I Feel Like a Complete Loser (Is there Hope for Me)?

Bradford Clark

Charleston, WV · Member since 2017 · 113 posts · 50 votes

8y

Call a realtor and look at some duplexes. They want your business and will work with you to show you options

Gareth Fisher

Manheim, PA · Member since 2016 · 131 posts · 138 votes

8y

You may not feel rich, but by the world's standards you are very rich. Your perspective is everything. CK out the jokco podcast. It has helped me tremendously with perspective and motivation.

Eric James

Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes

8y

Originally posted by @Randal Remon:

Hey everyone,

What a way to start my introduction to this community, but currently I feel terrible. I'm near 30, and feel like I made mistake after mistake in life. I'm working a job I could've had out of High School that makes just enough to pay for the monthly bills, and nothing else. Life just feels so stagnant right now.

The only positives I could mention is I busted my butt doing any kind of side business, selling these years, and my net worth is around 100k (without including material items, cars, etc). Not 100k just sitting in the bank, but before taxes and if I needed to liquidate, I could get to that number instantly. I also have no debt (Rich Dad Poor Dad reader) unless you want to count the $500 balance left on my phone into consideration (another mistake I learned from).

I just feel stuck and trapped at the moment. I don't know what to do. I've been reading the guide that is included when a user joins on here, and feel like I'm learning alot of new concepts. I also read a excellent book by Ken Mcleroy (can't remember the name, but really opened my eyes about properties, how they work, cashflow, capitalization rates, etc).

I understand Real estate is not something over night, I want to make the burden easier not only on myself, but for my mother (she works extremely hard). It seems like duplexes and wholesale agreements would be to my liking, I just don't know where or how to begin?

Any help or advice would be appreciated. I'm willing to put the work in, I'm just in a slump/kind of depressed right now.

You may feel stuck right now, but you have something that most people don't: you're honest with yourself. That is very valuable. My advice is keep reading and talking with people and learn, learn, learn. Also don't part with your money for a good while as you are learning. If you post on here that you have $100K in assets watch out for people looking for separate you from that money. Hold on to it and do a lot of learning before you start risking it.

4 Reply

Account Closed

Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes

8y

It’s cool to see other BP members mention Jocko Willink and Jordan Peterson. It’s good stuff. Bottom line is stop complaining. You have a 100K net worth that you can deploy. I’m having trouble sympathizing with your plight. Just keep grinding. Success isn’t your position on the ladder, it’s how many steps you’re able to climb. There will always be people that started above you on the ladder. You can’t control that.

Cody Evans

Wholesaler · Fairfield, CA · Member since 2017 · 472 posts · 145 votes

8y

Jocko is a beast. You can actually check out Peterson on Jockos podcast too. 2 birds, one stone.

2 Reply

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

I appreciate every comment and post everyone has made. I still feel very stressed (also recovering a week after a bad case of the flu), but my hopes are up and im ready to take action. I dont have a home right now, but i feel duplexes would be the way to go.

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

Originally posted by @Cara Lonsdale:

Welcome. Please don't feel discouraged. You have already turned the corner by making the choice to make a change. Good for you.

LOVE the Rich Dad series. It's great. I would recommend Millionaire Real Estate Investor by Gary Keller, and also HOLD by Steve Chader. Both great books for where you are right now.

Do you own your own home now? If not, that may be your first goal. House hacking a triplex or 4-plex multi-unit for you and your mom with 1-2 other units that pay the expenses. There are plenty of down payment assistance programs out there if you are struggling to come up with a down payment (without liquidating your other investments), and the income from the other units can help you qualify for the property.

That may be the best step for you to at least loosen the tight burden you feel right now. Using OPM to pay your mortgage would free up some of your paycheck to put toward property #2.

Baby steps....1 at a time. You'll get there.

This is my first goal as i do not have a home yet, and i dont want to just pour all my savings, however, id bust my butt over to get a down payment. I dont care if i have to drive for uber and use some of my savings if the property makes sense.

Im not sure of the down payment assistance programs out there (im near the outskirts of Houston), and my income is very low (a good month could be around $1000), i have a crappy job that makes about $600-800, and then i have a passive income from a gig i did years ago that still pays me anywhere from $200-$400/month (it actually pays quarterly but thats what it averages it to), but im willing to put in the work and bust my butt for the down payment.

