What were you before you started in investing?

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What were you before you started in investing?

Amir M.
Ridgewood, NY · Member since 2017 · 22 posts · 24 votes

I am really curious as to what kind of background most people were before they started working.  For example, Were you in a high paying job? or did you owned a business? or were you just a college student like me who barely made money? 

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Llewelyn A.
Investor / Broker · Brooklyn, NY · Member since 2016 · 665 posts · 1k+ votes
9y

Poor Immigrant family that moved to NYC in the mid-60s.

When through the worst time of times.

Eventually finished College and wound up working for large Investment / Financial firms.

While working as an employee in the Computer field, I decided to become an Entrepreneur. I self taught myself Financial Math, Economics and read a lot of books about Investing, both Real Estate and Stocks.

After 1 year from Graduation, I bought my first investment Property in Brooklyn.

7 years and a few more Investment Properties, I was financially free.

20 years after I bought my first Investment Property, I have almost $20 Million Assets Under Management (AUM) for several Partners and myself, all in Brooklyn.

So pretty much the Rags to Riches story with a NYC flair.

Like Old Blue Eyes said, "If I can make it here, I can make it anywhere..... it's up to you, New York, New York!"

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  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y

    @Amir M.  I am managing both things but have a great staff that makes it a lot easier! Thanks and good luck to you too.

    [email protected]512-888-9122
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    1Reply
  • Sung Park
    Rental Property Investor · Philadelphia, PA · Member since 2016 · 191 posts · 165 votes
    9y
    Amir Magar I work for a regional bank as an analytics professional in strategy and operations. I do a lot of work with data and using it to inform strategy for senior management. The best part is I get to work from home full time and spend time with my wife and kids and live off of one car. I can never go back to commuting for work ever again. I also started house hacking a duplex and I’m looking forward to greatly reducing my housing cost. My wife and I do all these things and want to continue real estate investing so that we can enjoy spending as much time with the people we love and travel while maintaining financial security by not having to trade our time for money.
    3Reply
  • Amir M.
    OP
    Ridgewood, NY · Member since 2017 · 22 posts · 24 votes
    9y

    @Thomas S.That is a helpful tip! Thank you. How are you holding with your investment career? Are you doing it full-time now that you're retired? 

    @Dennis L Lewis Jr That is so cool! I like to think real estate is an art; well in a sense it feels like it. HAHA

    @Dave Van Horn Wow! That is quite a journey! It seems like you had it all to be honest haha. Very business minded background you have that suits this industry too. In a way, this must have made you felt like a breeze settling in to real estate. Thank you! 

    @Mark Smith ahh sux! SOrry for the #2. I'm sure you will hit off on the next one. Was your first property your primary home? or you used that as part of your investment cash flow? 

    2Reply
  • Amir M.
    OP
    Ridgewood, NY · Member since 2017 · 22 posts · 24 votes
    9y

    @Jacob Wathen Hey! Thank you for sharing! psychology in business hmmm.. How did those majors helped you in this industry? I'm just curious

    @Kim Stofan You have a cool job! And I am glad that you love doing real estate and being a nurse. So you want to retire at young age, so I assume you would want to spend most of your time in flipping houses or rentals? 

    @Melissa Gittens Wow! That is awesome! I am so happy that you chose what you wanted to do! Grats! 

    @Sung Park Kinda envy you. Working in home must be the best! I must imagine you make a very good money in your day job to invest in your real estate. You really do have best of both worlds! Thank you for sharing! 

    3Reply
  • Austin Fruechting
    Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
    9y

    I was a florist.

    Jan 2008 I negotiated a deal to buy an established flower shop seller financed (I knew zero about flower shops or design). I graduated college in May 2008 and took over the business Jan 2009. It provided ok income for the area, but not much. Fall 2009 was introduced to Rich Dad Poor Dad. June 2010 bought my first rental property. We lived off my wife's income and invested everything I made in real estate. August 2015 I sold the flower shop. This year my wife left her job too. 

