23 year old Investor from Northwest Indiana

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23 year old Investor from Northwest Indiana

John Woosley
Crown Point, IN · Member since 2015 · 6 posts · 2 votes

Hello everyone, my name is John Woosley, I’m 23 years old and I’m looking to learn from you guys here at BP.

I currently own 4 properties, 3 rentals, and the house my wife and I live in. I owe 80k total and am looking to keep taking the next step.

About me: I am a full-time school teacher/coach in NW Indiana. I have lived here my whole life, and know the area very well. My 3 rentals were foreclosed properties in a C+ neighborhood that needed A LOT of work. In all 3, I did 90% of the work myself. I learned a lot for sure. Lol

I’m looking to be more involved here on the forums to learn from people with more experience than I have. I’d like to scale and continue to buy and flip or buy and hold more single family properties or even multi-family properties. My goal right now is to have done 25 deals by age 25.

Any tips or advice would be much appreciated. Thanks!

John

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Alex Deacon
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
8y

@John Woosley sounds like you are doing fine so far. 25 deals is an aggressive goal. I would focus on quality deals verse quantity. Continue networking, educating yourself and searching for deals. Get to know all the local investors and wholesalers. Best of luck to you John

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  • Alex Deacon
    Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
    8y

    @John Woosley sounds like you are doing fine so far. 25 deals is an aggressive goal. I would focus on quality deals verse quantity. Continue networking, educating yourself and searching for deals. Get to know all the local investors and wholesalers. Best of luck to you John

    2Reply
  • Marlon FongPro Member
    BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
    8y

    Hi @John Woosley! Welcome to the BiggerPockets family! You came to the right place to learn all about real estate investing! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast

    BiggerPockets
    2Reply
  • John Woosley
    OP
    Crown Point, IN · Member since 2015 · 6 posts · 2 votes
    8y
    Thanks for the advice Alex. I appreciate it!
    0Reply
  • John Woosley
    OP
    Crown Point, IN · Member since 2015 · 6 posts · 2 votes
    8y
    Thanks @Marlon Fong will do!
    0Reply
  • Scott Steffek
    Flipper/Rehabber · Crown Point, IN · Member since 2009 · 482 posts · 216 votes
    8y

    John,

    Good for you having those rental properties at such a young age! I agree with Alex. Focus on quality deals. It's very easy to get burnt and that can take a lot of money out of your pocket very quickly and be disastrous. We do business in NW Indiana and I'm in Crown Point, so I know the area well. If you need any other pointers, feel free to PM me. Best of luck to you.

    0Reply
  • Marcin Nurek
    Rental Property Investor · Crown Point, IN · Member since 2016 · 44 posts · 10 votes
    8y

    Welcome aboard neighbor. You are doing quite well so far. Definitely look at quality over quantity. It takes only one bad deal to wipe out your savings. Personally, I am very conservative and very selective. Do your own calculations, don't rely on any wholesaler/agent numbers. Good luck!

    1Reply
  • John Woosley
    OP
    Crown Point, IN · Member since 2015 · 6 posts · 2 votes
    8y
    Thanks Scott, I grew up in Crown Point! I agree with quality over quantity. Thanks for reaching out.
    0Reply
  • Michael Bishop
    United States · Member since 2015 · 401 posts · 394 votes
    8y

    Love the representation from Crown Point here. I'm from Crown Point myself, moved to Austin in 2014.

    @John Woosley you're off to a great start, so kudos on that. 2 simple recommendations (aside from just keeping up what you're doing already), but big ones:

    1. Never stop learning

    2. Never stop making connections

    #2 especially, real estate is 110% a relationship business.

    2Reply
  • David Ho
    Investor · Frankfort, IL · Member since 2014 · 54 posts · 15 votes
    8y

    You need to make sure you can set up llc's in series.  I would double check with your CPA , because the interest carry law changed and it effects class S or C or LLCs' ... Series are great because you an have one Umbrella and then have subsets of companies and put ur properties in them 

    0Reply
  • Alan Rohrer
    New to Real Estate · Indianapolis, IN · Member since 2017 · 102 posts · 74 votes
    8y

    @John Woosley - I grew up in South Bend so I know the Crown Point area!

    I would say along with everyone else to: 

    1) always be making connections

    2) always be learning

    3) Think of this as both a business AND a wealth building game. As you progress along, have a big goal you are working towards. If it's "financial independence", what does that mean exactly? 

    For me, I'm working toward financial independence where my passive income is equal to my living expenses.

    When you look at your daily choices through the lens of your long term goal, you set yourself up to reach it. Remember- many people over-estimate what they can do in a year... but nearly everyone UNDERESTIMATES what they can do in 10.  Long term, consistent work is key.

    And finally, as a CPA myself- I have to plug taxes! Which brings me to #4

    4) Real estate is a wealth building tool. When building wealth long term, rate of return makes a HUGE impact. This is why taxes matter. Get a CPA on your team that does more than fill out your tax return. 

    -One that works with you ahead of time to make sure you can keep as much of your earnings as legally allowed. 

    -One that you don't feel worried will send you a bill after a 20 minute convo about your new deal. This is why we don't charge by the hour. Clients pay for results (savings/strategies/insights)... they don't pay for time.

    -And one that specializes in the intricacies of real estate.

    Best of luck as you continue to build your portfolio- I'm sincerely pumped for your next few years!

    0Reply
  • Eric Meyer
    Real Estate Broker · Saint John, IN · Member since 2017 · 28 posts · 12 votes
    8y

    @John Woosley Welcome to BP, and its nice to see more people from Northwest Indiana. I wish I had started as young as you, but had the attitude that I didn't have time for it and i didn't want the late night calls. (excuses) Congrats on your early and ambitious start. Read and network as much as you can, it made me a believer and now a Do-er. I also have my rental in a C neighborhood, but I was strict. I'm now working on my second deal.

    I'm not going to tell you anything different then what has already been said. Shot, you can probably give me advice. lol Good luck and happy hunting.

    0Reply
  • Jim C.
    Investor · IN · Member since 2012 · 263 posts · 168 votes
    8y

    @John Woosley- Congrats on starting so early!!! Deals are harder to come by, but are still out there. Beware some wholesaler's in the area, their numbers aren't reliable and prices are crazy. Only buy in decent areas..... And.... Cash is King! Good luck!

    0Reply
  • Joel Florek
    Rental Property Investor · Michigan City, IN · Member since 2015 · 530 posts · 741 votes
    8y

    @John Woosley I would recommend to not focus on deals but dollars. What kind of income do you want from your real estate by that age and how will you get there. I am 24 now and live in Michigan City. Currently up to 31 units and am able to live off of my real estate and support my fiancee and daughter. Only took 4 deals to get to that point. 

    0Reply
  • John Woosley
    OP
    Crown Point, IN · Member since 2015 · 6 posts · 2 votes
    8y

    You guys are awesome. Thanks for all the tips and advice.  @Michael Bishop @David Ho @Alan Rohrer @Eric Meyer @Jim C. @Joel Florek

    0Reply
  • Matt Motil
    Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
    8y

    Welcome to BP @John Woosley! Former northern Indiana boy myself here. Sounds like you're off to a great start! Good luck on your journey

    0Reply
  • Fradel Schaechter
    lakewood, NJ · Member since 2017 · 282 posts · 156 votes
    8y

    @John Woosley what a great start you've got! Keep it up :)

    0Reply
  • Aziz Raji
    Real Estate Agent · Chicago, IL · Member since 2017 · 715 posts · 138 votes
    8y
    Great Post John Woosley ! Welcome to bigger pockets and good luck on your journey!
    0Reply
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