Just got 60k. How can I double/triple it?
Member since 2023 · 9 posts · 6 votes
Just got 60k. How can I double/triple it?
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y@Richard Purdy
To double it in a year head over to your local casino and pick red or black
Real estate historically provides an 8-10% return which means it will take 7-9 years to double
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75 Replies
- Residential Real Estate Broker · Sedona, AZ · Member since 2017 · 751 posts · 504 votes3yHi Richard.
Quote from @Richard Purdy:
I just want to make as much money as possible at this stage of my life. I have 60k. What’s some ways I can double or triple it within a year or so? I’m specifically asking how to maximize my return within the field of real estate with the money I have right now. Should I buy a multifamily and rent it out? Continue wholesaling? Looking for some ideas
If the goal is quick money, I'd suggest flipping. It's a lot of work, challenging, and certainly comes with risk. You would also learn a tremendous amount in the process. It's how I got my start. - Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes3y
@Shiloh Lundahl best of wishes and continued success. As stated, in my book its not impossible but highly unlikely for nearly most.
If this is what you have carved out and everyone you coach is rich soon after encountering you, id step up my marketing if I were you. Since most cant, you should clearly have millions of coaching students breaking in your doors. Most on BP have not achieved this and there are tens of millions in the world who would love to get there.
Congratz on all that within 13 years~
- 3yShiloh LundahlPro MemberRental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
@Mark Cruse well to be transparent, I’ve only coached a little over a dozen coaching clients, but 90% of them have bought properties. And I’ve helped another handful of people buy properties that weren’t my coaching clients. I specialize in teaching people how to buy properties under market value and how to sell on lease options.
You are correct that my marketing needs to be improved. I have a YouTube channel and I post things on Instagram, but I don’t think I’m as effective as I would like to be at marketing. For instance, I’m having a hard time marketing my investor retreat in Costa Rica that is coming up in September. It is a very low price for the value but I don’t think I am conveying that message very well. I’d be open to any marketing ideas that you have and I’d love to know more about your book.
- Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes3y
@Richard Purdy What are your long term goals? Why do you want to do it in a year? Real estate (and wealth building) are get rich SLOW games, not fast. Anything that can promise doubling or tripling within a year is either very high risk, or its a guru selling something that is probably bs.
You're more likely to lose it than you are doubling or tripling. Unless you're going to try to become a full time agent or wholesaler or something, but thats not investing - thats starting a business.
- 3yShiloh LundahlPro MemberRental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
@Doug Spence why are you so quick to say he couldn’t double or triple his money within a year. He would just be going from 60k to 120k or 180k in 12 months. Do you really think he couldn’t take 60k and do a deal or two and turn the 60k into 120k?
- Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes3y
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Of course the OP could triple his money in a year!!! Look for the white line in the lottery ticket pack!
- San Diego · Member since 2022 · 10 posts · 11 votes3y
"Getcha popcorn ready" -T.O.
- Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes3y
If you're looking to really double/triple in a year then don't waste your time with the long term game of rentals.
use your money to market for properties and get the best deals possible.
From there, do flips and wholesale. That's the fastest way to get active income.
- Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes3y
@Shiloh Lundahl Its possible if he's going to be doing business activities (like wholesaling or being an active agent, as I said in my post) but if he's looking for an investment vehicle to double or triple in one year, I think thats a stretch and more risk than its worth.
Too many people want to just "get rich quick", vice the slow, steady, time-tested strategies (like buy and hold).
- 3yNicholas L.Pro MemberFlipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
Get a W2 job related to real estate that pays 60K a year.
- 3yShiloh LundahlPro MemberRental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
@Doug Spence I don’t know if you read any of the posts that I already made on the this thread but all of those deals that I did more than doubled the amount of money that I started with. It was just converted into equity rather than cash. In other words, if I find a deal where I can put 60,000 into it and now I have $120,000 of equity, I have doubled my money. I’ve just converted it from cash into equity. Now, of course, they are going to be closing costs and things of that nature, but the principle of putting money into undervalued assets, and forcing appreciation, which then can double or triple the amount that was invested is true. I don’t know why people are giving him a hard time. It would mean that he would have to actively find a good deal, get the deal fixed up, and then get refinanced. So it is active rather than just giving his money to someone else to do something with it.
But he can definitely double or triple the $60,000 in one year.
- Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes3y
Quote from @Shiloh Lundahl:
@Mark Cruse well to be transparent, I’ve only coached a little over a dozen coaching clients, but 90% of them have bought properties. And I’ve helped another handful of people buy properties that weren’t my coaching clients. I specialize in teaching people how to buy properties under market value and how to sell on lease options.
You are correct that my marketing needs to be improved. I have a YouTube channel and I post things on Instagram, but I don’t think I’m as effective as I would like to be at marketing. For instance, I’m having a hard time marketing my investor retreat in Costa Rica that is coming up in September. It is a very low price for the value but I don’t think I am conveying that message very well. I’d be open to any marketing ideas that you have and I’d love to know more about your book.
If what you are saying you have accomplished is rooted in fact then it all speaks for itself. Consistently, you have told people real estate is get rich quick. You have also stated that people you coach become wealthy in a relatively short period of time. You are telling inexperienced people it's easy (or maybe likely) to triple the money in a year they have stringently saved up for. Millions of people in this nation drift from fad to fad searching for get rich stuff. There will never be a shortage; there are millions of them. What you list on your profile is incredible; most people in the business never reach anywhere near that in a lifetime let alone 13 years. On the social media platforms all you have to do is prove all that and make people believe it. I see gurus come to my town all the time with gifted speakers and within an hour into the presentation they have dozens of people lining up with credit cards to purchase their coaching. I have never seen any of them prove much though there is value here and there with some. If you can get all those people you coach/helped to come out and vouch that they were wealthy after your coaching on close to a 100 percentile basis and they show evidence of it to be true, without question you will have zero problem lining these people up. Bitcoin, Sou Sou(sp), 5lynx, 4x, ponzi schemes, pyramid stuff and so many more the people feel they will fire their boss in a few months. If you can deliver that on a platter for them when so many others fail, you will corner that market.
- 3yRose JonesPro MemberMember since 2019 · 57 posts · 18 votes
@Richard Purdy - you are in the right place! First of all thank whoever gave you that money and promise to be a good steward of it. Second, get a Bigger Pocket Pro Account, third - do one of the upcoming bootcamps.
Account for taxes.
You will find your way.
- Member since 2023 · 23 posts · 11 votes3y
Quote from @Theresa Harris:
If you want to grow your money that fast, you also risk losing it all. Can you use it to help buy a short term rental? That will give you the biggest bang for your buck without the risk of a flip. Use solid furniture from a thrift shop to furnish it...aside from stuff with fabric-I'd buy that new.
I agree with Theresa. I don't know if a short term rental will meet your goal of doubling your money in a year, but they have a high ROI if you know what you are doing. There are listing options like Airbnb and management companies that specialize in vacation rentals that can handle just about everything for you. You can also be an investor instead of buying a property on your own, or get a long term lease and sublet to short term renter. I think it's worth looking into.
- Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes3y
Quote from @Mark Cruse:
Quote from @Shiloh Lundahl:
@Mark Cruse well to be transparent, I’ve only coached a little over a dozen coaching clients, but 90% of them have bought properties. And I’ve helped another handful of people buy properties that weren’t my coaching clients. I specialize in teaching people how to buy properties under market value and how to sell on lease options.
You are correct that my marketing needs to be improved. I have a YouTube channel and I post things on Instagram, but I don’t think I’m as effective as I would like to be at marketing. For instance, I’m having a hard time marketing my investor retreat in Costa Rica that is coming up in September. It is a very low price for the value but I don’t think I am conveying that message very well. I’d be open to any marketing ideas that you have and I’d love to know more about your book.
If what you are saying you have accomplished is rooted in fact then it all speaks for itself. Consistently, you have told people real estate is get rich quick. You have also stated that people you coach become wealthy in a relatively short period of time. You are telling inexperienced people it's easy (or maybe likely) to triple the money in a year they have stringently saved up for. Millions of people in this nation drift from fad to fad searching for get rich stuff. There will never be a shortage; there are millions of them. What you list on your profile is incredible; most people in the business never reach anywhere near that in a lifetime let alone 13 years. On the social media platforms all you have to do is prove all that and make people believe it. I see gurus come to my town all the time with gifted speakers and within an hour into the presentation they have dozens of people lining up with credit cards to purchase their coaching. I have never seen any of them prove much though there is value here and there with some. If you can get all those people you coach/helped to come out and vouch that they were wealthy after your coaching on close to a 100 percentile basis and they show evidence of it to be true, without question you will have zero problem lining these people up. Bitcoin, Sou Sou(sp), 5lynx, 4x, ponzi schemes, pyramid stuff and so many more the people feel they will fire their boss in a few months. If you can deliver that on a platter for them when so many others fail, you will corner that market.
