 Who Is Robyn Thompson?
I got involved in real estate nine years ago not by
choice but out of desperation. I went to work one day
thinking it was going to be another average day at the
office, but NO! A mandatory meeting was called for the
afternoon. Around 2:00 PM, all of the corporate accountanting
team piled into the auditorium wondering what computer
the company would be releasing to the market place.
A stranger walked out onto the stage and took the microphone.
None of us knew him and we would soon find out that
his nick name was "The Hatchet Man". He was
brought in to eliminate the fat out of corporate accounting.
He informed the 503 people in the auditorium that only
275 of us would be left at the end of this month.
My whole life was sent into a downward spiral in a
matter of a few seconds. How could they do this? I dedicated
my heart and soul to IBM for the last 9 years and with
no warning they are letting hundreds of good employees
go? See I was scared to death!! I was living like many
people do today, surviving paycheck to paycheck. I had
a big mortgage payment on my new condo, a car payment,
student loans, credit card debt, no savings, only $4000
in my IRA and a few shares of IBM stock.
I panicked. I did what most Americans do when they
get into a the financial bind. I went and got a part-time
job, waiting tables from 5:00 PM to 2:30 AM at a local
diner to try and start saving some money to get a few
car payments or a few mortgage payments ahead. The goal
was to make $125 per night. At least it would be some
kind of income if I was forced out the door at IBM.
A few weeks past and I made it through the down sizing,
but the fear would not go away. My loyalty to the corporation
was gone. I kept my waitress job because reality set
in. I was a financial disaster with no extra money and
no savings. I knew it was time to work smarter not harder.
Some how, some way, I was going to find financial freedom.
One night after finishing a long night at the diner,
I came home to find a moving van in my neighbor's driveway.
Being the nosy neighbor, the next morning I phoned the
condo association president to find out what was going
on with unit No. 6. She told me that my neighbors inherited
a big farmhouse in Tennessee from their grandmother
that was free and clear. They were moving because they
could not sell the condo for what they paid for it and
they did not have enough money to pay a Realtor six
percent commission to liquidate the property.
I stood there completely envious. A life with no mortgage
payments, what a fantasy after all I still owed 29 years
on my mortgage. It became my dream to have a home free
and clear with no payments, now that's financial freedom.
Unit No. 6 went into foreclosure. Six months later
it was listed for $79,000 which was our original purchase
prices for the units. Over the next several months,
I watched the prices drop from $79,000 to $69,000 to
$59,000 to $49,000 to $39,000 to $34,900 and still no
one bought it.
Now fear and doubt rush back in because if IBM decided
to make another round of cutbacks, I would not be able
to sell my unit for my mortgage balance of $63,500.
In my heart I knew the condo was a steal at $34,900.
I ran the numbers and determined that the monthly payment
on Unit No. 6 would be $365 per month. With a little
investigating I found that the condo would rent for
$650 per month, giving it a positive cash flow of $
285 per month. The Cash flow of $285 per month was just
enough to cover my Honda Accord payment. If I could
buy the unit, it would make my car payment for life!!
After some calls to mortgage companies, I found out
that I only needed 10 percent down and I could ask the
seller to pay all my closing costs. Yes, all I needed
was $3500 (thirty-five nights at the diner) and I could
drive a nice car for life and let unit No. 6 make the
payments. I bought the unit at an auction for $27,500.
So the wheels inside my head began to turn, what if
I could buy nine more units just like unit No. 6. I
would have approximately $3000 per month positive cash
flow. Yes, this would match my take-home pay from IBM
and I would never have to worry if we went to downswing
again. Heck, I would not even have to work if all ten
were rented.
I started pursuing this dream with passion. I began
waiting tables five nights a week in addition to my
full-time job to get down payment money plus looking
at condos every extra minute I had. Yes, I survived
on very little sleep for many months.
Within six months I had saved enough money to buy my
third unit. One Saturday morning I set up an appointment
with a Realtor from Re/Max. I will never forget that
day.
He jumped out of an old Blue Cadillac with dark tinted
windows wearing an expensive pinstripe suit. He shook
my hand and very arrogantly introduced himself as "THE
KING OF FORECLOSURES". I just stared at him with
this smerk on my face, asking myself, " how can
a 23-year-old kid with the old Cadillac be the King
of anything"?
After previewing the unit, I determine the cash flow
to be close to $300 per month, so I wanted to make an
offer. THE KING was pushing me to go to full price.
NO WAY, I started at $7000 under the asking price and
to both of our surprises this desperate seller took
it. I don't know who was more shocked, the king or me.
