Maybe you’ve even mastered the technique to some extent. Most of us have friends who enjoy the same hobbies or interests. What Donaldson advocates is just an extension of that idea—finding friends in your chosen profession.
Everyday we read headlines about corporate deception, greed and corruption. Sadly, the pressures of competition often bring out the worst in people. The end result: no one wins. But when your goals involve helping others succeed, Donaldson observed, that competitive edge softens substantially. Most people really want to help others make it.
Know Yourself
Another critical piece in achieving success is to know your own core values. Take pride in who you are and what you do. Be determined not to let other people down.
“When I set out to help someone else succeed, I see it through,” said Donaldson. “Of course, there are seminar junkies in every walk of life. These are people who attend everything and go nowhere. That’s where you need to take that first step—make a commitment. If you can’t decide or you’re unwilling to take a risk—even a relatively safe risk like real estate—you’re better off not wasting your time or money.”
Wherever you hope to succeed, Donaldson believes these principles will help you get there. Be committed to your dream, learn all you can about it, find a mentor who’s been where you want to go, and cultivate a strong support system.
“With these tools, you’ll reach your destination and have a great time on the journey. And maybe, like me,” Donaldson grinned, “you’ll find you can live in Orange County—and have a few bucks left over.”
About the Author: You can learn more about investing in mobile homes by visting http://www.mobilehomeuniversity.com
Source: www.isnare.com
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