Whenever Shiloh gets started up, I feel like I'm in DJ Khaled's video, "All I Do Is Win."
Whereas what Khaled actually does is go on Hot Ones and quit after three wings. - 3yShiloh LundahlPro MemberRental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
@Mark Cruse I'm not sure if you are meaning to come across sarcastic, maybe I am just reading into it more than I should. But I will respond to some of the things that you mentioned.
I do believe that people can get rich quick in real estate. I posted a whole video about it. In that video I talk about the importance of defining what "rich" means and what "quick" means. I loosely defining "rich" as becoming a millionaire and "quick" as a time frame of 5 years. I believe wholeheartedly that that is possible. You don't have to be a genius, you just have to learn and put in the work.
As far coaching goes, there is something that you are wrong about. It doesn't matter if I help clients build wealth. And I have helped some of my clients increase their net worth by as much as $100,000, $150,000, $175,000 and one guy I helped buy 26 properties in North Dakota and he increased his net worth by $500,000 while we worked together. In order to do that, people need to change what they are doing now. And most people don't want to do that. They want the results, but they don't want to make the changes themselves. If you were to take some of the best physical trainers for helping people get in shape and they were to post on a health website that they could help people get results by coaching them, there would still be a majority of people that wouldn't hire them to coach them, even when they help their clients get results. Some people just don't want to change themselves even if they want the results that change will give them.
Yes, I have a social media presence, but I wouldn't say that it is big. I show my properties in Costa Rica. I show my Cabins in Lakeside, Arizona. I show my awesome pool and when I go to places like Fiji and Tonga or when I am at events with masterminds. I don't get very much traction from those posts. One thing though is I'm not pushy. If people want to do my program then that is great. If they don't, then I don't push them to do so. If you have some ideas that would work better than mine, I'm all ears, I'd love to hear them.
As far as what was posted by @Richard Purdy, I am not saying that he will become wealthy in a year. But it is definitely possible to double $60,000 in a year. Or even triple it. I have slowed down buying properties this year because one of my business partners and I are dividing up the company and he is keeping around 50 properties in North Carolina and I am keeping about 25 in Arizona and we are in stabilization mode. We are keeping other properties together still like the mobile home parks and a tiny house village we are getting ready to build in Florence, Arizona. So, because we have divided the company I have slowed down buying this year and I have only bought 4 properties. I'm under contract to buy another one that I am going to do a 1031 exchange into. I will likely by another 3 or 4 before the end of the year. One property that I am going to do a rent by the room model only created an increase of $40,000 through the rehab. But because it is a rent by the room and it has 7 rooms, I should be able to cash flow about $2,000 a month once all the rooms get rented out. The other properties I already posted about where one increased about from 211,500 to 357,000 after I put about 7k in the rehab. The other one increased from 147,000 to 338,000 after I put about 50,000 into the rehab. The 4th property I bought for 225,000, put 35,000 into it and I think the appraisal will come in at around 340,000. So altogether it was an increase of about $400,000 (minus the closing costs) among 4 properties. With your experience, I'm certain that you have done similar type deals and you could show Richard how to turn 60,000 into 120,000 or 180,000 as well. It's not hard. It's not passive though. It is active. I connect with the wholesalers to get the properties under contract and coordinate the closings with the title companies. I check in with my assistants who manage the rehabs and the lease ups. But all of that is not hard if you are used to it. So I don't know why people are saying that it is unrealistic to double or triple 60,000 in a year.
So now that I have explained it the way I have explained it, do you still think it is unrealistic to tell him that it is possible to double or triple his money in a year?
- 3yShiloh LundahlPro MemberRental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
@Jim K. I wish all I did was win. We bought a really cool old stone house on the main road in Casa Grande, Arizona. It was cheap and really cool so we figured we could sell it to a restaurant owner or turn it into an airbnb. There was some graffiti on the outside and not all the windows were boarded up well so the insurance company cancelled the policy on us and then it burnt down a week later. Or at lease the inside burnt down. Remember it was made of stone. So we were trying to figure out what we could do with it because now it was going to cost more money and the person we thought would want it as a restaurant didn't want it. So while we were trying to figure it out, it caught on fire again. My guess is just people breaking in and doing drugs caused it to burn down twice. So it was our twice baked potato house. The only good thing was that we bought it cheap and all the prices were rising during the covid inflation so when we sold it "as is" we only ended up losing about $20,000 on the deal.
