20 YEAR OLD SUCCESS!! And why others keep failing..

Real Estate Deal Analysis & Advice
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20 YEAR OLD SUCCESS!! And why others keep failing..

Nicholas Armstrong
Investor · Birmingham, AL · Member since 2015 · 254 posts · 136 votes

Hey guys and gals!

Before I get to my actual post, let me just say this..

First and foremost, I'm pumped! Pumped about the future and what it WILL hold. Pumped about the big juicy problems I am currently dealing with (doing big things you know) Pumped about the success I'm seeing from others on BiggerPockets, and absolutely PUMPED about an epiphany that came over me as I was doing my MM routine this morning.. An epiphany that cleared the confusion as to why some are successful and why some are not. Why someone can work 10 times harder than someone else and not be as successful.. in any area of life! Why someone keeps going to the gym but never seeing results and why someone can hustle, but never close a deal. The epiphany my friends, will astound you at it's simplicity. Yet amaze you at it's truth. 

You ready for it? Here it goes..

Stop committing to results.. Commit to the process.

There you have it my friends!

The reason you haven't closed on a deal this month, is because you are committed to closing a deal this month and not Committed to cold calling 10 MLS listings every day for the next month.

The reason you can't get rid of that stubborn belly fat, is because you are committed to loosing belly fat and not committed to running 3 miles a day.

Essentially, my epiphany is nothing short of this.

Focus on the process and the results will come. They have no choice.

I go to the gym everyday because I've committed to making myself look pretty. And that commitment is fun! But when I get there the workout is tough! and I give up.. Because I've committed to the pretty physique and Not the 600 Arnold presses and 200 miles I have to run. Now that, that is a difficult commitment! But one that will guarantee my desired glutes of steel. ;)

Anyways, I hope I have inspired and encouraged some people out there who feel like they are spinning their tires, hustling to nowhere.. or just plain ready to give up. Change your focus up a bit and it might change your world.

Okay, now to get to the real reason I posted this evening. (sorry for the detour)

Several days ago after talking about what I have been doing in Real Estate with someone, an unnamed acquaintance of mine said that as a 20 something year old, he (or she) could not be successful in the real estate game. He or she went on to say that the opportunities I have come across would never happen to him/her. (I'm 22, so can I say challenge accepted?)

So, I told this person that I would ask my network what they have all accomplished in the real estate world in their 20's and how they accomplished it or came across the deal/opportunity. I told this person that EVERY response would be copied, pasted and messaged to him/her so I could prove to them that it is completely and TOTALLY possible which will hopefully in-turn motivate them to take action.

I actually took this challenge a step further.. 

Because this was nowhere near the first time someone has said this to me, and will certainly not be the last. I have decided to completely step out of my comfort zone. I have created a youtube channel and podcast dedicated to sub 30 success.

The videos and podcasts will be strictly about:

  • Entrepreneurial mindset (in your 20's)
  • Failure. how to view it and the success it brings (in your 20's)
  • Investments (in your 20's)
  • Business (in your 20's)
  • Leadership (in your 20's)
  • Tons of encouragement for people in their 20's
  • Mindset Limitations
  • And of course Sub 30 success stories!

The reason I bring this up is because if you are having success in your 20's I want to connect with you and get you on the podcast so we can encourage our generation of leaders, Entrepreneurs and future business men and women.

If you are in the least bit interested in joining up with me on the podcast or video as a guest please connect with me and lets talk success!

If you have had success in your 20's please share it here so I can prove some people wrong!! Go ahead, we all like to brag about ourselves..

Have a great night guys, and remember..

Your mindset, how you think, is a either a mountainous obstacle, or your greatest virtue when pursuing success.

17Reply
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Jered Sturm
Investor/Syndicator · Cincinnati, OH · Member since 2014 · 470 posts · 599 votes
10y

@Nicholas Armstrong Great post and great cause. I am a firm believer that the millennial generation has the ability to suffocate the american economy, or bring it to highest we have ever seen. The key is financial education. 

I am currently 26 and have gained much attention for the success I have accomplished at a young age. 

See my interview on the Biggerpockets Podcast: Episode 124 Building a real estate empire at a young age.

 

Or check out my recent blog post At the age of 26 I'm on the brink of financial freedom - Here's how I did it.

