500k Net worth in 5 years (I'm 30 today!!!)

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500k Net worth in 5 years (I'm 30 today!!!)

Joshua D.
Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes

Well I'm old now :(  turned 30 today, As I look back over the past 5 years I am grateful for the success that has happened in my life  and wanted to share a word of encouragement for those who are just getting started.

I started by house hacking a duplex while only making 35k per year from my day Job.  5 years later we have now done over 10 deals and have 500k+ in net worth and great cash flow from our properties! 

Bigger Pockets was THE resource that we used to grow. Thanks to all you people who helped me grow on my journey! 

Oh and I hit 1000 posts! 

If you are out there and wondering if real-estate is a good path, I hope this can be an encouragement for you! Use Bigger pockets and take lots of action! 

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David Zheng
Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes
9y

congrats! you don't have to share if you don't want to, but could you quickly outline your 10 deals and where you are getting your net worth number?

like...

Deal #1 Flip, Profit= 35k

Deal #2 Buy and Hold, CF is 200/month

again, awesome job!

3Reply
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  • Audrey Ezeh
    Real Estate Investor · Las Cruces, NM · Member since 2016 · 186 posts · 173 votes
    9y
    Originally posted by @Joshua D.:

    Well I'm old now :(  turned 30 today, As I look back over the past 5 years I am grateful for the success that has happened in my life  and wanted to share a word of encouragement for those who are just getting started.

    I started by house hacking a duplex while only making 35k per year from my day Job.  5 years later we have now done over 10 deals and have 500k+ in net worth and great cash flow from our properties! 

    Bigger Pockets was THE recourse that we used to grow. Thanks to all you people who helped me grow on my journey! 

    Oh and I hit 1000 posts! 

    If you are out there and wondering if real-estate is a good path, I hope this can be an encouragement for you! Use Bigger pockets a take lots of action! 

     Congrats on your success and HAPPY BIRTHDAY!!

    2Reply
  • Gay Lloyd
    Real Estate Investor · Ogden, UT · Member since 2014 · 160 posts · 81 votes
    9y

    Congratulations on your success !  Great net worth growth !  We are newer to Bigger Pockets so I am also impressed by your 1000 posts hit !  

    2Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Gay Lloyd thanks! It's great being part of such a cool site!

    2Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    9y

    Congratulations! And you're only 30? Hell, I thought you were way beyond that from how long it seems you've been here :D

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    1Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @JD Martin

    Well I ain't no pro like you!  Thanks for your help over the past few years, You are one of the guys who inspires me the most. 

    Now its time to get serious about growth!!!

    1Reply
  • Camron CottamPro Member
    Rental Property Investor · Naugatuck, CT · Member since 2016 · 42 posts · 20 votes
    9y
    Congratulations on your success in the real estate industry man! It's truly an awesome thing to see. I am currently in the same situation you started out with. I'm having trouble getting pre approved for a loan! Is the market a little tougher now than it was five years ago? How did you go about getting approved by the bank?
    1Reply
  • Austin Fruechting
    Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
    9y

    Congrats @Joshua D. !   

    I'm sure you've seen it ramping up at a faster pace over time.  Keep cranking and you'll be a baron in another 5 years!

    2Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Camron Cottam

    Prices did go up some but I feel like lending is easier nowdays

    Have you tried the small banks?

    0Reply
  • Timothy Winfield
    Rental Property Investor · Baton Rouge, LA · Member since 2017 · 78 posts · 26 votes
    9y

    Congratulations you are an inspiration!!! Keep up the good work 

    0Reply
  • Jack B.
    Rental Property Investor · Seattle, WA · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    With only 35K income from your job, that's impressive. Guess the hacking helped you get around the DTI ratio?

    Just watch that 500K snowball from here. Once you have money, it's even easier to make money. 

    0Reply
  • Timothy Winfield
    Rental Property Investor · Baton Rouge, LA · Member since 2017 · 78 posts · 26 votes
    9y

    Congratulations you are an inspiration!!! Keep up the good work 

    0Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Jack B.

    Thanks! Looking forward more growth in the future! The rent we had sure helped cover those DTI issues. That and we started with no personal debt.

    1Reply
  • Steven Gesis
    Investor · Miami, FL · Member since 2015 · 1k+ posts · 390 votes
    9y
    Originally posted by @Joshua D.:

    Well I'm old now :(  turned 30 today, As I look back over the past 5 years I am grateful for the success that has happened in my life  and wanted to share a word of encouragement for those who are just getting started.

    I started by house hacking a duplex while only making 35k per year from my day Job.  5 years later we have now done over 10 deals and have 500k+ in net worth and great cash flow from our properties! 

    Bigger Pockets was THE recourse that we used to grow. Thanks to all you people who helped me grow on my journey! 

