Here’s What Is Possible in 9 Years as a Real Estate Investor

Multi-Family and Apartment Investing
8yFollow

Here’s What Is Possible in 9 Years as a Real Estate Investor

Joe Fairless
Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes

“To whom it may concern” is how my letter started out.

It was 9 years ago and I had finally, after 10 long months of looking for my first investment property, found a deal. It was a 4 bed, 2 bath house in Duncanville, Texas. Purchase price $76,000. Rent $1,050. Didn’t really need any repairs. The puppy was going to cash flow and I was going to get my first investment property, heck yeah!

Well…that was until the lender had their say. Apparently, in 2009 a bunch of lenders were feeling the burn of loose or nonexistent underwriting guidelines from years prior and were looking to correct those mistakes. Good for them. They should. Bad for me at the time because they were asking me why on earth would I want to buy an investment property if I didn’t *gasp* own my primary residence?

Pretty simple, actually. I lived in NYC. Places cost too much. After all, I started out making $30,000 as a junior project manager so how the heck could I have afforded to buy a NYC apt?!

So on September 25, 2009 I wrote a letter to the lender and told them the situation. Here it is:

Fortunately, it worked! They approved me for the loan and I was the proud owner of this, ahem, beauty!

I still have this house today. Speaking of today, I just got done signing the loan guarantor docs on a 400+ unit apt building worth over $30M that my company is closing on tomorrow. It will put our portfolio at 4,169 units and worth over $350,000,000.

I have documented most of the lessons learned after I close each project on BiggerPockets and you can read the lessons learned here:

-https://www.biggerpockets.com/forums/432/topics/517933-how-to-find-private-money-regardless-of-where-you-live

-https://www.biggerpockets.com/forums/432/topics/461447-here-is-when-it-makes-sense-to-buy-nicer-properties?page=1#p2858544

-https://www.biggerpockets.com/forums/432/topics/429543-how-i-just-bought-over-500-units-in-a-hot-market?page=1

-https://www.biggerpockets.com/forums/223/topics/397337-just-reached-over-100-000-000-in-apt-communities-lesson-learned?page=1

-https://www.biggerpockets.com/forums/223/topics/359926-investor-analysis-after-closing-on-a-296-unit-2-lessons-learned

-https://www.biggerpockets.com/forums/223/topics/316836-closed-on-320-unit-last-week-6-ways-to-break-into-the-biz

-https://www.biggerpockets.com/forums/223/topics/294621-closed-on-155-units-in-houston-yesterday-3-lessons-learned

-https://www.biggerpockets.com/forums/223/topics/217842-closed-on-250-apartments-in-houston-texas-yesterday-2-lessons-learned

-https://www.biggerpockets.com/forums/223/topics/369032-closed-on-a-200-unit-one-simple-lesson

The purpose of this is to simply say that whatever you’re looking to do in real estate, it is possible. I went from making a $30,000 salary with $20,000 in student loans after college to being a multi-millionaire.

If you have big, audacious goals then good for you. It’s possible. Others before you have accomplished it (or something similar) so you can too. It’s possible.

Here are 9 beliefs that I’ve lived by through my 9-year journey:

1. Nothing in life has meaning until I decide to give it meaning.

2. Challenges are a gift. Life happens for me, not to me.

3. Help enough people get what they want and I’ll get everything I want.

4. Richest people in the world build networks. Everyone else looks for work.

5. The secret to living is giving.

6. Work harder on yourself than you do your job.

7. Best way to get out of a funk is to move and be grateful.

8. Have perspective by remembering that I will die.

9. Be proud of who I am when nobody is looking.

Here are 9 habits that have helped me be consistent with my progress:

1. Immediately think of one thing I’m grateful for when I wake up.

2. Drink a liter of water with a scoop of wheatgrass in the morning

3. Do cardio and weights (not just cardio)

4. Volunteer at least once a month

5. Think about life in terms of # of experiences remaining, not years remaining

6. Journal my thoughts, feelings and whatever else comes in my head daily

7. Always have a vision board prominently displayed everywhere (wall in office, phone, computer background)

8. A.L.B. (always be readin’)

9. Be incredibly responsive to my clients and my investors. And even more responsive to my wife!

Do you have any beliefs or habits that have helped you achieve success? If so, what are they? Would love to learn about them so I can see about incorporating into my life/routine as well. 

103Reply
452 views

Most Popular Reply

Mike Dymski
Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
8y

I used to tie my identity to results and that delayed enjoyment (and did not permit failure).  I now tie my identity to daily activities (learning and improvement) and the results are taking care of themselves.