If you ever need a pod cast guest I'd be happy to volunteer my time to get behind your cause. 

 

5Reply
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  • Nicholas Armstrong
    OP
    Investor · Birmingham, AL · Member since 2015 · 254 posts · 136 votes
    10y
    Originally posted by @Joe Splitrock:

    @Nicholas Armstrong being in your 20's is a huge advantage. 

    In your youth, the world hasn't yet convinced you what you cannot do. If anyone thinks it gets easier as you get older, it doesn't. 

    As far as your friend, I don't think you can change their mindset. You may be too young for this movie reference, but my favorite quote on mindset comes from the movie Star Wars Empire Strikes Back. 

    Luke: You want the impossible. I don't... I don't believe it! Yoda: That is why you fail.

     To young for Star Wars?! Never, haha. And yes, that is a great quote.

     The world tells me what I cannot do all day long, I just never listen. :) 

    I believe that obstacles and hardships happen to everyone regardless of age, It's how we respond to those issues that make us successful or unsuccessful.

    2Reply
  • Rory McGonigle
    Boston, MA · Member since 2016 · 22 posts · 1 vote
    10y

    @Nicholas Armstrong great thread!  I joined BP a few weeks ago and am currently crushing through books, podcasts, and forums to educate myself as quickly as possible.  Also, committing to analyzing at least 3 deals per day to get familiar with certain markets and become quicker with analyzing deals.  I'll be narrowing down my markets in the next few weeks and aim to close my first two deals before the end of the year!  Excited to be here with other sub 30 investors!

    0Reply
  • Steve Bracero
    Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
    10y

    Hi @Rory McGonigle

    It seems we have very similar goals! I am still looking to purchase my first property and it is a definitely  a process. With analyzing 3 deals a day, that should be about 100 a month. Out of those 100 I would guess maybe 10 are worth looking into. Of those 10 maybe 3-5 make offers on. I am also thinking in Massachusetts the next few months it will start to get cold very quickly with unfavorable weather.. So I think in the next few months the market will even out since it is expensive right now. Fall and winter may have less demand for properties. I think  the demand is much higher in the summer before school starts up, and before the bad weather hits. Just my thoughts.. 

    0Reply
  • Justin K.
    Investor · Saxonburg, PA · Member since 2016 · 68 posts · 53 votes
    10y

    @Nicholas Armstrong 

    I just turned 27. 

    At age 23 I bought a five unit commercial building that needed completely gutted and remodeled.  With a minor background in remodeling and a degree in a construction related field I thought I could do it myself.  (We can call it young and naive). Well I have 3 of the units done and am working on the last two now.  

    At 25 I bought a duplex in a much nicer part of town and house hacked it.  

    Just last month I bought a single family house.  Currently my home, but will be a future investment.

    This month I am in the final stage of my due diligence on a 4 unit building that is already up and running.  The final (seller verbally accepted) negotiations brought me to NO MONEY DOWN with the seller carrying back a mortgage.  After repositioning the property a LITTLE it will cash flow $600/Month. 

    Buying this property will bring my total units up to 11 and I am doing this all while holding a full time job, marrying the love of my life, and we are pregnant with our 1st child (due in January), and being very active in our church and with our local youth group.  You can accomplish ANYTHING with the right mindset, the right process, and by putting yourself in position for success!  It is really simple, but it is NOT easy.  

    My personal goal is 30 units by 30 yrs old while working a full time job. Then focus on building large reserves and capital over the next 5 years to achieve financial freedom and have the option to go full time in RE by age 35.  If I ever quit my job and go full time in RE then I will have the capital to grow (to 50 or 60 units) quickly out of the gate.  60 units times my average cash flow per month per unit ($175) = $10,500 per month.  $126,000 a year for someone in their mid 30's who would then have freedom to do as they pleased, spend time with their family, volunteer at the church, and mentor young men to help them achieve their lifelong goals.  Not a bad gig if I do say so myself.  

    Its simple, NOT EASY!!

    I dont think I have anywhere near the empire that @Jered Sturm has built quite yet, but if you are in need of a podcast guest let me know.  I love your passion and heart for the cause and I love encouraging and mentoring others our age to reach for their goals, regardless of what their goal is!

