QOTD: How did you get to where you are today?
Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes
QOTD: How did you get to where you are today?
Most Popular Reply
Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
4yLost a bunch of money, got my mind right, worked my *** off, bought some properties for cash, eventually did some leverage, kept my W2 and rolled every cent back into the business until it could sustain and grow itself and me.
Skyline Properties
31 Replies
- Lender · Morristown, NJ · Member since 2022 · 153 posts · 71 votes4y
Hey @Dalton Foote, hope all is well!!
I actually have a similar strategy and started my journey through it as well.
I basically just worked and saved as hard as possible with the intent to get into real estate investing! Looking back on how it started, I still really keep the same model. Only difference is I now have the ability to use cash flow and equity from my current properties to further grow my portfolio at a faster pace than through just business income alone.
One thing that has always been intriguing to me is the concept in sales and investing that the harder you work and the more you put into it, the faster things actually start to compound!
- Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes4y
Taking action. A flower doesn't bloom in the shade, surround yourself with like minded individuals, real estate or not and see how far you can get.
- Real Estate Agent · Melbourne, FL · Member since 2021 · 45 posts · 31 votes4y
@Dalton Foote first off sick name and it sounds like we are both very like minded. This is a question I always ask myself and others. I started when I was around 16 just learning about everything I could find about real estate. When I turned 19 I got my Realtors license and am now saving to buy my first home that I plan to house hack.
I've noticed with all the flippers, wholesailers, agents, investors I have met all have different backgrounds leading them to pursue a certain path. Some look for an easier way to gain capital for longer term projects. The best thing about real estate is that it is so versatile and anyone can do it and succeed.
- Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Yes sir. Exactly my plans once I have some properties just cash out refinance and won’t have to put much if any capital into it once that snowball effect starts!
Quote from @Frank Avallone II:
Hey @Dalton Foote, hope all is well!!
I actually have a similar strategy and started my journey through it as well.
I basically just worked and saved as hard as possible with the intent to get into real estate investing! Looking back on how it started, I still really keep the same model. Only difference is I now have the ability to use cash flow and equity from my current properties to further grow my portfolio at a faster pace than through just business income alone.
One thing that has always been intriguing to me is the concept in sales and investing that the harder you work and the more you put into it, the faster things actually start to compound!
- Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Eliott, best thing I can tell people is just take action. I listened to all the motivational and educational videos on everything to do with entrepreneurship, business, finance, real estate, but a plan without action is nearly a dream! Not to be rude but I’ve met so many successful people that aren’t the smartest guy in the room but what separates them from the rest is purely action. They didn’t think too much they just got started!
Quote from @Eliott Elias:
Taking action. A flower doesn't bloom in the shade, surround yourself with like minded individuals, real estate or not and see how far you can get.
- Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Same to you Dalton! Your right. Always interesting to hear everyone’s experience.
Quote from @Dalton King:
@Dalton Foote first off sick name and it sounds like we are both very like minded. This is a question I always ask myself and others. I started when I was around 16 just learning about everything I could find about real estate. When I turned 19 I got my Realtors license and am now saving to buy my first home that I plan to house hack.
I've noticed with all the flippers, wholesailers, agents, investors I have met all have different backgrounds leading them to pursue a certain path. Some look for an easier way to gain capital for longer term projects. The best thing about real estate is that it is so versatile and anyone can do it and succeed.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes4y
Lost a bunch of money, got my mind right, worked my *** off, bought some properties for cash, eventually did some leverage, kept my W2 and rolled every cent back into the business until it could sustain and grow itself and me.
Skyline Properties - Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Love it! If you at first don’t succeed try try again!
Quote from @JD Martin:
Lost a bunch of money, got my mind right, worked my *** off, bought some properties for cash, eventually did some leverage, kept my W2 and rolled every cent back into the business until it could sustain and grow itself and me.
- Software Developer · Vidor, TX · Member since 2015 · 922 posts · 639 votes4y
Paid our cars off, snow balled it to pay off the house. A year later we were like, "Why not invest that equity?". So cashed out and looked for rentals. They all sucked so we built one, cashed out again built another, so on and so forth. Lots of pitfalls and natural disasters that almost wiped us out but there's generally opportunity at every turn. We pivoted away from solely building to rent into custom home building and spec homes as well. We have a home for sale now. With the softening market and increased cost to borrowers it's looking like the time to pivot back into rental acquisition/conversion. Rinse and repeat until death.
- Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes4y
saved money from W-2 (accountant) and bought a live in flip as a first real estate investment
- Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes4y
Quote from @Dalton Foote:
How did you all get to where you are today in real estate? Was it through building a business, working a 9-5 job (and in what), jumping right in and using other people’s money, etc? If you haven’t invested yet but you are on your way right now, what are your current endeavors to get that first/multiple deals? For me, it’s simple. I am a die hard entrepreneurial minded individual that is looking to fund real estate deals by building wealth through businesses. My main focus is to attract/obtain the cash through businesses first to be able to fund deals in the future. I am currently working on a couple of start ups right now. Everyone is different, everyone has strengths/weaknesses, everyone has different goals. Interested to see everyone’s experience/ambitions!
Starting out my wife had great credit and had an incredible job that she had long standing work history with, this helped us get a good loan. I asked my grandmother for money for a down payment and we bought our first duplex. I was in school full-time but also doing the real estate full-time. My wife was working 80 to 90 hours a week to fund our rehabs and to increase our portfolio. Through that time we have made it more into a business and continue to do so. Honestly, I find it to be fun. I enjoy RE and it has definitely become one of my passions.
- Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Very Cool Justin! Interesting start with building! Depending on the area and market I guess it does make more sense to build! I am at that point now where I only have 2 thousand left on my car and I’m debt free and ready to invest that equity!
Quote from @Justin Fox:
Paid our cars off, snow balled it to pay off the house. A year later we were like, "Why not invest that equity?". So cashed out and looked for rentals. They all sucked so we built one, cashed out again built another, so on and so forth. Lots of pitfalls and natural disasters that almost wiped us out but there's generally opportunity at every turn. We pivoted away from solely building to rent into custom home building and spec homes as well. We have a home for sale now. With the softening market and increased cost to borrowers it's looking like the time to pivot back into rental acquisition/conversion. Rinse and repeat until death.
- Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Mike, love it!
Quote from @Mike Dymski:
saved money from W-2 (accountant) and bought a live in flip as a first real estate investment
- Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Quote from @Steven Foster Wilson:
Quote from @Dalton Foote:
How did you all get to where you are today in real estate? Was it through building a business, working a 9-5 job (and in what), jumping right in and using other people’s money, etc? If you haven’t invested yet but you are on your way right now, what are your current endeavors to get that first/multiple deals? For me, it’s simple. I am a die hard entrepreneurial minded individual that is looking to fund real estate deals by building wealth through businesses. My main focus is to attract/obtain the cash through businesses first to be able to fund deals in the future. I am currently working on a couple of start ups right now. Everyone is different, everyone has strengths/weaknesses, everyone has different goals. Interested to see everyone’s experience/ambitions!
Starting out my wife had great credit and had an incredible job that she had long standing work history with, this helped us get a good loan. I asked my grandmother for money for a down payment and we bought our first duplex. I was in school full-time but also doing the real estate full-time. My wife was working 80 to 90 hours a week to fund our rehabs and to increase our portfolio. Through that time we have made it more into a business and continue to do so. Honestly, I find it to be fun. I enjoy RE and it has definitely become one of my passions.
Definitely a grinder! My credit has risen substantially the last year and now in over the 700’s. So much money to be saved by simply having better credit.
- Member since 2019 · 7k+ posts · 4k+ votes4y
I'm very happy because of real estate. As my prediction 11 years proved to be right. I think real estate is great wealth creation. So I bought during the downturn at the right place and took out the money from there. Also, invest at other places for rental.
I predict from a long time ago that US will experience real estate melts up as gov. keeps printing money and giving back that money to us thru a 30YFRM low interest mortgage.
So thanks to the gov. It's not me that's smart, but the gov. that's smart enough to do so. haha.... - 4yErin AzarPro MemberRental Property Investor · IN · Member since 2021 · 47 posts · 36 votes
I set my sights on creating a passive income that would allow me to be financially independent from W2s, set the number and then drove every decision towards hitting that monthly income number. I took a higher paid position (leaving a job I loved) to allow greater income for buying properties. Then we would buy a property 1 at a time, fix it up, rent it out with solid cash flow and move on to the next. The journey was about 3.5 years to reach the desired monthly cash flow. Recently I resigned and leaving my W2 now. We built an Engineering business also, so now focusing on leading our engineering company and growing it as fast and steady as our property bus. Also, diversifying in our rental bus - was focused on primarily LTR through SFH and a couple duplex/triplex, MFH, but now moving to STR and MTR this year as well as a small Multi-fam unit. Previously targeted ugly houses that could be fixed up and made significantly better. That was part of my original mission too - to make the town better by giving dignity back to decayed houses. Still loving it and for the first time, I am my own boss and full time entrepreneur. It feels new....but awesome!!!
- Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Quote from @Carlos Ptriawan:
I'm very happy because of real estate. As my prediction 11 years proved to be right. I think real estate is great wealth creation. So I bought during the downturn at the right place and took out the money from there. Also, invest at other places for rental.
I predict from a long time ago that US will experience real estate melts up as gov. keeps printing money and giving back that money to us thru a 30YFRM low interest mortgage.
So thanks to the gov. It's not me that's smart, but the gov. that's smart enough to do so. haha....Carlos,
Good way to look at it! Haha very true. - Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Quote from @Erin Azar:
I set my sights on creating a passive income that would allow me to be financially independent from W2s, set the number and then drove every decision towards hitting that monthly income number. I took a higher paid position (leaving a job I loved) to allow greater income for buying properties. Then we would buy a property 1 at a time, fix it up, rent it out with solid cash flow and move on to the next. The journey was about 3.5 years to reach the desired monthly cash flow. Recently I resigned and leaving my W2 now. We built an Engineering business also, so now focusing on leading our engineering company and growing it as fast and steady as our property bus. Also, diversifying in our rental bus - was focused on primarily LTR through SFH and a couple duplex/triplex, MFH, but now moving to STR and MTR this year as well as a small Multi-fam unit. Previously targeted ugly houses that could be fixed up and made significantly better. That was part of my original mission too - to make the town better by giving dignity back to decayed houses. Still loving it and for the first time, I am my own boss and full time entrepreneur. It feels new....but awesome!!!
Erin,
That’s awesome! Very similar to where I’m at. I have almost doubled my w2 income the last 2 years and I’m only going up over the next 5. Any increases in pay is all stacked away for investments and business endeavors. Having a flexible W2 job as I have right now is a huge blessing to take on side projects of creating or building a business and having ample time to dedicate to! Thanks for sharing! - Member since 2019 · 7k+ posts · 4k+ votes4y
Quote from @Dalton Foote:
Quote from @Carlos Ptriawan:
I'm very happy because of real estate. As my prediction 11 years proved to be right. I think real estate is great wealth creation. So I bought during the downturn at the right place and took out the money from there. Also, invest at other places for rental.
I predict from a long time ago that US will experience real estate melts up as gov. keeps printing money and giving back that money to us thru a 30YFRM low interest mortgage.
So thanks to the gov. It's not me that's smart, but the gov. that's smart enough to do so. haha....Carlos,
Good way to look at it! Haha very true.Sorry to say, but any idiots could become a millionaire in real estate if they buy a piece of toilet land in Palo Alto in 2009 haha,no need to become pHD in real estate.
The one that I really respect in real estate is actually the value-add GP/rehabber/BRRRer and also the painter,drywaller,engineers that make this happen. - Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes4y
Quote from @Carlos Ptriawan:
Quote from @Dalton Foote:
Quote from @Carlos Ptriawan:
I'm very happy because of real estate. As my prediction 11 years proved to be right. I think real estate is great wealth creation. So I bought during the downturn at the right place and took out the money from there. Also, invest at other places for rental.
I predict from a long time ago that US will experience real estate melts up as gov. keeps printing money and giving back that money to us thru a 30YFRM low interest mortgage.
So thanks to the gov. It's not me that's smart, but the gov. that's smart enough to do so. haha....Carlos,
Good way to look at it! Haha very true.Sorry to say, but any idiots could become a millionaire in real estate if they buy a piece of toilet land in Palo Alto in 2009 haha,no need to become pHD in real estate.
The one that I really respect in real estate is actually the value-add GP/rehabber/BRRRer and also the painter,drywaller,engineers that make this happen.I also "respect" the investor who didn't need to rehab, paint, drywall etc but just invested wisely and made his money while sipping a dry martini at an oceanside restaurant......
- Contractor · Indianapolis, IN · Member since 2022 · 45 posts · 15 votes4y
Quote from @Eric Gerakos:
Quote from @Carlos Ptriawan:
Quote from @Dalton Foote:
Quote from @Carlos Ptriawan:
I'm very happy because of real estate. As my prediction 11 years proved to be right. I think real estate is great wealth creation. So I bought during the downturn at the right place and took out the money from there. Also, invest at other places for rental.
I predict from a long time ago that US will experience real estate melts up as gov. keeps printing money and giving back that money to us thru a 30YFRM low interest mortgage.