I am understanding and gaining control over my mind (your #1 above).

I hit the gym first thing in the morning and eat a can of tuna and low sugar protein shake for breakfast...a workout and 45 grams of protein is a good way to kick off the day.  Sounds silly but extremely effective (and no decision fatigue).

I could go on and on...we have a lot of the same beliefs and habits.

11Reply
See this reply in the discussion

87 Replies

Jump to latestLatest
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    8y

    Very inspiring and not just the money making part! Great guide to living a life to the fullest! Hat’s off to you!

    3Reply
  • Michael Le
    Developer · Houston, TX · Member since 2015 · 1k+ posts · 1k+ votes
    8y
    Originally posted by @Joe Fairless:

    8. A.L.B. (always be readin’)

    Yo, what's that acronym about. lol

    For real though, congratulations on your success, Joe. Thanks for always sharing your knowledge.

    4Reply
  • Mike Dymski
    Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    8y

    I used to tie my identity to results and that delayed enjoyment (and did not permit failure).  I now tie my identity to daily activities (learning and improvement) and the results are taking care of themselves.

    I am understanding and gaining control over my mind (your #1 above).

    I hit the gym first thing in the morning and eat a can of tuna and low sugar protein shake for breakfast...a workout and 45 grams of protein is a good way to kick off the day.  Sounds silly but extremely effective (and no decision fatigue).

    I could go on and on...we have a lot of the same beliefs and habits.

    11Reply
  • Rich McElaneyPro Member
    Rental Property Investor · Carolina Beach, NC · Member since 2015 · 32 posts · 17 votes
    8y

    As a newbie  investor (at the ripe young age of 61), I'm formalizing my goals at 1,3,5 and 10 year increments - so your post title hooked me!

    Great story, thanks for sharing and I'm sure the $350MM number will continue northward!

    2Reply
  • Joe Fairless
    OP
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    8y

    @Bjorn Ahlblad thanks a lot and, most importantly, glad you found it helpful. 

    @Michael Le ahhh, clearly I need to spend more time reading to help with my literacy skills! Good catch! 

    1Reply
  • Joe Fairless
    OP
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    8y

    @Mike Dymski I LOVE your first point. Do what we need to do daily, and consistently, then let the results fall where they may. Can of tuna every morning, huh? Just open up the can and dive in with a spoon or you dress it up some? 

    @Rich McElaney glad to hear it and good luck on your journey. I was watching a video on goal setting yesterday and enjoyed it and found it helpful. Talks about thinking deeper about our goals than just metrics. If you search "Think Differently From the Rest Be Willing to be Misunderstood" on YouTube then you'll find it. The guy talking is Vishen Lakhiani and after watching the video I bought his book. 

    0Reply
  • Doug Phillips
    Realtor · Cincinnati, OH · Member since 2018 · 140 posts · 53 votes
    8y

    @Joe Fairless Giving Cincinnati a good name!  Rock on Joe, that's truly inspiring and as @Mike Dymski said, we have some things in common =)

    2Reply
  • Teri B.
    South Bend, IN · Member since 2016 · 69 posts · 22 votes
    8y

    Nothing in life has meaning until I decide to give it meaning!

    ---

    This is exactly what I needed today, along with the comments (especially from Mike D - about tying identity to daily activities).  For perfectionists (and introverts), this field can be hard because you are bound to make mistakes and they will eat you up, if you let them.  Get some perspective fast if you want to sleep at night.

    Plus, this field has more than its fair share of people that are just . . awful/hungry/aggressive/idk.  Not all, but I went to a real estate training (I just hold a license, I'm not very active) recently and, wow.  I couldn't believe how people were talking about each other.  

    When I first started reading here, I remember seeing, over and over again . .   advice that another deal will come along.  And, it always does.  So, there is no point in giving away happiness and health for something so . .   inconsequential.   

    Great post and will definitely explore the links.

    2Reply
  • Adam Mittermeier
    Specialist · Little Rock, AR · Member since 2018 · 148 posts · 71 votes
    8y

    @Joe Fairless I love hearing stories like this. I hope to be in your shoes in 10 years. I am just starting in real estate investing and am loving it. My wife is starting to get excited about it too. I am going to implement 1 and 7 from your list. Although I am an infant at this game, I have a lot of beliefs and diet tips to maximize your brains potential and your bodies health.

    1.) Monotize your morning routine, this way you can be focused on your goals and not what your next step to preparing for the day is. Some of the most successful people in the world abide by this. 

    - my routine is wake up, shower, eat either 4 whole eggs or 6 egg whites (depending on how im feeling), 1/2 cup of oatmeal with cinnamon in it, and a small side of fruit. I have unsweet tea for a drink. This is every single morning.