    6Reply
  • MIchael Rickerd
    Flagstaff, AZ · Member since 2016 · 44 posts · 60 votes
    9y

    Before real estate, I had limited financial intelligence. I really had no idea about money at all. Never made much, never had much.

    I served in the Marine Corps, making a low-low income. Then I went to college, where I spent 4 years doing 12 hr shifts as a nighttime security guard, again, making low-low wages. I always justified the poor wages with statements like "I am in college, I'm supposed to be struggling. But when I start my career, you all just watch out!"

    Then I finally graduated, Dean's List, with a degree in Mechanical Engineering. I landed a job here in town, and was beyond ecstatic that I had "finally made it" as far as my income was concerned. I had grand visions of all of the things I was going to do for my fiance and I, the kind of truck I would drive, the upgrades I would do to our home, you name it. I was on Cloud 9.

    That was, until I received my first paycheck. What was leftover, after having worked 90 hrs in the past two weeks, was pitiful!! To say the very least. I felt cheated. Robbed. Used. 

    Words cannot encompass the symbolism. 

    I remember sitting in my bedroom, and coming to the realization that all of those visions I had were not going to come true anytime soon. Not a single one of them.

    Something changed in that moment. I began reading again. Lots and lots of books. 70+ a year since I had this epiphany. And that changed everything. 

    Real estate reared its beautiful head, and I bought my first deal within 45 days of understanding this phenomenal wealth building vehicle. 

    I'm not where I want to be, but I am in a much much better position than I was after I received that first paycheck. I still have that job, as all cash is currently reinvested, but those visions I had at the start are beginning to poke their heads above the surface. 

    5Reply
  • Jack Ni
    Lonoke, AR · Member since 2017 · 43 posts · 16 votes
    9y

    I was self employee.  Selling products on Amazon (Still do, private label brands), Buying stocks for the long term (still doing it), and making money off google ad sense (Still doing it).  

    1Reply
  • Tony Xu
    Investor · NY · Member since 2017 · 59 posts · 21 votes
    9y

    I'm just getting started but I currently work in the SF bay area with a pretty decent tech salary. Started in Real Estate to replace my W2 income with passive income so I can retire by the time i'm 40.

    1Reply
  • Brian Garrett
    Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
    9y

    I was running my own company in the music industry for the last 12 years where I was fortunate and disciplined enough to build up some savings to have as working capital knowing one day I would go into REI.

    I started my music company at 22 years old and was able to build a pretty well known brand in my field.

    I got burned out and lost my passion for it and decided a year ago it was time to move on to real estate.

    I'm still young enough and naive enough to think I can build an even bigger business in REI and eventually scale my way up to having a large portfolio of SFH's and MFR's. If there's a will there's a way!

    I've spent the past year researching, learning, posting LOTS here on the BP forums, listening to countless podcasts and networking with other investors, realtors, wholesalers, contractors, lenders, etc.

    As of today at 34 years old, without having done a single real estate deal of my own yet, I'm officially onto a new chapter of life and focused on REI full-time. Let the deals begin!

    3Reply
  • Jacob Wathen
    Investor/Real Estate Agent · Portland, OR · Member since 2014 · 198 posts · 119 votes
    9y

    @Amir M., Business is kind of an obvious connection but psychology has helped me a lot in working with the variety of people that I interact with. Whether it be clients, coworkers, or vendors I feel like I am utilizing my psych degree in every conversation I have and every time I am in front of clients. It is hard to explain but I certainly see the value in it! 

    2Reply
  • Doug P.
    Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes
    9y

    @Amir M. Bought my first property no money down shortly after high school. 17 years later I'm still buying houses no money down.

    1Reply
  • Mary White
    Rental Property Investor · Klamath Falls, OR · Member since 2016 · 146 posts · 213 votes
    9y

    I was and still am a stay at home Mom with an Amazon and Ebay Business. I have a degree in International Business and am now learning contractor work. I spend my days homeschooling my kids, shipping packages and renovating my 4-plex. My plan is to add to my portfolio and set up my own rental management company, train employees to run it, then step back and let the "machine" do all the work. Life is good! 