    2Reply
  • Justin K.
    Investor · Saxonburg, PA · Member since 2016 · 68 posts · 53 votes
    10y

    Correction.  I had just turned 24 when I bought the 5 Unit.

    0Reply
  • Rory McGonigle
    Boston, MA · Member since 2016 · 22 posts · 1 vote
    10y

    Hi @Steve Bracero !  I agree that we'll have more leverage once fall / winter come in.  The only problem that might pop up is if the place is vacant.  You won't be getting as great of rent as you could get when locking in during the spring / summer months.  What areas are you looking at?

    @Justin K. congratulations so far!  Are you cash flowing on the 5 unit building even while working on the last 2 units?  Have they been vacant since purchase?  Are you self-managing your properties or using a property manager?  30 by 30 sounds like a great goal to have!

    0Reply
  • Steve Bracero
    Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
    10y

    @Rory McGonigle

    Yes, it may be more difficult to rent in the fall/spring months. I am looking at Worcester County and learning the areas of Worcester in general since some areas are much better than others. I began my search by just looking at properties on the MLS but now realize that it's being seen by tons of people daily and good listings get 10's of offers so it is difficult to compete with more experienced investors than myself.

    I am now looking into absentee owners and sending yellow letters to them. I will mail to them at least six times too see what type of response rate I'm getting.  

    0Reply
  • Tariq B.
    Investor · Laurel, MD · Member since 2014 · 251 posts · 140 votes
    10y

    Pretty cool thread. I would say I have had some pretty good success by mid 20's. I started in real estate at 21 built up to 4 payed off properties by 24 owning a total of 6 about to be 7 soon. I make enough through rentals to the point where I question leaving my salary job, but still unsure if I want to or not, so you could say I have already achieved financial freedom. I think it's all a mindset you have to take the chance and just do it and said of sit there and expect it to fall in your lap. I took charge of my life and am now seeing the results of all my hard work. There are definitely some challenges you will face being younger, especially when it comes to being a landlord, no matter how professional you are if you look like you can be your tenants grandchild it makes it tough for them to respect you, but there is always an answer to a problem you just have to get creative with any situation.

    0Reply
  • Justin K.
    Investor · Saxonburg, PA · Member since 2016 · 68 posts · 53 votes
    10y

    The 5 unit was completely vacant for the 2.5 years while I renovated the first 3 units. I am not pulling any profits out of my rentals at all. The 5 unit building is cash flowing but it currently is owned free and clear. I am using all the profits from the 3 units to finish the last 2 units. Based on a 10% cap rate (pretty standard) I should have a final ARV of approximately $225,000 with only $85,000 of my own into it. I will likely refi it to get back what I have in it and maybe $30,000 to $40,000 for my time and hard work. I still want it to cashflow $200/door/month after the refi though. I will likely use the $30,000+ to buy more properties or increase my liquidity ratio (cash reserves).

    My wife and I are self managing everything.  She does the accounting and bill payment and I serve notices and handle the tenants day to day.  30 by 30 might be a little ambitious, but IMHO falling a little short of a big goal is better than achieving something safe and easy.

    0Reply
  • Account Closed
    Dentist · Charleston, SC · Member since 2016 · 3 posts · 0 votes
    10y

    I'm 27 (half birthday is tomorrow!). I haven't yet bought my first property, but I'm fairly enmeshed with the local real estate community. I've got a portfolio lender, two hard money lenders, conventional lender, FHA lender, and potentially a private lender or two on deck. I've hooked up and hung out with several successful local investors who have generously taught me *a lot*. I'm working with an awesome investor-realtor who is mentoring me. Coincidentally, he also started investing 7 years ago at age 27 and is now financially independent. What a champ. These awesome relationships are the oh-so-sweet fruits of NETWORKING.

    Daily, I'm spending about an hour researching properties. Most of that time is spent on the MLS and analyzing for practice. Gradually, the decision-making process is getting easier. I'm a big fan of J Scott's 100 House Rule by which a newbie investor shouldn't make an offer until getting a feel for the market after seriously analyzing 100 houses. In the past few weeks, I've felt confident enough to emerge from the often interminable and euphemistically-named "research phase" and go to several showings and start to put my money (and my fellow newbie business partner's money) where my mouth is.