    2.) Like Joe Fairless said, always be reading. On my free time I am always listening to real estate podcasts, books, or anything that will help me improve my mind or business. This is soooo huge....If you don't educate yourself, then your not going to go far. 

    3.) Be active in your real estate investor meetings. I have learned a lot and have met some great people doing this. 

    4.) Help others when you can. 

    5.) Weights and Cardio (when you feel good, your more productive)

    I know some of these are repeated from what Joe Fairless said, andI really like Joes number 6 as well. I have not done that, but I will start a journal and see how that helps me with my goals. Joe how do you feel this helps you with your goals?

    2Reply
  • Joe Fairless
    OP
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    8y

    @Doug Phillips glad to hear it and looking forward to meeting you at our Cincinnati meetup tonight 

    @Teri B. thank you for sharing your experiences as well. Glad to hear you're staying above the fray and have a more wholesome perspective than some you've come across. 

    @Adam Mittermeier thank you for sharing your success habits as well. I like #3 especially with the emphasis on BE ACTIVE in your real estate meetings. If I allocate the time to attend a real estate meetup then I sure as heck am going to make it a priority to get to know someone while I'm there. And try to get as involved as possible with the meetup from a leadership standpoint. When I first moved to Cincinnati I actually started my own meetup and it has been a great way to meet new people and grow together as a group. 

    Re: daily journal, oh man, it is so rewarding to read about what I was doing/thinking a year ago, two years ago, THREE years ago. It helps me because it shows me the progress I've made in certain areas and the LACK of progress I've made in other areas. It brings to the surface what's working and what's not working. And it is also an outlet at the time to just vent if I want to. My wife loves it when I read her what we were doing "this time last year or two years ago, etc.". Of course, I never let her read the actual journal (it is only for me) but I do read her snippets about what we did and it's really cool to reflect back on how far we've come. 

    3Reply
  • Doug Phillips
    Realtor · Cincinnati, OH · Member since 2018 · 140 posts · 53 votes
    8y

    @Joe Fairless I was not aware of the Cincinnati Meetup group, when you get a free sec Joe would you mind pointing me in that direction, I would love to attend!

    0Reply
  • Joe Fairless
    OP
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    8y

    @Doug Phillips here is the BP post with the event link to attend: https://www.biggerpockets.com/forums/521/topics/58...

    @Grant Rothenburger has details if you need any other info 

    1Reply
  • Doug Phillips
    Realtor · Cincinnati, OH · Member since 2018 · 140 posts · 53 votes
    8y

    @Joe Fairless wow thank you so much, that is literally 5 minutes from my house!  I unfortunately will not be able to attend, as my girlfriend turns the dreaded 40 years old today, ha.  Man I wish it was not today!  Is there a list or somewhere to keep updated?  Tried to tag @Grant Rothenburger but was not working.

    0Reply
  • John FortesPro Member
    Multi-Family Syndicator · Abington, MA · Member since 2017 · 603 posts · 347 votes
    8y

    Dope post! Love it. 

    When FB first dropped, I used to compare myself to all my classmates. Eventually decided to quit social media and took the whole year to work on self developing. 

    My life has been changed since. Morning routine consists of meditating, affirmations, working out, and a light breakfast before I start my day. 

    Thank you for sharing and I appreciate you. 

    1Reply
  • Joe Fairless
    OP
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    8y

    @Doug Phillips happy b-day to her and @grant 

    @Grant Rothenburger will reach out to you. You can also message him. 

    @John Fortes thanks a lot. Yeah, I love the "quit social media and focus on self-developing" thing. What specific resources did you study that helped you with your development? 

    1Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    8y
    @Joe Fairless I listen to Jim Rohn Almost daily . It is as if Jim is talking through you . Love those nuggets of truth and it’s wonderful to see the ideology play out in real life . With an attitude like yours it’s no wonder your so successful. With a focused vision like this you can’t help but win !
    1Reply
  • Grant Rothenburger
    Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
    8y

    I've recently started priming in the mornings via Tony Robbins. I like it so far. I Used to work out every morning and be up by 4:30am. I loved it, fell out of habit, and haven't gotten back to it yet. Journaling is something I've done here and there, never consistently. Those are 2 things I'd like to be consistent with, I'm sure I would feel better and be more productive.

    1Reply
  • Doug Phillips
    Realtor · Cincinnati, OH · Member since 2018 · 140 posts · 53 votes
    8y
    @Grant Rothenburger awesome thanks! Likewise, today just happened to be an anomaly, ha. I can’t wait!
    0Reply
  • Cody L.
    Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
    8y
    Originally posted by @Joe Fairless:

    “To whom it may concern” is how my letter started out.