- Rental Property Investor · Viera, FL · Member since 2019 · 33 posts · 22 votes3y
Quote from @Shiloh Lundahl:
@Mark Cruse I took a look at your profile, and I see that you have more experience than me. It looks like you’ve been investing for 15 years while I’ve only been investing for 13 years. It looks like you have several properties in multifamily and single-family and you have a large network. As a speaker myself, and someone who runs monthly meet up groups out of my building in Mesa, Arizona, and with a current portfolio of only 180 units, including six small mobile home parks, a commercial building, around 30 single-family homes, and a handful of short-term rentals, both in Arizona and also in Costa Rica, I’m only sharing things from my own experience. I can’t speak to your experience. But in my experience, and the experience of several people in the different mastermind groups that I’ve been a part of over the last five years, and with several of my coaching students increasing their net worth well over $100,000 during the year that I coached them, I would respectfully have to disagree with your premise that you can’t get rich quick. I will go on to say that I don’t believe that you can get rich easy. But I definitely know from my own experience and the experience of several people that I know personally, and that I am friends with, it is very possible to get rich quick.
I agree with you! The BRRRR method can bring infinite returns and that's all I did for ten years and turned a credit card loan into a multi-million-dollar portfolio. I will say that not all of my BRRRRs were home runs but many of them were and I got better at it over the years.
- 3yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Shiloh Lundahl:
@Mark Cruse I'm not sure if you are meaning to come across sarcastic, maybe I am just reading into it more than I should. But I will respond to some of the things that you mentioned.
I do believe that people can get rich quick in real estate. I posted a whole video about it. In that video I talk about the importance of defining what "rich" means and what "quick" means. I loosely defining "rich" as becoming a millionaire and "quick" as a time frame of 5 years. I believe wholeheartedly that that is possible. You don't have to be a genius, you just have to learn and put in the work.
As far coaching goes, there is something that you are wrong about. It doesn't matter if I help clients build wealth. And I have helped some of my clients increase their net worth by as much as $100,000, $150,000, $175,000 and one guy I helped buy 26 properties in North Dakota and he increased his net worth by $500,000 while we worked together. In order to do that, people need to change what they are doing now. And most people don't want to do that. They want the results, but they don't want to make the changes themselves. If you were to take some of the best physical trainers for helping people get in shape and they were to post on a health website that they could help people get results by coaching them, there would still be a majority of people that wouldn't hire them to coach them, even when they help their clients get results. Some people just don't want to change themselves even if they want the results that change will give them.
Yes, I have a social media presence, but I wouldn't say that it is big. I show my properties in Costa Rica. I show my Cabins in Lakeside, Arizona. I show my awesome pool and when I go to places like Fiji and Tonga or when I am at events with masterminds. I don't get very much traction from those posts. One thing though is I'm not pushy. If people want to do my program then that is great. If they don't, then I don't push them to do so. If you have some ideas that would work better than mine, I'm all ears, I'd love to hear them.
As far as what was posted by @Richard Purdy, I am not saying that he will become wealthy in a year. But it is definitely possible to double $60,000 in a year. Or even triple it. I have slowed down buying properties this year because one of my business partners and I are dividing up the company and he is keeping around 50 properties in North Carolina and I am keeping about 25 in Arizona and we are in stabilization mode. We are keeping other properties together still like the mobile home parks and a tiny house village we are getting ready to build in Florence, Arizona. So, because we have divided the company I have slowed down buying this year and I have only bought 4 properties. I'm under contract to buy another one that I am going to do a 1031 exchange into. I will likely by another 3 or 4 before the end of the year. One property that I am going to do a rent by the room model only created an increase of $40,000 through the rehab. But because it is a rent by the room and it has 7 rooms, I should be able to cash flow about $2,000 a month once all the rooms get rented out. The other properties I already posted about where one increased about from 211,500 to 357,000 after I put about 7k in the rehab. The other one increased from 147,000 to 338,000 after I put about 50,000 into the rehab. The 4th property I bought for 225,000, put 35,000 into it and I think the appraisal will come in at around 340,000. So altogether it was an increase of about $400,000 (minus the closing costs) among 4 properties. With your experience, I'm certain that you have done similar type deals and you could show Richard how to turn 60,000 into 120,000 or 180,000 as well. It's not hard. It's not passive though. It is active. I connect with the wholesalers to get the properties under contract and coordinate the closings with the title companies. I check in with my assistants who manage the rehabs and the lease ups. But all of that is not hard if you are used to it. So I don't know why people are saying that it is unrealistic to double or triple 60,000 in a year.
