What pushed you over the edge to get started

41 Replies

Hello BP!

I just have a simple question for you all.  What was the last thing that you did, heard, read, ect that finally made you start your first deal?  I'm interested to see what was the last thing that pushed you to jump into investing instead of being stuck on analysis paralysis or just not starting.  

I think I am very close to finally making the plunge on my first flip, but I do have a little voice in the back of my mind saying that I could fail.  But what was that thing that pushed that voice aside and said, "I need to do this".

standing over my dads casket looking down at his body ,realizing that someday that will be me ..dying broke without enough money in my savings to even cover my own funeral . That day I stopped dreaming .I decided to break the money barriers in my family ,take risk ,and invest because no one is coming to save me .

Filing single with no kids looking at my tax return realizing I needed a tax shelter.

This post has been removed.

Hey @Brad Tom, no I'm not buying rental oil rigs. I was working on them though when I started buying rentals. You can write off up to 25k if you you make less than 100k a year. I worked and lived and in North Dakota and traveled to Washington every few weeks to rehab my real estate so it wasn't hard to show losses. You can absolutely use "loss" in rentals to offset salary.
Originally posted by @Dennis M. :

standing over my dads casket looking down at his body ,realizing that someday that will be me ..dying broke without enough money in my savings to even cover my own funeral . That day I stopped dreaming .I decided to break the money barriers in my family ,take risk ,and invest because no one is coming to save me .

Well, that escalated quickly...

@Alex Presnell

You can go blue in the face and people on the outside of it never really get the benefits of the small landlord exception, especially for handyman investors.

@Aaron Hunt

Wait till you pay to bury your dad. For the rest of your life, every time you try to uphold his memory, there's a small sarcastic voice in the back of your head that reminds you that he knew less than nothing about money.

@Dennis M.

That was when I decided to stop chasing a PhD and start making money.

@Jared Baker

I got forced into it. A guy owed me wife some money and they only way he could pay it off was by agreeing to sell his SFR at a cut rate. He also had to offload the property quickly before he filed for a messy divorce. It was terrifying for a while there, but it turned out to be a solid investment. I already had a background in fixing up places, but I really didn't start diving deep into renovation until after we had the first property.

I know it's terrifying. Not only CAN you fail, but you WILL fail. Again and again. There's even less of a guarantee that you will fail big than there is that you will succeed big, if you keep your wits about you, stay conservative in your estimates, and always look out for Murphy's Law. BP can be a huge help in this. Hang around the forums until you know whose advice to really pay attention to.

Realizing how much money I'd made in real estate for other people.

Originally posted by @Jim K. :

@Alex Presnell

Wait till you pay to bury your dad. For the rest of your life, every time you try to uphold his memory, there's a small sarcastic voice in the back of your head that reminds you that he knew less than nothing about money.

By pure dumb luck & juvenile arrogance, I made sure that would never happen, by encouraging my Dad to buy a couple of short sale properties during the crash 8 years ago. 

I then followed suit 8 years later ensuring my son would not either. 

Instead my kid will have a giant party anytime someone older than him croaks due to the growing family estate.

The power of REI works in crazy ways!

@Aaron Hunt

Congratulations, Aaron. Now you can always remember your dad kindly and with gratitude that he didn't name you "Michael."

You have that little voice saying "I could fail." Well ask yourself Do You want to live in the world of "I should've, Could've??" I think not. And so what if you fail, FAILURE IS NOT FATAL. If you learn from it and progress, than that failure word becomes obsolete.  You already have what it takes. You are closer to that goal. Now kick Jared. Kick and score.!!

Read Brandon Turners book on investing in real estate with little to no money down. Saw how successful a real estate agent friend of mine was. Hired her. Stopped renting (post divorce) and bought two properties this year. House hacked a duplex first.

For me, realizing I had no viable future in Corporate America. That pushed me into my MidLife Crisis, which forced me to think different about my goals and my money. I still haven't done any direct rental property investing, although I looked into it quite a bit over the years. I found my calling with financial investments (securities, including those related to real estate).

