Government Cheese to 144 doors, 4m. clear unleveraged properties
I grew up in a poor environment. I use to move a lot and the only thing I had was my handicapped mother. I had no family but her. Then she married an abusive husband when I was ten. Things just got worse. He would beat me and my handicapped mother. My mother would ask me if she should leave my step dad. I told her no because I didn't want to be even poorer than we already were. I promised her in time I will have so many houses that we would never have to worry about where we would live again. I was 10. I kept my promise
I bought my first house at 23. I tried numerous times to move my mother in with me but she was now in love with her capture. But I still kept my promise. I worked and saved, worked and saved. I started my own management company for bank properties when I turned 28. But before that I was always making money.
I bought my first rental property at age 29. I had 2 children and a stay at home wife. Id work 90hr weeks. I got quotes for rehab work. The prices were crazy. I thought to my self I need to buy distressed properties to start off but these contractors prices are crazy. So I picked up rehab books. I was always handy and said if they can do it then so can I. So I did it. I not only did it but I rehabbed my first 8 double houses by my self. And any other house after that I would gradually hire a laborer, then a painter and I would do the skilled work. This was a great learning experience. I ended up being a skilled carpenter. Self taught. I could do absolutely anything. If I didn't Id do what ever it took to learn. Then Id do it, and did it well. This taught me pricing. Oh and how this helps now.
Now my newest tool is a pen and a check book. I meet contractors and they initially tried to get over on me. They would say it needs to be done like "A" and itll cost $1,500. Then Id say "A" is decently a way to go, a more costly way but "B" is a better option and be would be about $300. They would look shocked and dumfounded. They all learned that these hands had callouses. I cut costs!
I had a older Jewish mentor named Sam Miller from Forest City Enterprises. His valuable lessons taught me to own everything cash. You can ask me how I did it and I don't even know how. I currently own 80 doors myself valued at 2.8m. all free and clear.
I have a great system that's why what I do is working. I was introduced to a wealth Plastic Surgeon in San Diego. I told him what Ive done and accomplished along with my system that gives me on average a 30% return and he was amazed. I showed him all my numbers and he was so impressed. Ive always thought it was nothing big. He invested 1.2m in real estate with me this year already. 44 doors.
He then flew me back to meet with a group of Dr.s. We met at a fancy golf course in San Diego. These guys were driving new Bentley's convertible. It was amazing. I gave them my presentation. They loved me and 2 of them before I even left said were investing with you.
I've come along way from eating my government cheese. We eat lobster at least once a week. My kids know the taste of Crab, Lobster. Something I never knew. Life is funny sometimes.Unfortunately my mother died in 2007 of her medical issues. I wanted to spoil her because her life was horrible physically and mentally. One thing I couldn't make right.
I'm at 40k a month rental income. Some people asked me when is enough? I say why would I stop playing this real life game of Monopoly? I enjoy employing people and would like to help people from my wives country the Dominican Republic. We been together 20yrs strong.
Not bad from a kid that grew up on Government cheese. The most valuable lesson I've learned is be confident and fear nothing. Thanks for reading. Also I am open to ventures in the Cleveland Area if anyone is interested in my system.