Interview with Jack Fullerton

By Christina Suter on Aug 27, 2016 at 08:23 PM in Real Estate Issues
Interview with Jack Fullerton

Jack Fullerton was a successful; internationally known Swimming and Water Polo Coach who never played Water Polo in High School.  Through study and application he had taken his teams to a number of State and National Titles.  He was named Water Polo Coach of the year for 1983.  Jack started buying single family homes years ago in one of the most expensive housing markets in the country, on his income as a college professor and coach. Even worse, he started buying in the early 80's when interest rates were between 14% and 21.5%. He has acquired personal wealth and knowledge through the study and practice of creative real estate. Jack has become the 'Real Estate Coach'.  His motto is 'CAN DO'.  If a Water Polo Coach can, why can’t you become financially successful?

Jack says opportunities appeared for him back in the 80's and he jumped on them. He went to San Diego with his team and he went to listen to some real estate agents speak and though he didn't have any interest in real estate he bough a $195 seminar and he learned how to take better care of his money. As a result, he met a group of self-made millionaires, learned from them and Warren Harding, got busy working on coaching and learning real estate. He bought his first house, experienced failure and success with his tenants and his journey into real estate continued. 

Jack says to take care of the other person first. He says it's amazing how easy real estate is if you worry about making sure the other person gets what they want instead of worrying about trying to make your profit today on that person. 

Jack believes he's one of the best landlords in Orange County and that they have some of the best tenants in Orange County. He's had tenants in his properties for 25 years and he continues to enjoy real estate success. He says that agents these days don't know how to put a deal together, they just send you to the bank to get a loan, but a loan isn't always the best solution for a seller's problem. He says you have to be able to sit down and talk to a seller, figure out their needs and figure out how to solve their problems. 

The average agent doesn't make a lot of money, but it's important to work with an agent who is flexible and who understands your situation. As an agent you must be believable, honorable, and make sure you take care of the other person.

Being in integrity and being creative will propel your business. 

Peter Fortunato teaches to think further down the line, "one step beyond". If you buy one house a year for 10 years, you'll be home free. If you think 10 years out, you will succeed, you can't think you'll be rich quick, it's a long game process. Jack's goal was 100 houses until someone with 1500 houses told him he only needed 35 houses. You have to sacrifice and also know what your goal is and what the plan is once you obtain the goal. Jack sacrificed for 10 years and has been able to purchase homes for $100 and as little as nothing down, just his word.

Jack says he bought a condo once from a lady who wanted $100 that day, $5,000 in 6-8 months. She had a $35,000 mortgage on her house and she needed to pay life insurance and health insurance and then I paid her premiums ($1,154) on a quarterly basis for 8 1/2 years and then she moved without telling me. We found her in Fresno, CA and she moved again and I had to find her again to get her the money we owed her. That deal happened because Jack took the time to understand what her needs were and he met those needs for her and they didn't have to take out another loan to do it. There is value in talking to the seller.

Jack has only had one eviction in 16 years and he hasn't had a turnover for 2 years and those people who are moving he is helping. 

Jack started with no money and when his teaching assistant came to him with $10,000 and the question of What to you think I should do? he offered her 2% more than what her ex-husband, who was a mortgage broker was going to loan her money for, he bought the house he wanted her to buy. He said he did everything wrong, that, that house has a broken foundation, and he learned from failing first. He says you can't do it any worse than he did; you have to be a problem solver. He teaches people to be financially free on $100/month. 

Jack's advice is to put off what you want today and think 10 years out. If you do that, you will be able to reach your financial goals in less than 10 years.