What were you before you started in investing?

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

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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Odie Ayaga
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
8y
I went the college route plus around 6 years working in big pharma before discovering Rich Dad Poor Dad. I put it another 2 and a half years before calling it quits there and deciding to try to figure out how to make real estate a full-time endeavor.
I'm a big believer that although we're generally taught to decide what we want to be and accumulate the skills and knowledge to attain that career, we tend to be a collections of skills and desires that ultimately define us. Our highest and best use comes from identifying those skills and desires then identifying what career/living best suits us. I'm a problem solver at heart which interested me in science early on. What it really boiled down to for me was that I was attracted to the problems that existed that the field of science could address.
What ended up bringing me to real estate was discovering that the problems that could be addressed in real estate were both within my grasp to address on whatever scale I desired, such that I could create a real estate business whose scale in problem solving could grow as my ability to solve those problems grew. While I knew I liked solving problems, it was embracing how much I valued my freedom that led me to discover working a job where your boss may or may not care about your opinions or what you wanted to do didn't work for me. I find that as I delve deeper and deeper into my skills and desires I align more and more with what I wish to do in life and real estate. There's a particular change in perspective that seems to guide you once you shift from chasing an arbitrary dollar figure to chasing a purpose.
2 Reply
Seth RouchPro Member
Specialist · Denver, CO · Member since 2015 · 85 posts · 29 votes
8y
@Amir M. - I am still a teacher supporting my family with that W-2. (Read some more forums as to why this is actually very important. Or ask @Brandon Turner ) Real Estate can change your life (good or bad). Vet every deal and person.
1 Reply
Amir M.
OP
Ridgewood, NY · Member since 2017 · 22 posts · 24 votes
8y
@Austin Fruechting This is such an inspiring story! Are you now pursuing onto real state investing full time now? You guys must be earning a good cash flow! Grats! :))) What do you think of the book Rich Dad Poor Dad? Seems very popular amongst investors.
@MIchael Rickerd I love your journey! From based on what I have read, a lot of people here often worked a good paying job for a couple of years. After they built that enough savings, they left their job and started investing fulltime. Is that something that you are eyeing for?
@Jack NiOoOOoo Nice! Does it make an enough living to support yourself?
@Tony Xu That is a great goal! SF is a tough place to start, no? I am in the same boat as you.. I am from NYC :(
@Brian Garrett Yayy! I love your story. I am sure those experience that you have started in your previous company will serve you well. What are your goals?
@Doug P. How did you started out with the financing? Did you get the money from a private lender? You have lots of experience in your belt! Thank you for sharing.
@Mary White This is such a nice goal! Do you have a real estate license? I am curious about online businesses, they seem to make a good decent living as well.
0 Reply
Michael Minor
Shawnee Mission, KS · Member since 2017 · 34 posts · 25 votes
8y
I am a current full time employee at Garmin International as a Returns Analyst. My first property I bought when I was in the Air Force and I basically live in flipped my house. At the time I was in California making around 3100 a month as an E-3.
1 Reply
Amir M.
OP
Ridgewood, NY · Member since 2017 · 22 posts · 24 votes
8y
@Ian Walsh Nice! working for a painting company, means you would have some knowledge about painting and the cost of paintings! Thank you!
@Kalyanii K.That is such a cool story and kudos to you for getting back up to your feet! I love nurses (Not in a creepy way), they are such an underrated worker! Thank you for helping the veterans! :)))) You're doing God's work! $3000 out of your pocket on your flip? How did you manage that?
@JD Martin Military -> College -> Executive Management! That is quite a dream! You went up and up and up! I will definitely listen to your story!
@Sarah Brown Nice! DO you and your husband invest on properties? Seems like a perfect match. You have that business/marketing mind sight and your husband with a good paying job. Best of both worlds !
@Chris Armstrong Mine too! I'm still a college student so I don't have a full time job yet. But I am hoping to grind out 10-15 years, earning stable income while I invest in rentals. And when my properties full support me monthly, I will retire and start off my investment business. Until what amount of cash flow per month will you finally leave your job?
@Joe Splitrock Do you handle properties now? Yea, I am planning to buy that book now. Seems very popular in this community it seems!
0 Reply
Austin Fruechting
Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
8y
@Amir M. - Rich Dad Poor Dad is what got me started. Not sure where I'd be if I never read that book.
Our rentals (156 units) support our lifestyle. I wouldn't say I'm pursuing real estate investing full time. My full time is just whatever I want to do. I look for some deals and enjoy putting together a deal so I spend some time doing that if there's anything of interest. Other than that only I spend about an hour a week on real estate to maintain the books and answer questions from the property managers.
3 Reply
Amir M.
OP
Ridgewood, NY · Member since 2017 · 22 posts · 24 votes
8y
@Clay Manship Wow! That is so cool! Do you think you wouldve earn more if you have stayed in your old job?
@Ali Boone I am not going to lie, flying planes and doing rentals! I am so jealous! Congrats for a successful businesses and personal endeavour! :)))
@Odie Ayaga You could not have said any better! Having that financially freedom is also what really interested me on Real estate investing. And I know that before I start with this, I have to attain skills that will compliment with my investing.
@Seth Rouch Thank you for sharing! How has real estate been for you?
@Michael Minor Cool! Do you intend to invest more?
2 Reply
Michael Minor
Shawnee Mission, KS · Member since 2017 · 34 posts · 25 votes
8y
@Amir M. Yes, I am actually actively hunting my next deal now with a goal of getting one done this month (anyone in the KC area with a deal that I can BRRRR please feel free to contact me). I am obsessed with real estate and I am selling my second primary residence soon, and I am looking to house hack my next residence. Real estate and my kids are the two things that get me fired up the most.
1 Reply
Clay Manship
Indianapolis, IN · Member since 2013 · 549 posts · 310 votes
8y
@Amir M. I am sure I would have made plenty of mine. Would I have made more...I can't answer that. But it never mattered to me...my time is my most precious commodity. And I gained so much more time by answering to myself instead of somebody else. So the money was just an afterthought.
2 Reply
Brian Garrett
Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
8y
@Amir M. My end goal is to have a large cash flowing portfolio of properties.
1 Reply
Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
8y
Thanks! I dig it ;)
1 Reply
Kalyanii K.Pro Member
OR · Member since 2016 · 55 posts · 42 votes
8y
@Amir Magar oh, it's a live in flip with a VA loan, So was 0 down, just did earnest money and half of the closing costs. Its a lot cheaper to do a live in flip but your living in a construction zone half the time! Wasn't a complete disaster, as it passed inspection, just was very outdated! Looking better now though...
@Jody Schnurrenberger. Thank you! I was in the Navy and when I got out, I still wanted to help other veterans. Thank you for your time as well!!! Love reading your posts! You are very informative!
2 Reply
Yousif Abudra
Real Estate Investor / Syndicator · San Ramon, CA · Member since 2015 · 93 posts · 91 votes
8y
Amir Magar I was an investment banker and prior to that, a management consultant. Spent alot of time working with private equity folks on both the buy and sell side for mid-market companies. I left because the opportunity in real estate syndication was too compelling and the niche I specialize in (debt-free & value add) is completely underserved.
1 Reply
Jody SchnurrenbergerPro Member
Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
8y
@Kalyanii K., thank you! You make me feel special! :-D Funny, when I first joined, I was shy about posting because I didn't think I knew enough. Then I discovered there are a lot of folks who know even less than me, God bless them. Hahaha! I'm glad I can help! :-)
3 Reply
Odie Ayaga
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
8y
@Jody Schnurrenberger I wish they'd put your quote on the front page of the site. There are so many investors out there that don't realize what they have to offer to the site and its other users because they "feel" like newbies. In reality, there might be a lot of newbie investors here, but there's not so many newbie lifers. So many people have so much to offer just based on what they've accrued in their lives thus far, real estate related or not. You never know what words you put into the blogosphere might end up being integral to the business of someone's real estate business that you never could have imagined!
1 Reply
Dan Wickland
Rental Property Investor · wyoming · Member since 2017 · 76 posts · 73 votes
8y
I was a personal trainer, a baker, labourer and much more lol. Running online business now and a Digital Marketing agency!
1 Reply
Todd Dexheimer
Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
8y
A high school teacher that barely made money!
0 Reply
Joe SplitrockPro Member
Moderator
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
8y
Originally posted by @Amir M.:

@Ian Walsh Nice! working for a painting company, means you would have some knowledge about painting and the cost of paintings! Thank you!
@Kalyanii K.That is such a cool story and kudos to you for getting back up to your feet! I love nurses (Not in a creepy way), they are such an underrated worker! Thank you for helping the veterans! :)))) You're doing God's work! $3000 out of your pocket on your flip? How did you manage that?
@JD Martin Military -> College -> Executive Management! That is quite a dream! You went up and up and up! I will definitely listen to your story!
@Sarah Brown Nice! DO you and your husband invest on properties? Seems like a perfect match. You have that business/marketing mind sight and your husband with a good paying job. Best of both worlds !
@Chris Armstrong Mine too! I'm still a college student so I don't have a full time job yet. But I am hoping to grind out 10-15 years, earning stable income while I invest in rentals. And when my properties full support me monthly, I will retire and start off my investment business. Until what amount of cash flow per month will you finally leave your job?
@Joe Splitrock Do you handle properties now? Yea, I am planning to buy that book now. Seems very popular in this community it seems!
I manage my own properties and still have my regular 8-5 job. I think people like the book because it changes your mindset. Many of us were taught from a young age to get good grades and go to college. We are taught that starting a business or investing in real estate is risky. The book explains why these are false beliefs that get repeated so much people take them as truths.
0 Reply
Ivan Barratt
Investor · Indianapolis, IN · Member since 2015 · 764 posts · 953 votes
8y
Worked for a re developer for 7 years before starting my own company. Got a front row seat to the great recession and came out the other end with a big hat and no cattle but a lot of wisdom! Paid off my debts within a few years and continue to grow a biz based on low downside risk and cash flow.
1 Reply
Stephen Hickey
Investor · St. John's, Newfoundland · Member since 2017 · 9 posts · 1 vote
8y
Originally posted by @Llewelyn A.:

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!"
This is incredible
1 Reply
Sean McDonnell
Real Estate Agent · Surf City, NC · Member since 2017 · 648 posts · 597 votes
8y
I am currently in the military and looking for a retirement plan that doesn't take 20 years to get mediocre benefits. Making fine money but do not have overall control of where I live and what I do.
1 Reply
Jody SchnurrenbergerPro Member
Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
8y
@Sean McDonnell, thank you for your service! I'm an Army vet who just got medically retired last year. I'm glad you're looking into the future. Smart!
1 Reply
Ivan Barratt
Investor · Indianapolis, IN · Member since 2015 · 764 posts · 953 votes
8y
@Sean McDonnell most real estate plans are get rich very, very slow. There's a better path. It starts with really understanding the secrets (hint: It's NOT buying real estate!) to the first 3 books in the rich dad poor dad series (RDPD, CF Quad, Guide to Investing).
0 Reply
Jerryll Noorden
Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
8y
Well.. according to Facebook...
I am Ugly, Dark, and small. Well FB can kiss my butt!
I was (am) an Evil Robotics Scientist. Building one minion at a time to take over this rotten planet!
But we also do good... we make paraplegic people walk again! ♥
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