    2Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    9y

    College and worked for a college painting company.

    2Reply
  • Anthony GaydenPro Member
    Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
    9y
    Originally posted by @MIchael Rickerd:

    Before real estate, I had limited financial intelligence. I really had no idea about money at all. Never made much, never had much.

    I served in the Marine Corps, making a low-low income. Then I went to college, where I spent 4 years doing 12 hr shifts as a nighttime security guard, again, making low-low wages. I always justified the poor wages with statements like "I am in college, I'm supposed to be struggling. But when I start my career, you all just watch out!"

    Then I finally graduated, Dean's List, with a degree in Mechanical Engineering. I landed a job here in town, and was beyond ecstatic that I had "finally made it" as far as my income was concerned. I had grand visions of all of the things I was going to do for my fiance and I, the kind of truck I would drive, the upgrades I would do to our home, you name it. I was on Cloud 9.

    That was, until I received my first paycheck. What was leftover, after having worked 90 hrs in the past two weeks, was pitiful!! To say the very least. I felt cheated. Robbed. Used. 

    Words cannot encompass the symbolism. 

    I remember sitting in my bedroom, and coming to the realization that all of those visions I had were not going to come true anytime soon. Not a single one of them.

    Something changed in that moment. I began reading again. Lots and lots of books. 70+ a year since I had this epiphany. And that changed everything. 

    Real estate reared its beautiful head, and I bought my first deal within 45 days of understanding this phenomenal wealth building vehicle. 

    I'm not where I want to be, but I am in a much much better position than I was after I received that first paycheck. I still have that job, as all cash is currently reinvested, but those visions I had at the start are beginning to poke their heads above the surface. 

     I work a ton of overtime at my job. When I finally was able to earn over $100,000 in a year for the first time I had the same epiphany as you. It is not a lot of money. 

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    3Reply
  • Jody SchnurrenbergerPro Member
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    9y

    @Anthony Gayden, research shows that while money can buy happiness to a certain extent (someone making $50k is more likely to be happy than a person making $15k), beyond $70-something thousand (I forget the exact number), it doesn't really increase happiness.  Someone making $80k and someone making $180k are more or less equally likely to be happy.  Interesting...  (Not saying you're trying to buy happiness, I just thought it was interesting since you discovered $100k isn't a lot of money.  You might feel that way about $150k as well.  I guess you'll find out when you make it.  ;-) )

    2Reply
  • Anthony GaydenPro Member
    Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
    9y
    Originally posted by @Jody Schnurrenberger:

    @Anthony Gayden, research shows that while money can buy happiness to a certain extent (someone making $50k is more likely to be happy than a person making $15k), beyond $70-something thousand (I forget the exact number), it doesn't really increase happiness.  Someone making $80k and someone making $180k are more or less equally likely to be happy.  Interesting...  (Not saying you're trying to buy happiness, I just thought it was interesting since you discovered $100k isn't a lot of money.  You might feel that way about $150k as well.  I guess you'll find out when you make it.  ;-) )

     I don't know anything about studies like that. All I know is that I am not able to do the things I want to do with my  income. I also know that I am not satisfied with where I am at. 

    My income is actually already over $150,000 with my earnings from my investments and I still do feel that way. The reason I feel that way is because I am never satisfied. 

    I never get that feeling that I have done enough and I know with 100% certainty that I am capable of so much more. Happiness to me is found by pushing to attain my goals. My goals are constantly evolving. When I hit $1,000,000/yr, they will evolve again to more than that. 

    I always hated hearing about studies like that because they assume that a person is average and just wants to be happy. I consider myself far more than average, and I refuse to settle in order to be the textbook definition of happy.

