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3
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Sam Schultz
Pro Member
  • New to Real Estate
  • Texas City, TX
3
Votes |
6
Posts

Dedicated to Success

Sam Schultz
Pro Member
  • New to Real Estate
  • Texas City, TX
Posted Feb 26 2024, 15:06

Hello everyone,

This is my first post outside of my introduction. If you'd like to know a little more about me, please read that post and feel free to comment or send me a message.

I currently have a career in the blue collar industry as a Crane Operator. The hours are long, the pay is great, but I know that this isn't where I want to be 5 years from now. I recently had a major lower back problem, at 31 years old, that put me out of work for a few weeks. As of this post, I have not yet had my appointment with my neurologist to discuss the findings and route of treatment. As such, I have been using this "free" time to continue working. Only this time, my work consists of reading books and educating myself in the world of real estate. I am currently focused on reading the BP Publishing books "How to Invest in Real Estate" and "Investing in Real Estate with No (and low) Money Down".

My current goal is to read, at the minimum, 3 books a week for the next 2-3 months. These books will include real estate specific, as well as self-improvement subjects, among others. I can honestly say I have never enjoyed reading to the point I could sit down and read more than a couple of pages before getting bored. But something about this gets me excited and makes it hard to put these books down.

At some point I hope to aquire a mentor, but as of this moment I don't have anything of value to offer. All I can say is I have a burning desire to gain the knowledge necessary for success in real-estate.

Down to the point of this post, I would love to hear from any of you who would be willing to provide me with suggestions of materials that were key to YOUR success and how it helped you. Of course there is the obvious such as the podcasts, forum posts, and blogs here at BP. But I want to hear more about things outside of BP.

What book(s) helped you and how?

What are some suggestions you would recommend to a newbie to get started?

How fast were you able to successfully aquire your first property?

What investing method would you recommend to a first-timer and why?

Did you have a mentor and how did they help you?

These are just a few of the questions of the many that come to mind, but feel free to provide any information you feel could help myself and others. I want to be successful in this endeavor as I don't think my back problem will allow me to continue working in my field of expertise much longer.

Thanks for reading. I hope to hear from the lot of you!

User Stats

175
Posts
70
Votes
Eric DeNardo
Pro Member
  • Real Estate Agent
  • Denver
70
Votes |
175
Posts
Eric DeNardo
Pro Member
  • Real Estate Agent
  • Denver
Replied Feb 28 2024, 11:13

@Sam Schultz,

I love your dedication to educating yourself with books and other materials. I highly recommend you begin building relationships with people in your local market by attending meetups and asking people to grab a coffee or beer. You'll learn a ton from other people's experiences and begin building relationships. 

I also suggest starting out by house hacking - buying a primary residence and renting out a portion - basement, room, ADU. DM me and I'd be happy to share more!

User Stats

6
Posts
3
Votes
Sam Schultz
Pro Member
  • New to Real Estate
  • Texas City, TX
3
Votes |
6
Posts
Sam Schultz
Pro Member
  • New to Real Estate
  • Texas City, TX
Replied Feb 28 2024, 12:19
Quote from @Eric DeNardo:

@Sam Schultz,

I love your dedication to educating yourself with books and other materials. I highly recommend you begin building relationships with people in your local market by attending meetups and asking people to grab a coffee or beer. You'll learn a ton from other people's experiences and begin building relationships. 

I also suggest starting out by house hacking - buying a primary residence and renting out a portion - basement, room, ADU. DM me and I'd be happy to share more!


 Definitely something I've thought about. But I'm not sure how to go about it without sounding pushy, needy, weird, or expecting something for free in return. I don't really like asking for help in such ways as I'm typically an independent kind of person. I guess I've just watched too many friends and family members taken advantage of in the past that I don't like to present myself as one of those types.

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User Stats

175
Posts
70
Votes
Eric DeNardo
Pro Member
  • Real Estate Agent
  • Denver
70
Votes |
175
Posts
Eric DeNardo
Pro Member
  • Real Estate Agent
  • Denver
Replied Feb 28 2024, 14:09

@Sam Schultz

I get that. I have a similar mindset and like to be independent. And we all need help in sometimes and people are usually willing and grateful to help others. Also, you can meet other investors without needing to ask for help or be pushy, but just have a conversation with them and ask them questions about their experience and see where it leads. Also, ask how you might be able to help them and be of value to their business. Some investors may need someone motivated like yourself to do work that they don't have time for. 

User Stats

643
Posts
499
Votes
Alan F.
  • Flipper/Rehabber
  • California
499
Votes |
643
Posts
Alan F.
  • Flipper/Rehabber
  • California
Replied Feb 28 2024, 14:40
Quote from @Sam Schultz:

Hello everyone,

This is my first post outside of my introduction. If you'd like to know a little more about me, please read that post and feel free to comment or send me a message.