    It was 9 years ago and I had finally, after 10 long months of looking for my first investment property, found a deal. It was a 4 bed, 2 bath house in Duncanville, Texas. Purchase price $76,000. Rent $1,050. Didn’t really need any repairs. The puppy was going to cash flow and I was going to get my first investment property, heck yeah!

    Well…that was until the lender had their say. Apparently, in 2009 a bunch of lenders were feeling the burn of loose or nonexistent underwriting guidelines from years prior and were looking to correct those mistakes. Good for them. They should. Bad for me at the time because they were asking me why on earth would I want to buy an investment property if I didn’t *gasp* own my primary residence?

    Pretty simple, actually. I lived in NYC. Places cost too much. After all, I started out making $30,000 as a junior project manager so how the heck could I have afforded to buy a NYC apt?!

    So on September 25, 2009 I wrote a letter to the lender and told them the situation. Here it is:

    Fortunately, it worked! They approved me for the loan and I was the proud owner of this, ahem, beauty!

    I still have this house today. Speaking of today, I just got done signing the loan guarantor docs on a 400+ unit apt building worth over $30M that my company is closing on tomorrow. It will put our portfolio at 4,169 units and worth over $350,000,000.

    I have documented most of the lessons learned after I close each project on BiggerPockets and you can read the lessons learned here:

    -https://www.biggerpockets.com/forums/432/topics/517933-how-to-find-private-money-regardless-of-where-you-live

    -https://www.biggerpockets.com/forums/432/topics/461447-here-is-when-it-makes-sense-to-buy-nicer-properties?page=1#p2858544

    -https://www.biggerpockets.com/forums/432/topics/429543-how-i-just-bought-over-500-units-in-a-hot-market?page=1

    -https://www.biggerpockets.com/forums/223/topics/397337-just-reached-over-100-000-000-in-apt-communities-lesson-learned?page=1

    -https://www.biggerpockets.com/forums/223/topics/359926-investor-analysis-after-closing-on-a-296-unit-2-lessons-learned

    -https://www.biggerpockets.com/forums/223/topics/316836-closed-on-320-unit-last-week-6-ways-to-break-into-the-biz

    -https://www.biggerpockets.com/forums/223/topics/294621-closed-on-155-units-in-houston-yesterday-3-lessons-learned

    -https://www.biggerpockets.com/forums/223/topics/217842-closed-on-250-apartments-in-houston-texas-yesterday-2-lessons-learned

    -https://www.biggerpockets.com/forums/223/topics/369032-closed-on-a-200-unit-one-simple-lesson

    The purpose of this is to simply say that whatever you’re looking to do in real estate, it is possible. I went from making a $30,000 salary with $20,000 in student loans after college to being a multi-millionaire.

    If you have big, audacious goals then good for you. It’s possible. Others before you have accomplished it (or something similar) so you can too. It’s possible.

    Here are 9 beliefs that I’ve lived by through my 9-year journey:

    1. Nothing in life has meaning until I decide to give it meaning.

    2. Challenges are a gift. Life happens for me, not to me.

    3. Help enough people get what they want and I’ll get everything I want.

    4. Richest people in the world build networks. Everyone else looks for work.

    5. The secret to living is giving.

    6. Work harder on yourself than you do your job.

    7. Best way to get out of a funk is to move and be grateful.

    8. Have perspective by remembering that I will die.

    9. Be proud of who I am when nobody is looking.

    Here are 9 habits that have helped me be consistent with my progress:

    1. Immediately think of one thing I’m grateful for when I wake up.

    2. Drink a liter of water with a scoop of wheatgrass in the morning

    3. Do cardio and weights (not just cardio)

    4. Volunteer at least once a month

    5. Think about life in terms of # of experiences remaining, not years remaining

    6. Journal my thoughts, feelings and whatever else comes in my head daily

    7. Always have a vision board prominently displayed everywhere (wall in office, phone, computer background)

    8. A.L.B. (always be readin’)

    9. Be incredibly responsive to my clients and my investors. And even more responsive to my wife!

    Do you have any beliefs or habits that have helped you achieve success? If so, what are they? Would love to learn about them so I can see about incorporating into my life/routine as well. 

    Well done!!!!!!!!!!!!!!!!!!

    Better than me brother.  I hit 1000 units right at the 10 year mark.  I'm just a one-man-band though.  no partners or investors.   Part of me wishes I'd have done syndication and other deals to get my numbers up but whatever route works!