Thanks

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

Just wanted to update with this thread. 3 months I felt like I was near rock bottom. Depression, regret were the constant theme day by day. I somehow just kept walk through the tunnel, and here's where things went so far. - In the past 3 months I've managed to save over $10k. I busted my butt nearly every night, and aggressively attempted to save every penny (chick fil a and dominos have won some battles though lol). I started doing anything I could, from side jobs on the weekend to anything I could do to make some extra cash. - Changed diet. Started drinking more water, and taking better pride in myself. Also checked my credit reports/etc. Proud to say my score is around 800, no debt except this iphone which is less than a $200 balance for the phone left. - Educated myself more in real estate and went to events, went to properties, networked with a few people. I learned that real estate seems like a slow, slow game. I went to forecloser auctions where people where paying $90k cash for properties in a area where Harvey hit hard (even though the home was worth 120-130k). Just was astonished to say how people paid cash for sight unseen lots and properties. Also read more real estate books by Gary Keller, ken mccleroy, and others to educate myself more, and even made a few offers to properties (again found a lot of wholesellers/middlemen trying to swindle me into a bad/at most ok deal). Feel like I'm exhausted though. I feel like I maxed out all my endeavors and its time to go to the next level. I don't know if I need to go after getting a higher paying job, start my own business, or start small in real estate?

Nicole A.Pro Member

Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes

8y

Wow, congrats on the change in habits and mindset! That's great! And also really cool about saving another $10K in only 3 months.

I say that if you dislike your job, then shop around for another. If you feel truly underpaid, shop around and then when you get an offer, let your current employer know you'd rather stay with them but would like to at least be matched in pay to your offer with another place.

When you start small in real estate, you are also starting your own business. Investing in RE is a business. I think you should find a savvy real estate agent (not just a run of the mill one used to helping normal first-time home buyers) and start pinpointing the area you want to find a property. Get to know the area and the numbers involved. There are some great calculators right here on BP (but you need a PRO account to have unlimited use of it, I believe.)

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

Thanks for the advice Nicole! I will be honest, the current job I have, I'm so replaceable it's not even funny. They don't respect me, and besides some times almost 2 hours breaks (which I study my butt off) there's no question of a raise or better pay. Not trying to sound fool hardy, but based on the situation I'm currently in and the wealth equation I used (current pay and number of hours worked minus taxes), I'd need to live two lifetimes before I could even fanthom my goal. I strongly feel like a job is not for me, that my heart is screaming to go into business and build a scalable asset. I think I need to ditch the job and just go into a business, but I haven't exactly figured out what or the bits and pieces.

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

Well woke up to some crazy news now. Just got faced with a $4000 bill (no, didnt buy a new iphone or a shiny new toy), it's an expense I have to take care of (around $1300/mo for the next 3 months), and my job is putting me on 3 month no work and no pay (i guess you can say laid off) at the end of this month.

So no income + $4000 in expenses.

Any suggestions on attacking this debt? I've been finding alot of great deals on some homes around my area (well a few), wouldn't be sure if I could find an investor that would give me a finders fee for some deals?

Nicole A.Pro Member

Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes

8y

What exactly is this unexpected $4k bill? Wouldn't this be easy to pay off given your financial situation? Is it something you can negotiate?

I would suggest you start job searching today. Get some income asap.

Decrease your monthly expenses however you can such as maybe get rid of cable, for example. Don't go out to eat. The usual things like that.

Do you live alone/have an extra room you can rent out to decrease your monthly rent/mortgage?

I would suggest when you're ready to purchase a place, buy something that is either a 2 unit (or 3 or 4 unit) to live in and rent out the rest.....or be willing to rent out the basement or extra rooms in your home.

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

Well I stay with family, so they want me to pay ahead the rent for months ahead, non negoiatable. I've decreased my expenses as much as I can (cant slash the cable, because that's one of the agreements I made to stay here + take care of the yard and things in the household).

Jobwise, in my area, the average rate of jobs hiring is around $11-12/hr. If I work until the end of this month, I should have enough to cover the first month, could sell most of my stuff to cover the 2nd, and 3rd would be where I need to figure out (or id take a hit to my savings).

In the midst of everything, I feel like its time to branch out and start being in business for myself? The rate I'm going, seems like my options are very limited unless I go into business.

My ultimate goal would be to house hack so I can at least have peace of mind a roof under my head (because my family can switch terms at any moment, and I'll be paying their mortgage basically), and have a business growing. I don't care about fancy cars, clothes, or exotic trips. To have a decent roof over my head, and growing a scalable asset that helps others is heaven to me.

Nicole A.Pro Member

Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes

8y

I would suggest then that you find a job to help out paying bills, start building your business on the side to get it off the ground, and use just some of that $100K net worth you said you can easily liquidate and put it down on a property that you can house-hack (live in and rent part of it out).