I currently have a career in the blue collar industry as a Crane Operator. The hours are long, the pay is great, but I know that this isn't where I want to be 5 years from now. I recently had a major lower back problem, at 31 years old, that put me out of work for a few weeks. As of this post, I have not yet had my appointment with my neurologist to discuss the findings and route of treatment. As such, I have been using this "free" time to continue working. Only this time, my work consists of reading books and educating myself in the world of real estate. I am currently focused on reading the BP Publishing books "How to Invest in Real Estate" and "Investing in Real Estate with No (and low) Money Down".

My current goal is to read, at the minimum, 3 books a week for the next 2-3 months. These books will include real estate specific, as well as self-improvement subjects, among others. I can honestly say I have never enjoyed reading to the point I could sit down and read more than a couple of pages before getting bored. But something about this gets me excited and makes it hard to put these books down.

At some point I hope to aquire a mentor, but as of this moment I don't have anything of value to offer. All I can say is I have a burning desire to gain the knowledge necessary for success in real-estate.

Down to the point of this post, I would love to hear from any of you who would be willing to provide me with suggestions of materials that were key to YOUR success and how it helped you. Of course there is the obvious such as the podcasts, forum posts, and blogs here at BP. But I want to hear more about things outside of BP.

What book(s) helped you and how?

What are some suggestions you would recommend to a newbie to get started?

How fast were you able to successfully aquire your first property?

What investing method would you recommend to a first-timer and why?

Did you have a mentor and how did they help you?

These are just a few of the questions of the many that come to mind, but feel free to provide any information you feel could help myself and others. I want to be successful in this endeavor as I don't think my back problem will allow me to continue working in my field of expertise much longer.

Thanks for reading. I hope to hear from the lot of you!


Hi Sam, I'm blue collar and started with live in flips. No mentors, no network. I like reading, as it lets me aggregate the information myself. Work hard, save money and be very careful, many people in REI don't have a blue collar work ethic. Very best of luck to you.

User Stats

6
Posts
3
Votes
Sam Schultz
Pro Member
  • New to Real Estate
  • Texas City, TX
3
Votes |
6
Posts
Sam Schultz
Pro Member
  • New to Real Estate
  • Texas City, TX
Replied Feb 28 2024, 14:53

@Eric DeNardo

I had not actually thought about that aspect of it. But I'm still not sure how to get to that point. My mind is racing a million miles an hour thinking of everything I can to get this process going. I seem to have a hard time organizing these thoughts and trying to even simply write them down seems to be an impossible task.

Hell, I've even left out much of my personal experience from conversations and even these posts as I have so much I want to say, but throughout the post I get distracted so much so that I leave out things even Alan reminded me of.

@Alan F.

Your reply is very much appreciated. It helped me to realize that I never even considered relating my construction experience to this world. I think you may have very well narrowed down my strategy choices down to one of three; the BRRRR method (although this might be too much to start with for a newbie), the live-in flip that you mentioned (probably the most practical as I've been part of many different projects in the construction industry), and a combination of house-hacking/live-in flip (probably the most rewarding with a potential to swap between units as I finish one in order to bring better rental income). The last method seems to be the most practical for me if I can just get the right deal and makes the most financial sense to reduce my overall expenses in the long-term. And I have to say, it sounds like a lot of fun. There is something about working with my hands that makes the ending results that much sweeter.

User Stats

643
Posts
499
Votes
Alan F.
  • Flipper/Rehabber
  • California
499
Votes |
643
Posts
Alan F.
  • Flipper/Rehabber
  • California
Replied Feb 28 2024, 15:11
Quote from @Sam Schultz:

@Eric DeNardo

I had not actually thought about that aspect of it. But I'm still not sure how to get to that point. My mind is racing a million miles an hour thinking of everything I can to get this process going. I seem to have a hard time organizing these thoughts and trying to even simply write them down seems to be an impossible task.

Hell, I've even left out much of my personal experience from conversations and even these posts as I have so much I want to say, but throughout the post I get distracted so much so that I leave out things even Alan reminded me of.

@Alan F.

Your reply is very much appreciated. It helped me to realize that I never even considered relating my construction experience to this world. I think you may have very well narrowed down my strategy choices down to one of three; the BRRRR method (although this might be too much to start with for a newbie), the live-in flip that you mentioned (probably the most practical as I've been part of many different projects in the construction industry), and a combination of house-hacking/live-in flip (probably the most rewarding with a potential to swap between units as I finish one in order to bring better rental income). The last method seems to be the most practical for me if I can just get the right deal and makes the most financial sense to reduce my overall expenses in the long-term. And I have to say, it sounds like a lot of fun. There is something about working with my hands that makes the ending results that much sweeter.


 If you have w2 employment, keep it. Obtaining loans highly favors employees. 

User Stats

6
Posts
3
Votes
Sam Schultz
Pro Member
  • New to Real Estate
  • Texas City, TX
3
Votes |
6
Posts
Sam Schultz
Pro Member
  • New to Real Estate
  • Texas City, TX
Replied Feb 28 2024, 15:25

@Alan F.

I planned on it. I even contemplated working only turnaround work in the refineries during spring and fall, leaving the summer open to do a flip ever year. There are many options and strategies to consider. I guess it really comes down to what I am able to finance and what time I will have. Nonetheless, I plan to do extensive research and analysis before making any decisions.