    I'm in an unusual situation for a 20-something as far as income goes, but my student debt issues should be familiar to others my age. I make an excellent income as a dentist, and I live very frugally.  On the other, more garbage hand, I have about $250k in student debt; believe it or not, that is low for my graduating class.  So I'm in a bit of an odd position as far as achieving financial independence.  After bills and taxes, I have about $6.5k-7k/mo to invest.  That's awesome, and that money will snowball in time.  But my net worth is roughly negative $250k. :(  The plan is to flip, flip, flip until I'm above water.  After that, I'll be buying and holding for freeeedoommm!!!

    The rubber is finally hitting the road two months after contracting chronic real estate fever.  I'll be chronicling my first flips on BP and sharing what I've earned/learned along the way.

    0Reply
  • Susan Maneck
    Investor · Jackson, MS · Member since 2014 · 1k+ posts · 769 votes
    10y

    I didn't start real estate investing until I was 55 but my son, who is still in his twenties, just closed on his third house. My son graduated in the heart of the recession and had trouble finding regular work, but he managed to support himself by tutoring. He was still living with me in south Jackson but all his clients were up north and he was spending a lot of money commuting back and forth. . I found him a 3bdrm 1ba HUD house in north Jackson for 23K which I financed. Then he fell in love and wanted to get married. At that point he no longer considered the house he was living in suitable for his bride-to-be nor was working part time sufficient income . So he found a regular job and bought a house on the NE part of Jackson in a better neighborhood and rented out his old house. When his wife realized the rent on the old house was paying both mortgages she started to get excited about real estate investing. So they refinanced the first house, paid me off (thank you) and then used the remainder as a down payment on their third house. Their strategy is a bit different than mine. I buy in what i would call C- neighborhoods, paying cash for houses in the 30-35K range, then get a Heloc a year later to use on buying another house. My son, on the other hand, is buying more expensive properties (around 60K) in B neighborhoods which he leverages with conventional mortgages.

    1Reply
  • Nancy E.
    Rental Property Investor · Charlotte, NC · Member since 2015 · 128 posts · 29 votes
    10y

    Hello @Nicholas Armstrong,

    Great post and very motivational. Keep aspiring your generation (Gen X) to push and create new success stories. Your future is only defined by your willingness and ability to achieve a goal.  I, myself purchased my first home at the young age of 21 and now I am trying to teach my 26-year old daughter about financial freedom.

    Keep writing and promoting financial knowledge...

    From Nancy 

    0Reply
  • Marcus Louvier
    Real Estate Agent · Nederland, TX · Member since 2016 · 30 posts · 11 votes
    10y

    @Nicholas Armstrong Love this! Your message about committing to the process really resonated with me. And I think your 20's channel idea is brilliant. I'll definitely be a follower! 

    0Reply
  • Account Closed
    New to Real Estate · Fayetteville, NC · Member since 2015 · 51 posts · 6 votes
    10y

    You mentioned success in leadership. How about us twenty-somethings who raised our hand to serve our country fresh out of college. Barely past the legal age to drink, I was suddenly responsible for the wellbeing of dozens of Soldiers and their families. Now 35, with a family of my own, being a landlord for a property or three is not so daunting. I've even started my own real estate investment corporation that will grow and provide for my family, and the families of our investors for many years to come. Would love to speak more about it and bring more folks on board to enjoy the same success. Hit me up for your next podcast. Cheers! -Brian

    2Reply
  • Account Closed
    Real Estate Investor · TX · Member since 2016 · 1 post · 0 votes
    10y

    Awesome post Mr. Armstrong. It all boils done to execution. All the knowledge one has acquired will surely make us a bit wiser (this is important) but when it comes to the numbers, execution is key.

    How did you get started in the real estate game? Books, mentor's, experiences?

    Thank you for your post!

    0Reply
  • Andrey Y.
    Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
    10y
    Originally posted by @Jered Sturm:

    @Nicholas Armstrong Great post and great cause. I am a firm believer that the millennial generation has the ability to suffocate the american economy, or bring it to highest we have ever seen. The key is financial education. 

    I am currently 26 and have gained much attention for the success I have accomplished at a young age. 

    See my interview on the Biggerpockets Podcast: Episode 124 Building a real estate empire at a young age.

