Newbie from Columbus, Ohio - How do you stay positive?

Question

Hello BP! My name is Cody and I'm a total noob. I found BP after getting the house hacking bug from a friend who is doing it in Georgia. I'm a full time lab tech at THE Ohio State University and I've been searching for a side hustle for well over a year now. I like my job but it does not have a very high ceiling in terms of income and growth, but it comes with great benefits. My early plan is to start by house hacking a multifamily property, saving up and purchasing a second property when the time is right. Right now I am just getting educated and taking in the fire hose of information that's out there. I am reading Larry Loftis's book on Investing in Duplexes, Triplexes & Quads, and "Rich Dad, Poor Dad" is next on the list. I am listening to BP podcasts in the car and watching youtube videos on the subject. BP forums have been a great source for where to look for good information! A BP user also mentioned "Impact Theory" on youtube and I have been enjoying that as well, which leads me to ask ya'll:

How do you stay motivated (positive, hyped, excited etc) about, well, life? I have taken some good strides the past 2 years and gotten my mental health in a good place, but it is a never ending battle. The RE bug is getting me hyped, but this is NOT a get rich quick scene (which I like, it doesn't feel like a fad). Any tips for keeping the energy up over the coming months?

Michinori Kaneko · Answer

Keep your eyes on the prize. listen to podcasts and talk to people who's been successful. their stories are inspirational and makes you think you can do it. Think about the reason why you want to invest in the first place. For me, it's so i don't have to work and have time to spend time with my daughter, and to be able to afford to let her do whatever she wants to do (e.g. learn sports/musical instruments/arts should she desire to do so).

Join master minds. Have a long term and shorter term interim goals, and make sure you stay on track.

John Manner · Answer

I think the best way to keep the energy up is to write out your plan, whatever it is, and make it bold and visible. The energy will come as the plan is met and you can see real progress. Once you read Rich Dad Poor Dad, read The Morning Miracle.

Account Closed · Answer

Congrats on the improved schedule. I struggled to get out of the field for a while. It took years. I ended up going back to school and completed a data science certificate and I nailed a great clinical data job. No weekends, No holidays, better pay, and I have some control of my schedule. I still want to be free from the 9-5 job though!

Ryan Evans · Answer

You might be overthinking it. It's going to be overwhelming buying your first property no matter how many podcasts you listen to and books you read.

For me, the biggest turning point was probably just going and looking at properties. You've got to make it real! The only way things start happening is when you actually start calling lenders and getting paperwork started. Their job is to help you through it so don't hesitate to start having those conversations.

Find yourself an agent who is investing in the types of properties you want to get into and have them show you what they are doing and guide you along. Don't just get stuck with a burnt out gym coach who got their real estate license to put food on the table.

Until you talk to a lender and start looking at houses, nothing will happen. So might as well get started. That will very likely give you the momentum and motivation you're looking for!

Cody Barnes · Answer

Account Closed are you still working in the field in some capacity? I'm about to move to a dayshift position with a saturday rotation once every two months, about as good a schedule as I will see in the clinical setting with my credentials. The staff here is great and the work is rewarding (flow cytometry), but it will not provide me with much financial freedom, even if I were to advance in the field. So I am leaning on sticking it out here, keep the income and the benefits while starting to build some real estate cash flow.

Account Closed · Answer

I too am a Lab tech (recently got a desk job finally whoop!). I stay motivated by looking towards a future where I don't have to sit in traffic for an hour every morning on the way to work, a future where I can buy plane tickets on a whim just because I can, or a future where I can go hiking every afternoon with my dog instead of sitting in a sterile lunch room at work. My first purchase was scary. I was alone both times and I was excited up until the offers were excepted and then I started thinking... "holy sh**, what did I just do?! I can't afford this." The first few years were tough. I'm single, so I didn't have anyone to complain to or get help from, or have a back up person to help pay the bills. But after a few years went by, things got easier and easier, and all the stress was worth it. Now I'm ready and eager to do it again...!

Bryan Devitt · Answer

Always have a plan and make sure you don't just have plan A, you need an ever changing plan B, C and D. The reason I say this is because most investing is tied to markets and you can't control the markets. So make a plan on what you'll do if the markets continue like they are, what happens when they slow down or speed up. Then adjust your plan as you move along and the markets move along. I find that if I am hyped with business it is because things aren't planned out, I am just hoping for the best and to me that isn't a good thing (what goes up must come down). I want to just feel normal and happy every day. So make a 5 and 10 year plan, make excel sheets on how you're going to work through that plan and just put one foot in front of the other.

Cody Barnes · Answer

@Ryan Evans love your post! The plan has been to purchase a house spring 2020, we are on a year lease that runs into april 2020 and management doesn't sublease. Maybe we can make something happen and get someone to take over the lease, but that's how that timeline got set. While I totally understand avoiding the analysis paralysis, it hasn't been too long yet, imo. I was already planning on purchasing a home next year definitely makes this feel a whole lot more real than just day dreaming about what could be. I have started to look around online and just start running numbers real quick, like 2% rules and all that. This coming weekend I am gonna start driving and looking. The more I read and start to understand things, the more open I am becoming to starting sooner. But it also gives me the advantage of being patient, while also knowing I have move out date on the current place.

@Tracy Uscinski I am actually working on getting the pre-approval documents together and uploaded right now! I used to shy away from this kind of thing, finding documents, taxes, etc but this doesn't phase me at all

Tracy Uscinski · Answer

@Cody Barnes You are ready to go! I agree with the commenter above, it could take a year or two from the time you get pre-approved & start seeing properties to close on one. Get that ball rolling! As you go you’ll have a better feel for what a good deal is in your area. After you lose a few houses because they went under contract before you could put an offer in, or when your offers are rejected a few times you’ll learn to make decisions faster and have more confidence in yourself. It can be nerve-racking when you finally get a deal & close on it- but also super fulfilling. Make sure you have a friend or family member who can be a sounding board for you when you are unsure.

Best of luck on this 1st deal & many more to come after that.

Cody Barnes · Answer

@John Manner thanks for the book recommendation, i'll write it down! The plan is still coming together in my head. Every time I learn something new (which is several times a day at this point, lol) it morphs a little bit.

Newbie from Columbus, Ohio - How do you stay positive?

Newbie from Columbus, Ohio - How do you stay positive?

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