Following Trump's American Dream!!!
I just left this message below in reply to a forum post recently. I thought I would share it with all here to document my path and to inspire others to follow a similar path and stay away from late night guru garbage, touting something for nothing, instant gratification, diseased mind thinking. Lately, I have been receiving phone calls and messages from members that need to get their financial house in order, before investing in Real Estate.
Donald Trump did it with 1 million seed money and I used my own money. I only used $300,000 (refinancing personal residence, savings, IRA money, stocks etc...) of my own money to build up a modest 2 million in equity and soon to be nearly 6 million in Real Estate after ONLY 5 short years of real estate investing. Here is my story below. I am no Trump. However, I only make combined family W2 earnings of $80,000.00 at my 2 teaching jobs and my wife working part time as a special Ed assistant. If a lowly paid teacher can achieve sooooooooo much and be financially free after such a short time, then anybody can!! Here we go!! This is my Easter gift to you. Read it and live it. I did and will continue to do so.
My path was to start with single family condos in San Diego that I purchased in 2011 and 2012 for less than 1/2 of what they were selling for during the peak. Dramatic appreciation happened from 2013 to 2015 and we started 1031 exchanging those condos for 8, 10, 12, and a 15 unit complex in Northeast Ohio. I basically traded in 4 condos cash flowing at about $6,000.00 each per year on 30 year loans for $15-$20,000 cash flow for each Apartment complex. The power of the 1031 exchange is amazing!!! I read Multifamily Millions by David Lindahl, listened religiously to Lifestyles Unlimited Inc. (LUI) podcasts on TUNEIN RADIO for 2 years and attended LUI’s 2 day seminar in Houston, Texas. On Day 2 of that seminar, I knew that eventually I will have Three or four 300-400 unit Apartment complexes. Right now our Tax deferred cash flow sits at $120,000 per year and in 10 years time, I will be sitting at $1,000,000.00 tax deferred cash flow coming in yearly. I still have 4 pricey rental condos here in San Diego that I expect to sell and 1031 exchange this summer when the current rental leases expire.
Check this out!! I am currently fully executing my first purchase agreement for an Equity Partnership with friends. We are purchasing a 21 unit and my total doors will now be up to 78 front doors, with the 8 single family we also own in the same State as our Apartment complexes. In the equity partnership, I will be putting in 10% of the down payment and receive 20% of the cash flow and 20% of the equity for my connections, running the entire thing as the managing partner. The investors will be contributing 90% of the down payment.
If a lowly paid teacher earning a combined family income, before taxes of $80,000 can do this. Anyone can!! If you change the way you look at things, the things you look at, change right before your eyes!! We are only limited by our self imposed limitations. I once read and discovered the secret of a fantastic book called Think and Grow Rich and it was pivotal to my success so far and into the future. Here is the secret discoverd by Napolian Hill back in the 1920's!!
"Whatever the mind can conceive and believe it can achieve."
I wonder if Donald Trump ever read this book. I read it 6 times and am reading it for the 7th time now!
Swanny