Investor · Cedar Rapids, IA · Member since 2013 · 494 posts · 407 votes
BP brothers and sisters, I quit the last job I will ever have today to focus on RE investing. In 2003, while working in corporate America someone suggested Rich Dad Poor Dad to me. Eleven years and 28 properties later I'm finished with the rat race; I'm 50. I wanted to share this with the BP community because none of my working friends want to hear it.
Milwaukee, WI · Member since 2014 · 3 posts · 15 votes
11y
Congrats Dad!
Agree with @Chris Simmons You should expand on the story. It's been inspiring to watch and I'm sure others would appreciate it as well.
@Brandon Turner, although I am admittedly biased, I have been wanting to nominate my dad as a podcast candidate for some time. I can't think of a better 50th birthday and retirement present. Hilarious, down to earth, and sharp guy with a great story and unusual business model!
Investor · Cedar Rapids, IA · Member since 2013 · 494 posts · 407 votes
11y
Thanks all for the many congratulations, comments, and support.
@Mike H. Good questions. I do plan to live on a percentage of the cash flow. I have taken a Dave Ramsey approach to my personal finances so have a pretty low nut. I wouldn't punch out unless I could keep investing. But I try to take a Tim Ferris 4 Hour Work Week approach and automate as much as possible because I don't want to own a job. I like the investing but let others do all the maintenance.
I haven't flipped any houses on purpose but I have sold a few after fixing them up and renting them for a while. Sometimes you realize you made a mistake for some reason and decide to make a change.
I keep a mortgage on each property and own them in a couple of LLCs. I think this gives me good asset protection and allows me to take advantage of leverage. All but a couple are at 4%, 30 year amortization but they are 5 year loans. I use a credit union that lets me put only 15% down.
Investor · Cedar Rapids, IA · Member since 2013 · 494 posts · 407 votes
11y
@Chris Simmons We started with idea of buying one a year to supplement retirement but got excited and wanted to buy more and sooner. The first property was a condo in Florida that doubled in value within two years. I thought I was a RE genius. I got a HELOC on the condo and used that to make down payments on 4 houses in our third year. We still own those 4 and the condo but the condo is worth less than I paid for it (so much for being a genius).
By the time I was laid off in 2009 we had 8 properties but had to get another job asap. By the time I was laid off the second time in 2012 we had bought several more and were able to take 15 months off between jobs. We cashed out the 401K and bought 11 properties (with no job, hard to believe isn't it?). I did go back to work but kept buying.
Why didn't I quit at 21 properties? I kept moving the cash flow goal posts. First it was 8K a month, then 10K, then 15K. Somewhere between 10K and 15K I got a small inheritance unexpectedly and I just set "that's it, I'm done." (and my wife said it was OK....lol )
Good luck Chris, I too have spent years in cubic"hell". Cubicles, bad bosses, TPS reports (Office Space reference) are all great motivating factors. Let me know if I can help in any way since my schedule just freed up.
Beverly Hills, CA · Member since 2014 · 1 post · 0 votes
11y
Congrats! I read that book my sophomore year at the University of Nebraska and it was definitely worth it. In only 11 years that is amazing. I would like to hear more about how you did it and what advice you have for someone new to the game. Feel free to share or email [email protected]. Really good stuff
Real Estate Investor · Greenville, SC · Member since 2014 · 76 posts · 23 votes
11y
Congratulations on a job well done! I hope to achieve the same result one day myself. It is tremendously encouraging to hear inspiring success stories here on BP- to help get through the tough times of doubt and despair.
Investor · Henderson, NV · Member since 2014 · 4 posts · 6 votes
11y
Congratulations @Glenn McCrorey! I love hearing success stories and hope to follow in your footsteps. I really like how you overcome adversity and had the courage to stick with your plan. It certainly paid off. I look forward to hearing more about you executed your plan and the criteria that you used. I have been all of the place on my investing journey, but feel like I am finally starting to tighten up my criteria.
I hope you were able to catch some reds and sea trout in the bay. I am from Tampa and finally bought my first casting net this past week. Congrats again on your retirement!
Investor · Cedar Rapids, IA · Member since 2014 · 9 posts · 6 votes
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Glenn McCrorey congrats!
I just happened to check where you're from a saw that you're from Cedar Rapids too. Crazy. I would love to take you to lunch so I could pick your brain sometime.
Investor · Mooreville, NC · Member since 2008 · 139 posts · 58 votes
11y
FANTASTIC! I quit my corporate job in 2001 for a career in Real Estate Investing! I never looked back and I love my life. I am now able to go and do whatever I want whenever I want! Sometimes I have trouble remembering what day of the week it is! Congratulations! You are now going to experience what life is really all about now!!!
Syracuse, NY · Member since 2014 · 23 posts · 5 votes
11y
Awesome job! Congrats! Way to many people think there is 'no way out' or feel like they are 'trapped' in the rat race. It's NEVER to late to start. Partner of mine didn't get into real estate until he was 50 and now is worth over 150m!