The closing took place 45 days later. On the way out
of the closing, the King asked me a question that would
change my life for ever. "If I could sell the condo
that you are buying and make you $5000 profit would
you agree to it.
I asked him if he thought I was nuts, that's 50 nights
at the diner from 5:00 PM to 2:30 AM. I am not emotionally
attached to this condo, but I cannot afford to make
a mortgage payment on this condo in the one I live in
with no rental income for more than two months. The
king took the challenge of a 60 day listing. On the
27th day of his listing he brought me an offer that
would net me a $4800 profit. This could not be happening.
Making money cannot be this easy.
To make a long story short, it was that easy!! I'll
never forget the feeling of excitement as I drove to
that closing. I remember being so nervous sitting in
the attorney's office as he handed me my check. It was
for more than $10,000. The amount had to be wrong! It
wasn't. I got all my original down payment back plus
my cost of the repairs that I had done plus the $4800
profit. I drove to the bank so fast to deposit the check
that I left tread marks in the parking lot.
Do you understand that was more money than I ever had
seen in my whole life? Oh my God, if IBM left me go
I could live off of that $10,000 for five months if
I had to. Surely I was out of the woods now. Life was
great. I was lucky enough to find a once-in-a-lifetime
deal.
Two weeks later, the King called me up to inform me
that he had two little fixer upper houses that I should
take a look at. I told him he's crazy. I am not spending
my $10,000. You are not sticking your hand in my checking
account. The King made another profound statement that
day, with an arrogant tone in his voice he said "What
are you afraid?" How dare he. Me, Afraid. I replied,
OK Smarty, I will go look.
The little voice inside my head said don't worry you
don't have to buy anything.
Both houses were dumps, but the little white Colonial
on Birch Street kept haunting me. I could see the potential
but the repairs had to be at least $12,000. The King
argued with me that the repairs were $8,000. He dared
me to prove him wrong so I got two quotes. Unfortunately
he was right so I had no choice but to buy it because
my $10,000 plus a few nights at the diner would cover
the repairs and the down payment. Hey what was the worst
that could happen, if I went back to landlord mode and
rented the little house on Birch Street, it would cash
flow at $375 a month.
Four months later, I could have killed the King. The
house was still not completely renovated. I was broke
and did not have enough money to finish the repairs.
I was waiting tables all night to pay a handyman to
work on the house all the next day. All the extra materials
had to go on my Visa card. Great now I was further in
debt, and broke. Not to mention exhausted from doing
as much of the work myself as I could to keep the cost
down. What a complete IDIOT I was. I had to get this
house finished.
One afternoon, two of my waitress friends from the
diner stopped at the house to see what I was up to.
They were curious why was I giving up my best shifts.
Elaine fell head over heals in love with my little
house. I told her the monthly payments would be $675
per month. She made the decision to buy instantly because
she was living in the projects for 17 years and paying
$600 per month for rent.
A month later, Elaine and I are at the closing. I remember
it like yesterday. Elaine, the toughest lady I knew,
sat there with tears in her eyes. I don't know who had
more butterflies in their stomach, her or me? When it
was over, the attorney handed me a folder with all my
closing documents and a check. It was my turn for tears
in my eyes because I made $17,235 profit on my second
deal. Yes, my check was for over $27,000. I got my original
down payment back plus my repair cost plus the profit.
How many of you would be happy with that from a part-time
hobby? It sure beats waiting tables for $125 a night.
I made more money on that little house than working
for IBM for five months.
Needless to say, my career at IBM was short-lived. Every
day for the next year, I went to work hating my job.
See I knew there was life after IBM. Fourteen months
later I told IBM to stick it.
Now, the rest is history. I have bought, renovated
and sold over 235 properties since I quit at IBM. I
have acquired tons of knowledge along the way.
My life is awesome because I do what I want when I
want plus I am my own boss. I know what true financial
freedom is because I am a multimillionaire.
Four years ago, I began sharing my knowledge on buying,
renovating and selling homes so others could start to
take control of their financial situations. Over the
years, I have taught hundreds of classes on "'How
to Create Huge Chunks of Cash from Real Estate",
and shared platform with best selling authors, TV stars,
governors, the super wealthy, and some of the best speakers
in the world.
I have the absolute pleasure everyday of helping people
dig out of their financial mess and teach them techniques
to obtain financial independence without needing money
or credit.
My goal in life is to help those individuals who can
take action to new financial levels that most people
only fantasized about. If this describes you, it is
an awesome journey when you implement my techniques
and strategies.
Now it is your turn to eliminate all your financial
baggage and move into millionaire status like so many
of my students have. Return back to my home page and
view how I can help you on your way to financial freedom.
Sincerely,
Robyn Thompson
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