Rages to riches, or at least fairly wealthy

65 Replies

Originally posted by @Jay Hinrichs :


if you can get @?engelo Rumora    to respond.. Not sure if it was rags to richs totally.. but I know he started at the bottom and came from another country.. and by sheer strength of personality and hard work has done very well for himself..  

@Engelo Rumoraundefined

Thanks for the mention mate,

Although hard at times when I read some injustice being posted I have decided to stay away from the forum and continue living a quiet life hehe

Love your friendship mate and hope to see you again one day


Originally posted by @Engelo Rumora :
Originally posted by @Jay Hinrichs:


if you can get @?engelo Rumora    to respond.. Not sure if it was rags to richs totally.. but I know he started at the bottom and came from another country.. and by sheer strength of personality and hard work has done very well for himself..  

@Engelo Rumoraundefined

Thanks for the mention mate,

Although hard at times when I read some injustice being posted I have decided to stay away from the forum and continue living a quiet life hehe

Love your friendship mate and hope to see you again one day


Engelo  quiet  well thats an Oxymoron if I ever heard one.. maybe the OP will listen to your pod cast..  

Originally posted by @Bruce Runn :

Best story I can share is of a couple I taught in 2013 how to buy 2-4 unit multi family properties and how to house hack. They started with $10,000 and bought 1 property a year for the past 7 years, moving into the first couple properties as owner occupied, then leverage lower down payments. Everything cash flowed from the beginning and they opened up LOC/HELOC's against the earlier ones to buy the later ones. I'm guessing they now have at least $800K of equity. Very smart and hard working couple.

ya I agree in a market that you can do it  that house hack a 4 plex  and roll them up is a winner pert near every time !!! For those whose sole interest is in owning rental doors and have good credit but dont have a lot of cash. 

I came to the US on a student visa in August 2007 on a tennis scholarship. I had no money and wasn't allowed to work anywhere off campus. I started in the cafeteria dish room washing dishes every week. This was before the federal min wage was raised in July 2009, so I was making $5.54/hour after taxes. As a non citizen I also couldn't take the standard deduction at the time and so I was basically being taxed at 100% of every dollar I earned. 

Graduated in Dec 2012 with a masters degree in Accounting

Started working in Mar 2013 on what is called an OPT (one year work eligibility)

Bought my first house on D-day in 2014 (yes-June 6th 2014). It was a primary residence with my wife. Had MAJOR issues getting the loan due to my temp work authorization, but finally figured it out at the 11th hour. 

Bought my first investment property in 2015. Still own it today. It's a rental. 

Since then I have bought/sold many rentals, flipped a bunch of houses, I have done infill development, new construction development, wholesaling, RE agent work.

This year I've done $4m in RE agent work, flipped 2 houses, sold 1 rental, and am in the process of building 3 new homes. 

I would say that I am VERY FAR from riches, but I am building slowly. I was given the cashflow quadrant by my neighbor when I was 15 so I knew I was always going to do some form of investing.

Honestly, most of the success I have I can attribute to my environment (The environment that is America). The amount of capital available in this country is incredible, and not only that the willingness of individuals to invest that capital is remarkable. "Making" it in America....I would equate it to fishing with dynamite. 

Great story @Luka Milicevic . It is amazing watching naturalized Americans and immigrants to this country seize the opportunities that are available... while so many born here wallow aimlessly about. 

I look at my In-Laws and wife and think they are far more "American" then most Americans. Coming from communism, they capitalized and built themselves up piece by piece. As you did. Truly awesome. 

It is 100% on you. You seized the opportunity, you took on the risk and you persevered the idiotic bureaucracy. 


@Jasmine Russell

My friend was working with someone in real estate and I told him i was looking to learn about it so I reached out to this guy and asked him how I could add value to him and he said he needed help finding deals so I started cold calling for him

I can say this: as a mortgage broker who's worked with hundreds of investors, some of my clients started with just one $100k property and now own over $5M of properties. One owns $18-20M worth.

It is possible, but it's not like stocks. There's no daily volatility and a 15% growth in value in a year is like a stock increasing 100%. It's possible, but not something to expect.