So now that I have explained it the way I have explained it, do you still think it is unrealistic to tell him that it is possible to double or triple his money in a year?
Nice back and forth by two members I really respect. From my point of view I think the OP thought or goal was to take 60k and double or triple it cash on cash after tax in one to two years. Shilo's model is equity growth with massive OPM and or leverage.. different models.. Also markets your blessed to live in or work in make a substantial difference in outcomes.
This got me to thinking about my days in the land and Timber bizz in the Northwest circa 92 to 2000 and my partners wife.. When i would bring in a land and timber deal were we made a 6 figure equity gain in 60 days she was like well thats all great but it all on paper.. She liked the logging shows were we put up NO money and make 6 figures in 60 days and did that month in and month out she is was all about cash in the bank equity did not count LOL.
And then i think back on my own situation in 08 were I had amassed a pretty healthy net worth primarily in real estate equity with all the associate debt like most investor take on . Well by 2012 we know how that all ended up. Equity was gone poof .. So now for me rich is cash equity is great and all but there has to be a balance of cash and equity. I was far to unbalanced with some cash so I did not go bank o but far to much leverage and now I am the opposite
Those of us in the business and i would put Shilo as someone in the business not just an investor working on his own with no partners etc. Just like myself i am in the business and i have quite few partners. Not everything is always rosy and we take a different path than Shilo but at the end of the day we all hope to create a nice retirement out of our real estate activities in what ever form we all personally choose.. My form is being the money in JV deals and new construction. Not so much on owning tons of rentals been there done that sold it all :).. I want write on's not write off's . And cash to me is far more important personally than equity. - Rental Property Investor · santa cruz county, CA · Member since 2016 · 37 posts · 10 votes3y
@Richard Purdy put at least some of it into an interest bearing account so you have a cushion. 5% is easily achievable with many savings banks. Apart from the obvious advice to find cheap properties to buy with hard money, why not consider house hacking by renting properties and then subletting or doing Airbnb, if the municipality allows it? You can run the numbers and see if it works out.
- 3yJay ThomasPro MemberReal Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
I understand your desire to maximize your returns in real estate with your $60,000, consider strategies such as fix and flip properties, where you can purchase distressed properties, renovate them, and sell for a profit. Alternatively, invest in buy and hold rental properties to generate ongoing rental income and potential appreciation. Wholesale real estate allows you to find discounted properties and assign the contracts to other investors for a fee. Joint ventures provide opportunities to pool resources and tackle larger projects. Lastly, exploring short-term rentals like vacation rentals or Airbnb can increase rental income.
- Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes3y
There will be no shortage of investors here willing to "help" you double your money...for a hefty fee of course. The reality is that while you may double your money in a year, you won't do so without substantial risk, meaning you could also lose it all. Repeat after me...no one will care as much about your money as you do. This is a brutal industry with scammers at every corner. If you don't know how to do your due diligence and you're not committed to doing a substantial amount of learning on your own, your chances of losing are much greater than average. I'll say this for the 1,000th time...believe none of what you hear and only half of what you see. That Sir, is how you better your chances of success.
- Contractor · Scottsdale, AZ · Member since 2010 · 2k+ posts · 3k+ votes3y
Wow this one stirred up a lot of debate. There is plenty to digest in this thread already but I'll just throw my simple 2 cents in...
If you have no experience in real estate, construction, or finance, you will not double or triple that $60k in a year. Period.
In your profile picture you look pretty young. You should be proud to have saved up so much money at such a young age. A lot of people don't even have that much in savings at retirement.
Assuming you do have no experience in the business, you need to start with getting educated.
I'd spend the next 6 months learning everything there is to know about flipping houses. Browse the forums. Listen to the podcasts. Read a few books. Find a local mentor to shadow. Then once you have a good base of education and build a small team, give your first flip a shot. It is definitely possible to double your $60k on a house flip. But if you rush into it, you will get burned.
- 3yRose JonesPro MemberMember since 2019 · 57 posts · 18 votes
Househacking - such a great idea!
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