Somehow I had the foresight to buy a home early in my corporate career ("buy the biggest house you can afford because housing prices will always go up, the balance on your mortgage will always go down, and your income will always go up"). I sold the home a few years ago for many times what I paid for it, but only because Silicon Valley took off in ways I could have never imagined at the time I bought it.

Watching people that had invested half as much time and energy into learning all that they could having success buying properties that I had considered buying.  

I knew I wanted to start and was constantly analyzing deals, trying to find value in everything I could but didn't pull the trigger for over a year.  After watching several friends just stumble into deals I decided the risk was well worth the return, I started and haven't looked back since!

Originally posted by @Jim K. :

@Aaron Hunt

Congratulations, Aaron. Now you can always remember your dad kindly and with gratitude that he didn't name you "Michael."

Touche!

I was graduating college and I either had the choice to start my own business or get a job.

I really didn’t want to work for anyone else.

My parents are getting old and can't work as hard anymore. I work hard so I could help them out as much as I can

I was coming off a bad experience with a Multi level marketing company and wanted a way to earn a second income that didn’t involve that type of thing. Uber, lyft etc can be good but it’s so time consuming.

I started looking into REI and bought a rental shortly after that.

My partner in a sales business I had said we should start investing in real estate. We went to some weekend seminars and I signed up for a class.

I had amassed a small stash through a live-in-flip and paying myself first for 12 years.  So when the day came that I walked out of my b*llshit soul-sucking corporate cubicle job, I had a decision to make; "Retire" for 5  years or invest in myself and my future with the money I had.  I had always said that I could do better on my own than being told what to do by a committee of people looking to be promoted through attrition, so I put my money where my mouth is.

I bought my first investment grade rehab project and was off to the races.  Some wins, some *** kickings, a lot of great relationships, a ton of hunger, and I'm still plowing away.

Great thread topic.

We wanted land between our house and the paved road to put in a private drive. We were very tired of using the poorly maintained county road, which also took us past some very irritating neighbors. The land finally became available for purchase, and came with a house. 

We rented it to some people we knew who wanted to move closer to town while staying in the county. The house sits on the county line, so it fit their requirements perfectly. That was in 2012, and they are still there.

At that point we started to get serious about figuring out our plan/niche. We bought 1 house in 2013, 5 in 2014, 2 in 2015, 2 in 2016, and 3 last year. So far this year, we have successfully resisted the urge to buy.

After looking at a handful of potential investment properties, I drove to yet another property and I told myself this is the one and I have to buy it. 

Sure enough, it was a good deal, we bought it, rehabbed it, rented it out for a year then sold it for a nice profit after the tenant moved out. 

Now we have 4 rentals, two flips in progress and looking for multi families. Just jump in and give it a try, worth thing that could happen is you make a mistake, but at least ya had the opportunity to make one. 

Hi all,

I have just joined BP. Been contemplating RE for awhile, just started reading alot and saw Jared's question. Thanks for all your responses helps one feel better to know others have overcome the fear.

I was working as an EMT for $hit pay and long hours, in a broken medical system. I realized I needed to find another vehicle to start building wealth and eventually fell in love with RE.

Becoming a father, twice over. It brought great clarity to setting our "big why"

As cliché as it sounds: REI provides a proven path to financial freedom. 

With that freedom, I can be more...

  • ... available and energetic to my wife and kids
  • ... philanthropic, more often (and more generous when I do it)
  • ... physically healthy (would train for a marathon right now if I had the time!)
  • ... creative. My guitar is dusty and i'd love to take a crack at writing book
  • ... available to catchup with old friends on different schedules

Everything about getting into REI comes down to goal setting. It's fine if you want to jump in without a goal, but it's a marathon... not a sprint... and your "big why" will pick you up on the days when you need it.


What's your "why" @Jared Baker ?

thank you for sharing such a real story @Dennis M. . Often, i draw inspiration from my younger brother who passed away to cancer, years ago.  These losses inspire us to make the most of the time we have, since it was taken from them. 

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