    Edit: Funny, I still have most of my 'starer' properties as well. My first two SFH that I bought sight unseen (in Houston, while I was in San Diego). Then the first townhome I bought when I was deciding which of two to buy to live in, I bought both and rented one out. I still have them. Even though that was about 10 years ago they're all paid off (I don't refi them as they're not worth enough to bother, and I can't get conventional SFH loans anyway. Plus then they'd scrow for taxes/ins which I hate -- and I'd have to carry ins which I hate, etc.).

    I did sell my first multifamily (damn it I want it back) but own my 2nd-5th multis still (everything after that was mostly sold to buy more).

    1Reply
  • John FortesPro Member
    Multi-Family Syndicator · Abington, MA · Member since 2017 · 603 posts · 347 votes
    8y

    I ended up reading reading the whole Bible, learned how to meditate, got into some yoga, lost about 25 pounds (and kept it off), the following year I read about 66 books and mostly in the self development and business subjects, established goals and try to work my plan (continue to do this), started journaling here and there, have a small vision board that I want to move to my office. 

    After all of that, I finally was able to find my true purpose. That's to help others battle confidence issues like I struggled with growing up, referee basketball games, and investing in real estate. Thank you for asking because this just made me realize the turn of events that has happened in my life. I appreciate you! Thank you and God bless!

    7Reply
  • Ben Stevenson
    Member since 2018 · 27 posts · 6 votes
    8y

    Joe, 

    I really appreciate your quotes/beliefs, they really made me evaluate my current mindset. I wrote a couple of them down, I hope you don't mind.

    Good luck with all of your future endeavors and congratulations on the 4169 unit portfolio. 

    0Reply
  • Darlington Agu
    Rental Property Investor · Los Angeles, CA · Member since 2018 · 56 posts · 17 votes
    8y
    @Joe Fairless Wow unbelievably inspiring. I’ve set my goal at 200units in the next 10 yrs. I thought my goal was a bit ambitious but 4000+ units you have a wealth of knowledge. Thanks for sharing and what you describe as you morning routine I’ve read in the “Miracle Morning “ By Hal Elrod
    1Reply
  • Joe Fairless
    OP
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    8y

    @John Fortes holy personal development! Dang, that's impressive. 66 books and 25 lbs. I'd bet on you and people like you who have that type of focus and commitment all day long. 

    2Reply
  • Rhonda Wilson
    Rental Property Investor · Tacoma, WA · Member since 2018 · 113 posts · 149 votes
    8y

    Joe, you are a hero! I really mean it. You had a dream and worked your butt off to make it reality! 

    Thanks for posting your story. 

    1Reply
  • Andrey Y.
    Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
    8y
    Originally posted by @Adam Mittermeier:

    @Joe Fairless I love hearing stories like this. I hope to be in your shoes in 10 years. I am just starting in real estate investing and am loving it. My wife is starting to get excited about it too. I am going to implement 1 and 7 from your list. Although I am an infant at this game, I have a lot of beliefs and diet tips to maximize your brains potential and your bodies health.

    1.) Monotize your morning routine, this way you can be focused on your goals and not what your next step to preparing for the day is. Some of the most successful people in the world abide by this. 

    - my routine is wake up, shower, eat either 4 whole eggs or 6 egg whites (depending on how im feeling), 1/2 cup of oatmeal with cinnamon in it, and a small side of fruit. I have unsweet tea for a drink. This is every single morning.

    2.) Like Joe Fairless said, always be reading. On my free time I am always listening to real estate podcasts, books, or anything that will help me improve my mind or business. This is soooo huge....If you don't educate yourself, then your not going to go far. 

    3.) Be active in your real estate investor meetings. I have learned a lot and have met some great people doing this. 

    4.) Help others when you can. 

    5.) Weights and Cardio (when you feel good, your more productive)

    I know some of these are repeated from what Joe Fairless said, andI really like Joes number 6 as well. I have not done that, but I will start a journal and see how that helps me with my goals. Joe how do you feel this helps you with your goals?

     Love it. I used to be a 4-5 whole eggs (+/- oatmeal) guy, then started 1 whole egg + egg white omelette with assorted veggies - game changer.

    Cardio - used to hate it but I am now a believer. Gives you a ripped and tapered look. Always add cardio, but not at the expense of weights. You should still do weights 3-5 times per week. Cardio will not burn muscle. If you're worried, drink BCAAs intra-workout and intra-cardio.

    I wanted to give a personal shout-out to Mike Dymski and Minh Le, who were always generous with their time. Having positive and motivated people around you is the biggest "hack" that is often overlooked.

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free