How did you get to where you are today ?
Member since 2019 · 215 posts · 94 votes
How did you get to where you are today ?
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Investor · Phoenix, AZ · Member since 2017 · 583 posts · 919 votes
7yI feel like I took the long road, others likely feel differently.
I became a CPA and worked in the corporate world until I couldn't take it anymore. For multifamily, I started investing as an LP in syndications, and moved over to the sponsor side about a year ago. I set a goal of buying 1,000 units by the end of 2020. 9 months ago I bought a 98 unit. 3 months ago I bought a 117 unit. And I just went under contract tonight on a 164 unit.
Becoming a CPA was the long road I was talking about. However, once I decided to move to real estate, having that background and foundation really helped cut down on my learning curve, especially for multifamily.
64 Replies
Originally posted by @Sam Grooms:
I feel like I took the long road, others likely feel differently.
I became a CPA and worked in the corporate world until I couldn't take it anymore. For multifamily, I started investing as an LP in syndications, and moved over to the sponsor side about a year ago. I set a goal of buying 1,000 units by the end of 2020. 9 months ago I bought a 98 unit. 3 months ago I bought a 117 unit. And I just went under contract tonight on a 164 unit.
Becoming a CPA was the long road I was talking about. However, once I decided to move to real estate, having that background and foundation really helped cut down on my learning curve, especially for multifamily.
That’s an Amazing work !
- Rental Property Investor · Chicago, IL · Member since 2017 · 77 posts · 25 votes7y
@Jordan Lucas
I’ve come to the realization and discovered audiobooks work for me. I bought rich dad poor day a year ago, read the first chapter then the book sat by the bed. A month ago I discovered the free audiobook version on YouTube and finished it over a weekend of doing yard work. I’m a gym teacher (22nd year) and eligible for a pension but won’t receive payments until I’m 57 (8 years to go) but after reading rich dad poor dad, I’m trying to actually quit retire from my teaching gig in 5 years and be financially free.
Currently own 10 units total and next step is to refi cashout then repeat. I’m almost there!!!!
- Member since 2019 · 215 posts · 94 votes7y
@Alina Trigub thanks so much and yeah I wish the same bc financial freedom is such a big deal! Also thanks for sharing that part of your story! Someone else mentioned it to me and I’ll be reading it soon! And I really appreciate your encouragement man !
- Member since 2019 · 215 posts · 94 votes7y
@Dennis M. I definitely will and I love that quote thanks!
- Member since 2019 · 215 posts · 94 votes7y
@Mike Olszewski I love audiobooks and have listened to rich dad poor dad on ur too! And that is awesome man I really appreciate you for sharing!
- Investor · Phoenix, AZ · Member since 2017 · 583 posts · 919 votes7y
Originally posted by @Stan Thampi:
@Sam Grooms what books do you recommend? Thanks
The Complete Guide to Buying and Selling Apartment Buildings, by Steve Berges
Multifamily Millions, by Dave Lindahl
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Bill F.:
I follow this Scott Adam's quote:
After I set my overarching long term life goals, I focus on a few short and medium term goals that are specific, measurable, attainable, relevant, and timely. I then spend a lot of energy to set up my life with systems that enable me to accomplish my short and medium term goals. When do I wake up/go to bed, how many hours a week do I dedicate to my short/medium term tasks, developing other skill sets that I will need along the way, ect
When I reach a short term goal I reevaluate where I stand and if I have learned anything that has changed my desired destination. After that, its about finding the next medium term goal and keeping up with the systems.
Owning over 1,000 units is all well and good, but there are thousands of little goals one must accomplished before then.
Figuring out what you need to achieve next week, month, and year and creating an environment to accomplish them will separate you from every other person that has listened to a few podcasts and/or read Rich Dad Poor Dad and decides they want to be an apartment mogul.
