The Art of Hustle- In the Beginning
THE LAWS OF HUSTLE
Law #1- "When things are going crazy, you must stay sane"
I graduated high school in 2004. Despite above average grades and strong test scores, it seems that every teacher comment and counselors recommendation echoed the same sentiment.
Very intelligent with a lot of potential... IF he would apply himself.
I didn't see myself as a college type of guy. Another 4 years of school seemed like a brand of torture that I wasn't quite ready for. I opted to make a 2 year commitment and attend community college, dropping out about 3/4's the way through my freshman year.
I had big dreams and a whole lot of ambition, but no stability, no foundation and no life experience to guide me through the coming turbulent times.
Photo Credit- VinothChandar
It was at this time that I had begun a career in real estate in early 2005. At 18 years old, it wasn't going to be easy to convince my elder clients that I should be in charge of what is most people's largest asset. Again it seems that it would involve me having to actually apply myself.
I got lucky.
The market was peaking and by partnering with my mom, I had given myself a bit of much needed credibility. In the next three years we would enjoy moderate success in the real estate market as prices exploded and nearly everyone with a pulse signed up for an adjustable rate mortgage. Of course this madness would eventually come to an abrupt end, the crash leaving me in a tough spot.
I was young and admittedly rather careless financially. My income had grown every year, I had accumulated assets and bought and sold my own property for a handsome profit. I had a waterfront condo, a Mercedes and an extravagant lifestyle for a 20 year old, but mostly I had a big shit storm on my hands.
Photo Credit- Carolynconner
Naivety and irrational thinking that was brought on by this huge market boom had taught me in my first years as a real estate professional of a market that was not sound, artificially inflated by unsound mortgages backed by reckless government entities. I wasn't sophisticated enough at the time to understand fully why the market was so phony, it seemed as though prices would always rise, deals would always be out there and my income would only grow year over year.
Everything I had evaporated in a matter of months. My income stopped, prices fell and there was no way I could continue the lifestyle that I had adopted. Going from making six figures, to being broke and unable to get much more than a bartending gig, that will change your perspective pretty quickly.
A purging of our housing market was necessary, that is now quite obvious in retrospect. Along with this adjustment, my two properties I owned currently would get foreclosed on, my Mercedes repossessed. I say this honestly to you to point out one of the biggest and most costly lessons I've had to learn.
When things are going crazy, you must stay sane
I was at Rock bottom cleaning houses, bartending and doing freelance writing work over the next few years in order to make ends meet. I was down, but not out. To get back I would need to do what so many mentors before had instructed. I would be forced to apply myself in all facets
Stay tuned for part two...