@Jasmine Russell I came from a middle class family, better off than many, not as well as others, but I never went hungry or missed any important opportunity as a kid. I decided to go to a community college at 18 and stayed home to save money, again another advantage many do not have. However, no one helped me pay my bills or pay for college, I worked full time since 16 and saved my money so I could pay cash for myself. I saved enough money to buy my first house at 21 which was my introduction to the power of real estate. I continued to increase my income over the years and began truly investing at 26. I am 31 now and have about 1.2 million in net worth mainly in real estate property and own a couple high income businesses. I am not where I want to be but I am further than I imagined as a kid or young adult. The advantages I had as a lower middle class family, being a white male with access to good public schools is not lost on me. However, I had zero financial education or experience in my family, I had to educate myself, work 70-90 hour weeks for years on end to get where I am. No one has supported me financially since I was 16. It can be done with hard work and determination, however where you begin your journey is largely dependent on circumstance, and many will have to work harder than others to get ahead. 

Originally posted by @Jasmine Russell :

@Jason G. Everything you're saying is correct. I am doing all the same stuff as well. I've gotten completely out of debt and managed to do much more than I expected. But that simply is not enough to generate the savings I need to accomplish my goals. This is why I'm going to try wholesaling for now. Any advice is appreciated. I created this just so people could share their stories and be heard and congratulated. Also everyone could use some more inspiration! Including myself.

Eliminate the word "try" wholesaling, instead commit to wholesaling as a strategy and to make it work.Invest in yourself to get up to speed as there are many successful wholesalers.I'm a newbie myself, yet to do that first deal

@Jasmine Russell

I mainly was learning a lot about business, online business, investing, personal finance and overall self development before I stumbled into learning about real estate in 2019. I initially started with taking advantage of a lot of free resources like books, YouTube and online, before actually signing up for a decently pricey program/course and coaching haha. Well, I don't want to say it was a huge mistake but it definitely could've been avoided and had a lot more money to invest by taking advantage of BiggerPockets and finding more local coaches/mentors which I happened to do with my real estate brokerage after separating from the Marines after 6 years of active duty. 

I became a Realtor in 2020 and happened to get with a really investor friendly brokerage in Oklahoma City,  where most of the Realtor's were all investors, as well as the owner's who are big with investing, coaching, business and apart of all the investor groups and own/run a few. Shortly after I bought my primary home, and 2 rentals all in the 2nd half of the year. I ended up learning a lot more about structuring the businesses for tax and asset protection reasons and manage them for the company. I am now still continuing on the realtor side, picking up with private lending to other investors in OKC to help them with their projects, am considering commercial lending and am still looking at picking up some buy & hold properties.

Jasmine Russell

"I'm hoping someone will comment that really came from very little income."

I suppose I could tell you the high lights of my story. I was raised in the foster programs, so no one to teach me about money, set goals and so on. There where more pressing issues to deal with. In the early 80s when the country was recovering from the 70s oil crises and Stagflation. I was in my early 20s and just out of collage, no money save, and no one to mentor me. Lots of books on how to though. I thought I could never do it. Not enough money, not enough smarts, etc., etc. tell the early 90s. Then I bought the Carleton Sheets No Down Payment ® home study course. It cost a ton of money and lots of info but you had to pay someone to work you through it. I did learned enough to help a friend out in 1993. Real estate was in the tank she was going through a divorce couldn't sale their house. She told me she was going to hand the keys to the bank. I asked if I could take it off her hands and she said sure. So we sighed a quit deed, cost me about $34 to record it and then I did a refi on it. So my first house I bought for $34 bucks. Put a lot of money into the wrong rehab projects and lost the property and had to declare Chapter 13. Took a while to get the Chapter 13 behind us and to build my credit again. By 2011 I bought another house for $163,000. 2018 I was looking at the end of my work life. I had a house that had grown in value, a 401k that had less then 5 figures in it and bad debt that was more then 5 figures. I decided that it would be now or never to give investing a shot again. I bought a house in 2018 for $200,000 and BRRRRed it. Cleared $500 a month on rent. Decided to sale it this year. It sold in April for $380,000. I had bought another house in 2019 for $200,000. I ran into a lot of trouble getting contractors to show up and other issues. Took over a year and a half to complete it and cost me a bunch of money. I finely sold it in September 2019 for $340,000, and was lucky to see $15,000 from it. This summer I took the time to reset my finances, team and I am now in the prosses of negotiation to buy my third house. I am no shooting star, it didn't happen over night, and at times it has been nightmarish. But would I do it all over again? In a heart beat. I also know a little more then enough now to get in trouble. 

I hope this helps.

Updated 3 months ago

I am sorry. I was rereading my post and I never made the point of why I mention the 80s. This was the time I started dreaming of being an investor

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