Just call me ... INSPIRED!
Congratulations@Julie Kern you give us 9 to 5 hope that it can be done
Really encouraging to read about your journey. I particularly liked the following part of your why - "Being able to give freely and be a blessing to others, both financially and with our time, out of extreme gratitude for the countless ways God has chosen to bless us", and I believe God will bless you even more to be able to give more.
Luke 6: 38(KJV) Give, and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give into your bosom. For with the same measure that ye mete withal it shall be measured to you again.
Great Post! Especially caught my eye since I grew up in Cobb County, but live up in Nashville area now.
We took a similar path and I left a high paying corporate job after wife and I had acquired around 30 rental properties, so it is so very possible! I took a little longer buying them as available over a 10 year period, but once I focused on it we more than 3X the number and now over 100 units. Nail down your exact number you need to live on with all expenses and some working capital and drive towards that number every day.
I also factored in the "burn rate" of my savings, assuming there is a slow down in economy in 2020+, then you will be just fine. Basically if you need $20K per month, but rents slow down 10%, you would need an extra $2K per month to make ends meet, so you would need extra$24K in a slow year, in reserve. But mostly I focus on growth, to far outrun my expenses.
You are so right about having the right mind set! I initially thought I would add 5 or 10 units, but with some great coaching and 100% of time focused on it, I shot for the big deals and got a few.
I would recommend doing a class on buying apartments and really getting the ratios down that big commercial lenders want and even walk through a few dummy sample deals with a lender/s. so you are ready to pounce on a great deal when you find it.
We also ventured into mobile home parks and mostly duplexes and find them very profitable. Getting your A-Team of management and contractors/maintenance in place is key to moving faster. Automate/outsource everything you can!!! We also found some low interest owner financing on a few of the deals also. Doesn't hurt to ask if sellers will carry back some or all of a deal!
Best of success!!!
Julie, congrats! My wife and I moved back to GA and bought a place in Cartersville late last year. We're looking to buy again this spring. We like this area as well. We initially looked at Kennesaw, Acworth, and Rome but eventually settled on Cartersville. It's motivating to hear real stories like yours. Keep up the good work. By the way, I'm the sole earner in the family as a sole proprietor and we're on Medi-share with one child. Honestly, it's been better than when we had insurance. Also being in control of your own time to some degree is something you can't put a price on. Godspeed.
@Julie Kern Inspiring story, thank you for sharing. Godspeed
This is so inspiring and god bless you and please share your success story. Hope to reach the same goals as you do, but this desk job has tied me up and I am also looking to build a savings of $300k to begin with. Being in CA, I don't see many options unless I venture out of state which has been hurdle for me so far. Mostly I hear stories from non-CA residents finding investment options close to their place, any suggestions for Ca resident who hasn't travelled much out of state. I get so overwhelmed with selecting the right place and right investment that i get cold feet every time i start. I do have a rental sfr in CA but of course it barely breaks even which is still great considering its CA.
Congratulations that's Awesome! My wife says the same thing, that she would like to retire me from my job.
Wow nice plan, at least you did something once you realized your predicament of sitting in front of a computer. Look at how many others see this, know this and do absolutely nothing about it.... Can't wait to hear you on the podcast telling your story! GO GET EM!!!!
Thanks for sharing - this is motivation for people like me!
@Julie Kern I can identify with your story in so many ways. My family and I relocated last year from Texas to North Georgia for a company that eliminated my position in December.
I’ve been investing in SFHs since 2014 and have developed a passion for real estate. So instead of finding another boring, high-paying job I got my real estate license and started working as a Commercial Realtor just yesterday.
I’ve tried my hand at wholesaling and understand what you mean about being transactional. You seem to have really thought this through and admire your clarity. As I dive further into my new career I expect to define a clear objective as you have.
Thanks for the sharing and inspiring.
Updated 9 months ago
Fantastic story. Thank you so much for sharing. I'm very new and it was very inspiring story. Good luck and God bless you all.
Originally posted by @Julie Kern :
My current biggest disadvantage is battling the wrong mindset and limiting beliefs, but I'm overcoming that with education (books, podcasts and forums like BP), reaching out to brokers and lenders, marketing for off-market deals, and telling everyone I can what my goals are. Basically the same process I went through to buy that very first SFR rental property.
If you're still reading this... thanks for sticking with me!
Once I've hit that 50 units, I'll follow up with another post :)
The biggest "mindset and limiting belief" change I underwent was switching from a "I want to buy 50 units this year" goal to "I want every dollar I have invested to pay me 1Â¢ more this year than last." Since you mentioned how you grew beyond the "buy X SFR rentals" goal, I'm guessing you may too benefit from the 1Â¢ mindset as well.
Put it all together, and my mindset looks like:
- Current Return: I want every dollar I have invested to pay me 1¢ more this year than last. My capital needs to work harder and harder.
- Net Worth: I want every asset I have to be worth 3% more this year than it was last year. My choices need to be smarter and smarter.
- Job: I want every hour I spend working to pay me 5% more this year than last year. My time needs to be spent more and more efficiently .
Never wrote that down, but maybe it's useful for someone else...
@Julie Kern very motivated by your story and thanks for being so lucid with your missteps. Wish you the best!
@Julie Kern Thanks for sharing! How much capital is needed to pursue the 50 units? What is the average cost of each? Thanks!
@Julie Kern This awsome you got really clear on what you like and works best for you.
Thank you for this motivation!
Congrats and best wishes on continued success. I left my w-2 about the same and had alternate business plans to grow my farming business, but have quickly realized how much more profitable my rental biz is. Was hard for me to admit that as farming has been my life-goal and focus my entire life. However current market conditions don't feasibly allow my growth here. REI has grown from 1 property when I left my w-2 to 10 currently and expanding rapidly in the last 3 months.
Great share, thanks for the inspiration. How did you and your hubby both get on board with the REI?
Good story! I too am planning to leave my 6 figure w2 job at some point here. However, it is much harder with a single income when the wife is raising the kids. I can see it being a lot less difficult with another large income to rely on.
However, I only need $5k/mo to live on though, $20k-$30k a month is lofty goal! Good luck on your journey!
Wow! Julie.. great journey! Congrats and I wish you the best in your future goals
That sounds wonderful, Julie. Thank you very much for sharing your progress, and I look forward to hearing about your continued success
@Julie Kern , thanks for sharing your story and good luck with building your multifamily portfolio.
@Julie Kern I loved your story. My husband and I are just starting out with investing and are all in. I currently still have my W2 job but have goals to not be there in the next 2 years. Our biggest challenge right now is finding the capital for our first investment property and making sure we have all our grounds covered. (Examples; contracts asset protection etc.)
Any advice your willing to share or tips would be greatly appreciated.
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