Do you remember when you decided to become a real estate investor

Do you remember when you decided to become a real estate investor

Investor · Memphis, TN · Member since 2009 · 54 posts · 49 votes

I just wanted to hear how some of you got started in real estate investing. Were you up at night watching infomercials? Did you see a friend investing? For me my parents owned real estate and as a child I saw a lot of what not to do. My mother was always concerned with the interest rate of money instead of the access to money and my dad had a deep bleeding heart for renters sob stories. Although it was a business for them I can remember my mom going over to rental property early in the morning a pleading with people to pay their rent so she could have enough to pay the mortgage on the rental property. She sometimes cried and because my dad did not handle the financing he did not share the same sentiments. My parents had several townhouses, 36 unit apartment building, and six commercial properties. My dad worked for the fire department and mom was a dentist. Over the years they acquired funds and access to capital but lacked the expertise or knowledge to manage and maintain their real estate holdings in the late 70's until the late 90's. So they lost a few properties and filed for bankruptcy but managed to save a few properties and remain ok after a few years of restructuring. For me I knew there was a better way and as I grew up watching TV gurus, studying on my on, and networking I've taken a different approach. 

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Lender · Cleveland, OH · Member since 2016 · 33 posts · 23 votes
10y

I knew I want tone an investor when I close on my first personal home and the flipper/seller made 90k at closing direct deposit into his account. I walked away with a 30 year mortgage. I said then I will be on the other side of the table. 9 months later I bought my first investment property.

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  • Orlando, FL · Member since 2015 · 76 posts · 35 votes
    10y

    I knew nothing about real estate investing growing up. As a teen a good friend of mine was the daughter of a man who was very successful with real estate. I didn't really think much of it at the time, but they owned a VERY nice mansion on the lake. (what I wouldn't give to go back in time and ask him some questions about his business. lol) My first thoughts about owning real estate came about 2008 when I began renting a home in Cincinnati from my neighbor up in Cleveland, but it wasn't until about a year ago when I really began seeing that real estate was the answer to our family's problems. The more I learned about real estate the more convinced I was that this was something my husband and I could do together and we started altering our life strategy to include real estate in the future goals. Now we are beginning the search for our first home for our family, but we are making sure that it is a multi-unit property, so that we can have all the benefits of owning a home and the beginnings of our journey as landlords. 

  • Investor · Memphis, TN · Member since 2009 · 54 posts · 49 votes
    10y

    @Natalia Collini thank you for sharing and I wish you all the best in your search fora multifamily unit.

  • Real Estate Agent · Philadelphia, PA · Member since 2013 · 310 posts · 34 votes
    10y

    I decided i wanted to become a real estate investor when i watched an interview with Jay Morrison, a young black millionare on the Breakfast club radio show. I didn't know who he was or anything about real estate at the time this was about two years ago.  After hearing his story and how he came from the bottom just like me it gave ,me hope that i could make it out of bad circumstance as well. So as of now i continue to study and work on bettering my income to invest in multifamily properties. He speaks alot about the power of ownership and how it can create freedom , isn't that what we all want anyway?

  • Investor · Memphis, TN · Member since 2009 · 54 posts · 49 votes
    10y

    @Precious Thompson thanks for sharing. When you have time research Reginald Lewis and Michael V. Roberts. They both have great books as well. Michael V. Roberts lives in St. Louis and Reginald Lewis passed away several years ago but both are regularly overlooked for their accomplishments. I'm sure you will continue to grow and I wish you all the success. 

    http://www.biography.com/people/reginald-f-lewis

    http://www.encyclopedia.com/doc/1G2-2687800045.htm...

  • Lender · Cleveland, OH · Member since 2016 · 33 posts · 23 votes
    10y

    I knew I want tone an investor when I close on my first personal home and the flipper/seller made 90k at closing direct deposit into his account. I walked away with a 30 year mortgage. I said then I will be on the other side of the table. 9 months later I bought my first investment property.

  • Investor · Louisville, KY · Member since 2014 · 34 posts · 16 votes
    10y
    My wife and I talked about it for years, and I even remained skeptical until just a few years ago. One day we realized that we had enough equity in our home to fund a flip, and that the proceeds could quickly pay down the rest of our mortgage. I started reading up on it, which helped figure out how to manage risks, and we pulled the trigger on our first project a year and a half ago. We are on our third project now with plans to add rental properties to our portfolio using flips to generate cash for down payments. I think it's been the best financial decision I've ever made.
  • Real Estate Agent · Saddle Brook, NJ · Member since 2016 · 49 posts · 17 votes
    10y

    My cousin's husband asked for my help by putting a house under my name for 6 months to a year and then he will take it over (at least that's what he said he was going to do). Fast forward that 2 years and guy didn't do what he said he would.

    Couple weeks ago I had to take full control of property before guy screwed my credit up and here I am hungry to learn and invest in more multi-family homes.

    I believe everything happens for a reason, unfortunately.... I had to make that stupid decision to get myself here! I'm motivated to flip this whole thing around and make the best out of it and learn from my mistakes. 

  • Investor · Bryan, TX · Member since 2016 · 165 posts · 82 votes
    10y

    My moms side of the family had 3 very successfull men in it. As they passed their life's work was divided up and spent away to nothing.