I like this Bill … one thing one of my mentors years ago taught me and also related to flying.. Was each day I work on what is going to be the most profitable thing that day and then work it backwards in other words don't step over dollars to pick up pennies.. And get lost in the tulles.. in flying in the final run up.. ( this might sound kind of negative but a really good instructor taught me this one) take a final run through mentally and ask yourself OK what could Kill me today.. and if you cant think of anything you launch.. :)
As for this 16 year old he is way ahead of the curve.. for me it was getting my license at 18 and just go do it.. in this business successful realtors are great mentors you get on their teams you go to free sales training. its all about sales when you start.. you have to work for commission to get the big dollars I found.. If you don't have an advanced degree and can go knock down 200k starting pay at google.
- Investor · Phoenix, AZ · Member since 2017 · 583 posts · 919 votes7y
Originally posted by @Joe Frank:
@Sam Grooms
Can you give the names of the books?
I am 60 years old and I am considering buying multiple units for my retirement income. I have a lot to learn . Thank you
Yes, they're:
The Complete Guide to Buying and Selling Apartment Buildings, by Steve Berges
Multifamily Millions, by Dave Lindahl
- Member since 2019 · 215 posts · 94 votes7y
@Jay Hinrichs thanks so much for that advice and your input I really appreciate it!
Originally posted by @Jay Hinrichs:
Originally posted by @Bill F.:
I follow this Scott Adam's quote:
After I set my overarching long term life goals, I focus on a few short and medium term goals that are specific, measurable, attainable, relevant, and timely. I then spend a lot of energy to set up my life with systems that enable me to accomplish my short and medium term goals. When do I wake up/go to bed, how many hours a week do I dedicate to my short/medium term tasks, developing other skill sets that I will need along the way, ect
When I reach a short term goal I reevaluate where I stand and if I have learned anything that has changed my desired destination. After that, its about finding the next medium term goal and keeping up with the systems.
Owning over 1,000 units is all well and good, but there are thousands of little goals one must accomplished before then.
Figuring out what you need to achieve next week, month, and year and creating an environment to accomplish them will separate you from every other person that has listened to a few podcasts and/or read Rich Dad Poor Dad and decides they want to be an apartment mogul.
I like this Bill … one thing one of my mentors years ago taught me and also related to flying.. Was each day I work on what is going to be the most profitable thing that day and then work it backwards in other words don't step over dollars to pick up pennies.. And get lost in the tulles.. in flying in the final run up.. ( this might sound kind of negative but a really good instructor taught me this one) take a final run through mentally and ask yourself OK what could Kill me today.. and if you cant think of anything you launch.. :)
As for this 16 year old he is way ahead of the curve.. for me it was getting my license at 18 and just go do it.. in this business successful realtors are great mentors you get on their teams you go to free sales training. its all about sales when you start.. you have to work for commission to get the big dollars I found.. If you don't have an advanced degree and can go knock down 200k starting pay at google.
Thanks Jay. And I love the two problem solving methods you described: Inversion and Removal. I use them all the time too.
If you start thinking about where you want to end up at the end of the day/week/month/year and work backwards, problems become a lot less daunting.
Along the same vein, if you have a decision to make (like taking off or buying a rental) before you pull the trigger you think through all the things that could go wrong and remove those outcomes, then you at a minimum won't fail ( either crash an A/C or sink a bunch of cash into an overpriced d-class turnkey).
At least to me, when it comes to investing, I'm much more concerned about not losing money as opposed to finding the home run deal every time.
I agree, this kid has a leg up, I wasn't thinking about this stuff at 16... I didn't know if I wanted to go to college or not, never mind having a career path picked out.
Hell, I still don't have a career path yet.
- Member since 2019 · 215 posts · 94 votes7y
@Bill F. Thanks for your additional input I really appreciate it and haha(about your last comment)
- Multifamily Syndicator · Conifer, CO · Member since 2018 · 80 posts · 84 votes7y
Scenic route over the past 5 years.
Wholesaling, Partnering on Flips, and Private Money lending for 3 years
2 years of Multifamily Syndication.
Best Advice I can offer is to enjoy the journey and align yourself with an existing team of operators and tell them, specifically, how you can add value to their operation. Take the marathon approach and add value while gaining experience.
Hope this helps-
Dino
- Member since 2019 · 215 posts · 94 votes7y
Thanks for sharing and that advice is so great and I think that is a great approach for me to take, I appreciate it a lot!
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