Cara Lonsdale

Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes

8y

@Randal Remon I am impressed that you were able to save $10K over the course of 3 months while working paycheck to paycheck. That is no easy accomplishment. So, hats off to you. Many would call that a success in a year's time, so to do it in 3 months is really impressive.

Tackling your $4K debt, you have 2 options. Pay as agreed for the next few months, setting up a budget for the next few months while you are without a job, and looking for work. The other option would be to pay it off using a portion of your $10K, and just have the relief of having it behind you, and remaining debt free. Paying your family ahead of time is also a good idea to just ease your mind of having any financial burden to get you down. It sounds like the state of your mental well being needs attention, so doing these things to eliminate burdens should give you a sense of relief to aid in your efforts to move forward, and not feel bogged down.

Your investing may need to take a slight back burner right now as having a job that pays you, is paramount. Use these next few months that you have pre-paid to search for quality work. What is your skill set? What do you do, or have training to do? A Trade? Are you handy or know much about rehabbing? Maybe there is a rehabber on BP who needs an apprentice that you could work for, and make money while also learning skills that will help you in your own investing efforts.

I hope that this serves as encouragement to you, as it was intended to do.

Reaching out to the BP community can help. Tell us what you are skilled at doing. Let the opportunities present themselves.

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

About how much do you think I would need to do the house hack? I'm assuming I would need at least at 3-4 multi-family duplex? My credit score is around 770-800, just the income part I would have an issue. I have also built a small business rental system that generates $300/month pretty much on autopilot (just might have to work 24hrs out the year for small task).

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

@cara thanks for your words of wisdom and encouragement. I'm kind of embarrassed to say this, but I feel like I don't have the right credentials for corporate America as I only have a two year degree in business. Not sure what kind of jobs would hire me, maybe $12 an hr at best. As for my skills, I'm very much into business and IT. That's actually how I saved up my 10k. I developed a service to product and helped others. Generated paying leads, did excellent headlines and copywriting to draw interest, sold them, cross sold and upsold at times, and followed up. The issue I have with this small endeavor it is a trend product/service, so profits are quickly diminishing. On top of that, it was a commoditized product, so I had to make sure my service stood apart from the competition. I ended up spending $0.00 for advertising as well. People just enjoyed the service. So that's what drew my interest into real estate. I saw some similarities when starting a product/service business with real estate. So I'm great with business, it, building websites, providing excellent customer service, copywriting, all the necessities when running a company. Maybe I should take apprenticeship under someone locally? Or what would you suggest?

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

Just made a resume, and applied to a ton of jobs online. I found out that I will be on the job at least until next wednesday for sure, but the June 1st date is when I will not be working.

OP

Channelview, TX · Member since 2018 · 35 posts · 12 votes

8y

Good morning. Here at work still and it just feels like everything is caving in. I applied to around 30 jobs online yesterday until my fingers started to hurt (had to make a profile from to start to finish with each one). I went on monster and indeed now so it seems a bit easier to apply now. Managed to apply to around 4-5 jobs this morning, I only got notice though one company has reviewed my application. Honestly, I'm not sure if real estate is right for me? It seems like evening though I'm saving, working, building my credit and trying, that I have a income problem. And the income I've made in the last two years probably wouldn't approve me for a loan im guessing? Add to the stress, I'm having personal home issues (won't go into) so I might have to purchase a place to live very soon. Maybe I should purchase a trailer or something just to clear my head that I have a for sure roof under my head? Thanks for any suggestions and advice. Really don't know where to go at this point. Feel like my head is spinning a million places.

Nicole A.Pro Member

Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes

8y

@Randal Remon I think you need to remind yourself that you're in a pretty good financial situation compared to most of the population. Yes, you need income, but you have the reserves that allow you to be okay for a while as you shop for a new job.

I think you need to learn how to believe in yourself more. You seem to express so much doubt about yourself. I think that is something you should set as a goal and work on...to create higher self esteem and faith in your abilities. You already show that you're more than capable.

Yes, I would personally suggest that you talk to some mortgage lenders about purchasing a primary residence. Be sure to confirm that they will do primary residence loans on up to a 4-unit property because unless I was given wrong info by a representative, one from a lending company (won't mention) said that they only do lend for single-unit properties.

And like I said earlier, even if you do get a single-unit such as a house, townhome, etc, you can rent out an extra bedroom in it. So that is an option if finding a multi-unit is difficult. And with a primary residence loan, you can have a low down payment and keep more of your cash fluid.

You might need to find a new job before they'll qualify you, but your net worth and savings should really help. It wouldn't hurt to at least chat them up to start out.