    My dads side of the family owned 100's of acres of ranch land. As the elders passed away the land was cut up and sold. When my dad passed I was the 5th generation to own the family land and my cut was 20acres. I made a hard and unpopular decision to sell out. My goal was to buy a beach house and rent it out when I wasn't there. I met a self made REI millionaire on a job And we talked a bout my "brilliant" plan. He said " well that's a good idea but have you ever thought about doing this......."

    I close on my 5th house the 25th with no end to growth in sight. I plan to rebuild the "empire" my family once held. I am blessed beyond anything I have ever dreamed of and am great full for it all. I have a wonderful mentor that isn't afraid to say "that's a dumb idea" when it needs to be said.  I now have a hand full of people to help guide me through things and look forward to my growth. 

  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    10y

    @Dwayne Jones I had no financial training from my parents. For me it was all the pieces just coming together after I read the book Rich Dad Poor Dad. I knew a couple business owners who sold their business and said they made more money on renting the real estate than selling the business. I noticed that most wealthy people either got wealthy through real estate or used real estate to hold their wealth. I bought my first property with no money down and was hooked. 

  • Real Estate Investor · Rancho Santa Fe , CA · Member since 2016 · 323 posts · 107 votes
    10y

    I was, maybe 17 just got accepted into college and was driving threw a nice residential neighborhood  and already thinking, great I have 4 years to go then I have to save maybe 10 years and I can buy this house not that bad I thought 31, then It kept ringing in my head, so 6 months after that I had my real estate license and started selling houses, then 1 year after graduating college I had saved all this commissions and made good credit history and bought a house in that neighborhood when I was only 22 not bad so I never moved into that house and was renting a room of the cash flow and building equity so then next thing you knew I was buying more and it just happened.   

  • Las Vegas, NV · Member since 2014 · 732 posts · 137 votes
    10y

    @Dwayne Jones

    I was lucky and broke into real estate and I had a mentor to teach me the land business. I never had to get involved with toilets and tenants. The end game is all the same cash flow the property.

  • Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    10y

    @Dwayne Jones

    Nice question!  I got the bug wile I was reading articles in my in laws basement during the summer of 2012. I read an article about a guy who was retired and lived off of the 17 mobile homes that he had bought and rented out.  We had just bought a duplex at the time for us to live in (I had no idea what I was doing) and started to realize the power of real estate. 

    Thankfully today I only own 1 mobile home and not 17. We went on to other things, but I am great fun that that article got me started. 

  • IA · Member since 2015 · 304 posts · 152 votes
    10y

    It was last February. I was nearing the end of a 500 mile drive home, in a rented Dodge Dart, in a South Dakota blizzard, going 45mph on a 80mph interstate because of the heavy snow.

    I had previously been casually researching real estate investing, and had downloaded some of the BP podcasts to listen to during my trip. I was still unsure if real estate investing was a good path to pursue.

    I had been listening to BP podcasts most of the day during my drive. About 60 miles from home, I remember listening to the BP podcast #152 where they had Ben Leybovich, Brian Burke, and Serge Shukhat talking about their approaches on real estate investing. I'm not sure exactly what it was that those guys said that got through to me, but for some reason that episode just flipped the switch for me right there in that blizzard.

    I've been ferociously learning about real estate investing ever since.

  • Saint Petersburg, FL · Member since 2016 · 6 posts · 5 votes
    10y

    Was in a middle east lecture and the topic came to how real estate markets originated.  This is a summary of the lecture but the gist is that real estate was a foreign idea to the middle east as it was a creation from land owners and serfs. The wealthy land owners in the west had serfs working the land until plague wiped out many nobles and left the whole system jacked up.  To fix the issues the plagues brought the serfs gained the ability to buy land and work the land they owned in turn they would pay rent.  So I had a moment in class where I connected owning land and renting it to equal being from the noble class of old. 

  • Chris JacksonPro Member
    Investor · Southold, NY · Member since 2016 · 173 posts · 154 votes
    10y

    @Dwayne Jones 

    I decided I wanted to be a real estate investor when I was 22 right out of college. I bought a Carlton Sheets informercial package.  I read it cover to cover and did........ NOTHING

    I spent the next probably 3 years day dreaming about REI but not knowing what to really do next. Not knowing how to put it all together.

    At 27 I started to really research foreclosures and once again really did........... NOTHING

    At early 30s I started to research wholesaling.  My understanding of lists and marketing had increased so I did try a few times to send out mailers.  I did get calls and it was WORKING but I didn't get a deal.  I became frustrated.

    At 33 I decided I was going to get a deal and I landed on buy and hold.  I found a mentor. It took me a year to find a deal. Bought a 5 unit , then an 8 unit 6 months later.  The rest is history.

    I am 41 now....  I have truly been a real estate investor for  8 years but I have wanted to be a real estate investor since I was 22 years old.  Patience, persistence, hard work, relentless pursuit of your goal, win.

  • Virginia Beach, VA · Member since 2014 · 74 posts · 17 votes
    10y

    @Chris Jackson discipline equals freedom.  That's a great story you're living.

  • Chris JacksonPro Member
    Investor · Southold, NY · Member since 2016 · 173 posts · 154 votes
    10y

    @J Frank cole (cant tag you for some reason)

    Thank you agreed.   I will continue to outwork my competitors to keep this dream for myself and my family.  It's worth fighting for.

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