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    4Reply
  • Kalyanii K.Pro Member
    OR · Member since 2016 · 55 posts · 42 votes
    9y

    In a nutshell, I got interested in real estate after being burned pretty bad in the housing crash of 2008.  I lost everything that I had and after I rebuilt my life, I wanted to know what I did wrong, what happened.   I read tons of books and found this website.  I started studying real estate markets and when I finally had my financials back in order this year, I bought a live in flip at a good price with about $3000 out of pocket.  

    I'm a nurse, currently an ER Case Manager.  I enjoy my job but i want to replace my income with real estate and working on saving up as much money as I can.  I don't think I'll stop working, I love healthcare even though the system is so messed up, I think I'd really just want the flexibility to work as little or as much as I want.

    I'm also looking to buy my second property before the year ends for @Brandon Turner end of the year challenge

    1Reply
  • Kalyanii K.Pro Member
    OR · Member since 2016 · 55 posts · 42 votes
    9y

    So I am a nurse, I've worked psychiatric inpatient units for veterans, non veterans, and pediatric inpatient psych. Also worked cardiology and respiratory ICU step down unit.  Currently I am an ER Case Manager/discharge planner, so I deal with patients that have complex psychosocial issues and complex medical problems.  

    I realized i didn't answer your initial post.  : )

    2Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 17k+ votes
    9y

    I was in the military. Then I went to college. Then I went into executive management, first as a city manager and later as executive management in the utility industry. On the side I teach adjunct budgeting, finance, administration and management classes for two different major state universities. Aside from that I play in a professional rock band. In my free time I buy & hold rental properties. Some of my story is in the podcast (link below). I still work my "day job" but I like what I do. Either way I turned a poor slob upbringing (I grew up in a ghetto area and we were homeless for awhile when I was a kid) into a pretty nice chunk of wealth. Along the way I had some screw-ups. Most of them were fixable because I have always lived well below my means and have always had a side-hustle going. 

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    Skyline Properties
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    2Reply
  • Sarah Brown
    Flipper · Perkasie, PA · Member since 2016 · 9 posts · 4 votes
    9y

    I was a financial accountant... Someone who works on the profit & loss statement, balance sheet, budgeting, etc. for a corporation. Then I became a stay at home mom. Now my kids are all in school and I've some time on my hands. My husband still works full time at a good paying tech. job.

    1Reply
  • Chris Armstrong
    Realtor · Charleston, SC · Member since 2016 · 229 posts · 159 votes
    9y

    @Amir M.

    Senior Development and Applications Chemist. 

    I dont want to end up in this place in the same damn lab 20 yrs from now looking to some manager who doesnt know **** about chemistry to tell me how to do my job. Not my cup of tea. 

    Slowly, I am replacing my income with rentals to leave this gig. 

    2Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    9y

    @Amir M. I worked in sales and a coworker / friend of mine was always talking about investment. He had one rental property and recommended I read a book called Rich Dad Poor Dad. That was 2003, I read the book and all the pieces fell together.  

    2Reply
  • Jody SchnurrenbergerPro Member
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    9y

    @JD Martin, thank you for your service!  :-)  I did 12 years in the Army, myself.  (Got medically retired last year.)

    @Kalyanii K., thank you for your service to veterans.  :-)

    2Reply
  • Clay Manship
    Indianapolis, IN · Member since 2013 · 549 posts · 310 votes
    9y

    I had just graduated from college with a finance degree. I was $110,000 in debt and was working at a hedgefund making decent money for a young kid. I stayed in my corporate job for 2 years, and quit the same day I mailed in my final check to pay off my student loans.

    Best decision I ever made.

    4Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    9y

    I was working in corporate as a Senior Aeronautical Engineer (flight test) with a big Department of Defense contractor. Before that, and still on the side, I was a pilot- flight instructing. Wasn't in real estate at all, but was researching business and real estate a lot as potential ways out of corporate life. I ended up doing both- now I own a business (in real estate), am an investor, and still fly some on the side. 

    3Reply
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