So thanks to the gov. It's not me that's smart, but the gov. that's smart enough to do so. haha....Carlos,
Good way to look at it! Haha very true.Sorry to say, but any idiots could become a millionaire in real estate if they buy a piece of toilet land in Palo Alto in 2009 haha,no need to become pHD in real estate.
The one that I really respect in real estate is actually the value-add GP/rehabber/BRRRer and also the painter,drywaller,engineers that make this happen.I also "respect" the investor who didn't need to rehab, paint, drywall etc but just invested wisely and made his money while sipping a dry martini at an oceanside restaurant......
Very true. Got to respect the people finding good enough deals that they don’t have to worry about any of that!
- Specialist · San Clemente, CA · Member since 2014 · 50 posts · 75 votes4y
Quote from @Carlos Ptriawan:
Quote from @Dalton Foote:
Quote from @Carlos Ptriawan:
I'm very happy because of real estate. As my prediction 11 years proved to be right. I think real estate is great wealth creation. So I bought during the downturn at the right place and took out the money from there. Also, invest at other places for rental.
I predict from a long time ago that US will experience real estate melts up as gov. keeps printing money and giving back that money to us thru a 30YFRM low interest mortgage.
So thanks to the gov. It's not me that's smart, but the gov. that's smart enough to do so. haha....Carlos,
Good way to look at it! Haha very true.Sorry to say, but any idiots could become a millionaire in real estate if they buy a piece of toilet land in Palo Alto in 2009 haha,no need to become pHD in real estate.
The one that I really respect in real estate is actually the value-add GP/rehabber/BRRRer and also the painter,drywaller,engineers that make this happen.Sorry to say, but you must not have not lived through 2009......all of the "idiots" had FOMO in 2005-7, over leveraged themselves and lost everything. The smart (or lucky) money stashed cash during the last few years of the bubble and bought all they could in 2009-12. We were viewed as idiots at that time for jumping in the water when the world all seemed to be crashing down. As Buffet says, "Be fearful when others are greedy and greedy when others are fearful.
- Council Bluffs, IA · Member since 2021 · 9 posts · 2 votes4y
@Justin Fox so you just built a house and then turned around and sold it? Rinse and repeat? Any other detail you could provide?
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes4yI think you're missing the point, as that's exactly what he was saying. If you bought anything after the crash, you most likely made money, and maybe a lot of it, regardless of how smart or dumb you were. That's a pretty straight statement, since housing has been on at least a 12 year run.
Quote from @Bob Ritner:
Quote from @Carlos Ptriawan:
Quote from @Dalton Foote:
Quote from @Carlos Ptriawan:
I'm very happy because of real estate. As my prediction 11 years proved to be right. I think real estate is great wealth creation. So I bought during the downturn at the right place and took out the money from there. Also, invest at other places for rental.
I predict from a long time ago that US will experience real estate melts up as gov. keeps printing money and giving back that money to us thru a 30YFRM low interest mortgage.
So thanks to the gov. It's not me that's smart, but the gov. that's smart enough to do so. haha....Carlos,
Good way to look at it! Haha very true.Sorry to say, but any idiots could become a millionaire in real estate if they buy a piece of toilet land in Palo Alto in 2009 haha,no need to become pHD in real estate.
The one that I really respect in real estate is actually the value-add GP/rehabber/BRRRer and also the painter,drywaller,engineers that make this happen.Sorry to say, but you must not have not lived through 2009......all of the "idiots" had FOMO in 2005-7, over leveraged themselves and lost everything. The smart (or lucky) money stashed cash during the last few years of the bubble and bought all they could in 2009-12. We were viewed as idiots at that time for jumping in the water when the world all seemed to be crashing down. As Buffet says, "Be fearful when others are greedy and greedy when others are fearful.
Skyline Properties - Software Developer · Vidor, TX · Member since 2015 · 922 posts · 639 votes4y
Quote from @Eric Fietz:
@Justin Fox so you just built a house and then turned around and sold it? Rinse and repeat? Any other detail you could provide?
We built a house and then rented it. After six months we did a cash out refinance and built another one. They were built in 2015 and 2016 respectively, we then sold them both in 2018. Then built another house in 2019 with the original intent of renting it but sold Jan 2020 instead. We then built another home in 2020 while also building a client's custom build. The custom was completed early 2021 and the spec was sold that spring. We also closed on a rental property mid 2021 with the stimulus and child tax credit advances. We currently have a SFH spec for sale in town and just wrapped up another personal 2 year live-in for the 121 exclusion. We're about to close on another lot for new construction in town.
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