    Or check out my recent blog post At the age of 26 I'm on the brink of financial freedom - Here's how I did it.

    If you ever need a pod cast guest I'd be happy to volunteer my time to get behind your cause. 

    You're only 26 and good friends with ol' timer Ben? That's awesome to hear.

    0Reply
  • Matt McCourry
    Flipper/Rehabber · Myrtle Beach, SC · Member since 2014 · 95 posts · 35 votes
    10y

    @Nicholas Armstrong you hit the nail on the head my friend!  When I started in in apartments and the raising money game it took me over a year to be even part of a deal.  At the time I was frustrated and worn out and about to throw in the towel when I realized the same thing, its the process that requires commitment, NOT the end result.

    I love it!

    -Matt

    0Reply
  • Bhekizwe M.
    Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    Great post @Nicholas Armstrong .commit to the process

    0Reply
  • Axel Ragnarsson
    Investor · Boston, MA · Member since 2016 · 245 posts · 436 votes
    10y
    I was actually just about to write a post similar to this, and you knocked it out of the park. I'm 21 years old and just closed on another multi and own six units currently, all which I acquired in the last six months. I still have another year in college and can't wait to hit it even harder after graduation. If you ever want to chat or need a guest for your podcast I'd love to jump on if you'll have me.
    0Reply
  • Nicholas Armstrong
    OP
    Investor · Birmingham, AL · Member since 2015 · 254 posts · 136 votes
    10y

    @Justin K. Let's connect man! I'd love to dig deeper into those deals on a show one day. Your story is extremely motivational!

    @Tariq B. I'd love to hear more about your story. Let's connect! Being a landlord in your 20's is for sure a difficult thing to accomplish.

    @Susan Maneck Thats great! Does your son have a BP account? How could I get in touch with him to talk about his story?

    @Nancy E. Awesome! You beat me lol. I bought my first property at 22. Thanks for the words of encouragement. Get your daughter on BP and tell her to subscribe to my youtube channel to learn about financial freedom! ;)

    @Account Closed Let's connect man! I'd love to schedule a time to talk about it.

    0Reply
  • Susan Maneck
    Investor · Jackson, MS · Member since 2014 · 1k+ posts · 769 votes
    10y

    @Susan Maneck Thats great! Does your son have a BP account? How could I get in touch with him to talk about his story?

    No, actually I haven't told him about BP. He is a little overwhelmed right now. Besides his regular job he still tutors about ten hours a week plus he is in an online master's degree program in economics through John Hopkins. I might tell his wife, though. She has a bit more free time. She works part time while studying to take the MCAT. 

    0Reply
  • Nicholas Armstrong
    OP
    Investor · Birmingham, AL · Member since 2015 · 254 posts · 136 votes
    10y

    @Jered Sturm

    @Johnquel Jones

    @Michael Enriquez

    @Steve Bracero

    @Account Closed

    0Reply
  • Nicholas Armstrong
    OP
    Investor · Birmingham, AL · Member since 2015 · 254 posts · 136 votes
    10y

    @Rory McGonigle

    @Justin K.

    @Tariq B.

    @Account Closed

    I love hearing all of the success stories and motivation!

    The youtube channel is up! As well as the twitter and Facebook account.  I'll be reaching out to all of you individually to bounce ideas off of you and try to get you on the show! Thanks for the support!

    Facebook: SUB30Success

    Twitter: @SUB30Success

    Youtube: -SUB 30 Success-

    0Reply
  • Anthony Colonnetta
    Investor · Houston, TX · Member since 2015 · 39 posts · 8 votes
    10y
    Nicholas Armstrong what a great idea Nicholas! The future is bright for you and your YouTube channel. I'm not in my 20s yet (only 19) but I have been more active on BP and learning more about real estate every day. I will check out the podcast and channel and I'm sure I'll be a frequent viewer. I have built a successful pressure washing business in the past couple years and am wanting to pave the way for my future real estate business. I would love to be involved with your channel, podcast, or anything else you need help on. Good luck and happy investing! -Anthony
    0Reply
  • Johnquel Jones
    Wholesaler · New Orleans, LA · Member since 2016 · 77 posts · 13 votes
    10y

    I'll be watching for sure. 

    0Reply
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