    Oh and I hit 1000 posts! 

    If you are out there and wondering if real-estate is a good path, I hope this can be an encouragement for you! Use Bigger pockets and take lots of action! 

     Congratulations! Happy Birthday! Great achievement, looking back a few years ago, when I turned 30 myself, I remember a similar success with Real Estate, the achievement is big, not an easy task, you said it best right at the end... "Take Lots of Action" - #1 hurdle to cross is fear, but yet you are an excellent example of success with real estate, build wealth and cash flow .... Awesome!

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

    Nice.  Good stuff.

    1Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Steven Gesis

    Thanks man!  Seems like fear is always a limiting factor no mater what stage you are in. Something I have to overcome! 

    1Reply
  • Travis Dawson
    Investor · Moscow, ID · Member since 2017 · 107 posts · 76 votes
    9y

    Congratulations @Joshua D.! 

    Do you still work a day job? Were you able to make all these deals while only making 35k a year or did your income improve over time?

    1Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Travis Dawson

    I still work full time because I love what I do. I make about 40k from my day job still.   But the last few years it has been a smaller portion of our income as profit from flips combined with rental income has grown quite a bit. 

    When I started 5 years ago the goal was to have enough to quit my job, but that has changed as I realize there is more to life than having all the bills covered.  Could we live on only real-estate proceeds? Most likely we could. But now that we are close to that point I realized that being a Children's Pastor is about the best Job you can have!   

    Also there is a difference between surviving month to month off of an active business and having more than enough passive income to cover it all without too much work. Hopefully we will achieve the latter in the next 5 years! 

    5Reply
  • David Zheng
    Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes
    9y

    congrats! you don't have to share if you don't want to, but could you quickly outline your 10 deals and where you are getting your net worth number?

    like...

    Deal #1 Flip, Profit= 35k

    Deal #2 Buy and Hold, CF is 200/month

    again, awesome job!

    3Reply
  • Austin Fruechting
    Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
    9y
    Originally posted by @Joshua D.:
    I still work full time because I love what I do. I make about 40k from my day job still.   But the last few years it has been a smaller portion of our income as profit from flips combined with rental income has grown quite a bit. 

    When I started 5 years ago the goal was to have enough to quit my job, but that has changed as I realize there is more to life than having all the bills covered.  Could we live on only real-estate proceeds? Most likely we could. But now that we are close to that point I realized that being a Children's Pastor is about the best Job you can have!   

    Also there is a difference between surviving month to month off of an active business and having more than enough passive income to cover it all without too much work. Hopefully we will achieve the latter in the next 5 years! 

     That's awesome man.  If you keep it up you'll have your ultimate goal and could even just volunteer your time as a pastor.  Or be making enough to fully support a missionary or two on your own.  We've hit our passive income goals for the life we want to live, but stuff like that is what keeps me going and acquiring is the thought of how much good we could do with all the extra. 

    3Reply
  • Pablo Pinasco
    Sherman Oaks, CA · Member since 2016 · 33 posts · 3 votes
    9y
    Congrats, your story is inspiring and shows you can make it regardless of your starting position. Hope your success snowballs and you have an even greater next 5 years!
    0Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @David Zheng

    Id'e rather not break it down for the world to see.  But I will say this... My net worth is 90% equity in rental properties and 10% cash and retirement accounts.  If I paid off all my debt I would be worth under a million, but who wants to pay off debt when you can grow like gangbusters! 

    We currently own 7 properties and have done 3 flips.

    Most of our big jumps in Net worth/assets were a direct result of live in flipping.  We used the (Tax free) profit to launch us into 2-3 more deals.  We have done it 2 times and next summer will be the 3rd. Its a lot of work and moving but when you have low income it seems to be my main way to hustle out!  But now that things are rolling, the next house we buy will be a doodad for my wife (she has earned it).

    Peace!

    6Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Austin Fruechting

    Thanks Man!  I just went and checked out your blog! super inspiring, Hopefully I'm on my way to where you are! 

    0Reply
  • Austin Fruechting
    Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
    9y
    Originally posted by @Joshua D.:

    @Austin Fruechting

    Thanks Man!  I just went and checked out your blog! super inspiring, Hopefully I'm on my way to where you are! 

     Hey thanks for checking out my blog!  You are well on your way!!!! Especially if you checked out the Exponential Power of Real Estate Investing you've done incredibly well and are right at that corner to explode.  Congrats again on all your success!

    0Reply
  • David Zheng
    Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes
    9y

    @Joshua D.

    thanks for the clarification. Absolutely awesome journey. good luck on all your future endeavors sir!

    0Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Austin Fruechting

    Ok, I am addicted to reading your blog.  Its good stuff.  I read like 10 of them last night. 

    2Reply
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