Beat my 10 Year goal in 1.5!!! :D

Beat my 10 Year goal in 1.5!!! :D

Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes

So Dec. 2015 I started my real estate adventure. I'm a huge numbers guy so I love my spreadsheets and planning my financial future. Thus based on a 20% down per property mindset, I tried to gauge what I could realistically achieve with a 60k salary. If I lived like a boring robot living on rice and beans, I would be able to buy ONE property a year and reach a 10 property goal by the time I was 35, which I thought would be my freedom number.

Well on May 4th, 2017 I officially closed on my 10th property and more than doubled my fulltime monthly income through just rentals!! Yes I am still at my W2 job and I plan on staying here for a while because I like having multiple streams of income. Plus as my goals get hit, I aim for higher and higher dreams which my job will help me achieve.

 So here's the order of properties I've bought

1. Condo 2. Condo 3. Condo 4. Condo 5. SFH 6. SFH 7. SFH 8. Triplex 9. 4-Plex 10. Duplex

Many ask how I was able to buy that many properties as a noob middle class salaried investor in his first couple years of doing all of this.Well I've probably used every strategy in BP. BRRRR, Cashout refinances, Family/Friends/Investors, Business Loans, HML, etc. etc.

I encourage everyone to seek their own answers and research themselves rather than asking me to hold their hand on each of my deals and try to replicate. I haven't done anything too much more different than thousands of other people have done on here. Really, you just have to learn how to work 12-14 hour days for a months and be OPEN to being said no to and be OPEN to learning.

and no I had no mentors or personal gurus to help. All I had was good old google, youtube, and most importantly. Bigger Pockets  :)

So where am I headed now? If I've learned anything, its that the sky is the limit. Don't compromise and don't sell yourself short, because you CAN do anything as long as you work hard/smart enough. In saying that, I want to hit a passive income of at least $1million/year. Lofty? hell yes, but why not? As my dad has always said to me, aim for the highest achievable goal. Even if you don't get there you will get where you deserve to be and you'll know you tried your hardest.




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Investor · Fort Pierce, FL · Member since 2016 · 47 posts · 16 votes
9y

Time to get @David Zheng on the podcast.

Congrats!

See this reply in the discussion

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  • Lee CruzPro Member
    Winnipeg, Manitoba · Member since 2016 · 55 posts · 8 votes
    9y

    Congrats @David Zheng for motivating for myself as im just getting started. Were most of the deals from the MLS?

  • Philadelphia, PA · Member since 2017 · 8 posts · 2 votes
    9y

    I am looking to buy my first multifamily property soon and reading success stories like this give me high hopes and affirm my decision to take this path in life. Thank you! 

  • Sheridan, WY · Member since 2017 · 9 posts · 1 vote
    9y
    As someone just starting out it's inspiring to read! Congratulations David Zheng !!
  • Investor · Everywhere, USA · Member since 2016 · 69 posts · 19 votes
    9y

    @David Zheng congrats man! That's awesome! Thanks for sharing, helps to motivate those of us starting out :)

  • Investor · New York City, NY · Member since 2017 · 15 posts · 2 votes
    9y
    Nice work @David Zheng. I started with similar goals as a 22 year old. Got my first condo then got cold feet (bp was not around then too keep me inspired). Now I'm getting back into it and finding so much inspiration here! If you don't mind sharing, what are you considering as good cash flow on the sfh and condos? (Including vacancy and maintenance/repair allowance).
  • Rental Property Investor · MI (michigan) · Member since 2016 · 65 posts · 117 votes
    9y
    Congrats David Zheng !!
  • HVAC Tech · Fort Wayne, IN · Member since 2015 · 423 posts · 223 votes
    9y

    I wont ask you to tell me what neighborhoods you find in your houses in. Just messing w you. Anyway, awesome job! Way to kill it. Keep up your killer pace. Best of luck.

  • Investor · WI OH · Member since 2015 · 113 posts · 36 votes
    9y
    Originally posted by @Hamish Odiean Jr:

    Congrats @David Zheng. These stories keeps the rest of us even more motivated. Are you primarily investing in your home location of St. Louis?

     Don't think I saw an answer to this.

    Where are you investing @David Zheng ?

  • Investor · Mansfield, TX · Member since 2016 · 6 posts · 1 vote
    9y
    Congrats man! Well done!
  • Investor · San Antonio, TX · Member since 2016 · 7 posts · 2 votes
    9y

    Very encouraging! I needed to read about a regular person out there getting so far, fairly quickly.

    I want to stay motivated on our road to financial freedom for my family.  Thanks and many blessings!

  • Flushing, NY · Member since 2017 · 15 posts · 2 votes
    9y

    Congrats @David Zheng !

  • Rental Property Investor · Washington, DC · Member since 2017 · 39 posts · 4 votes
    9y
    congratulations @David Zheng ! you just re-lit the fire in me!Please continue to post as many of us look forward to learning from experiences such as yours, especially us noobs about to pull the trigger.
  • Dallas, TX · Member since 2017 · 20 posts · 3 votes
    9y
    David Zheng I feel like I am in the same situation as you were before you purchased all your properties. Now the only thing different is that you are way ahead of me. I also have 60k salary, i live in TX, and i have been researching like a maniac to get started somewhere. I will soon see you in market my friend, thank you for making this a motivation Monday for me. I know i might not have experience like all the legit investors in BP, but you never know what a noob might have under his sleeves. Hoping to get some insightful knowledge from you. Best Regards
  • Real Estate Investor · Miami Beach, FL · Member since 2016 · 16 posts · 8 votes
    9y
    That is absolutely fantastic! Congratulations! Just one quick question. Did you have a lot (say $100k) saved which you used as down payment to acquire your properties? Just trying to gauge how much I need...
  • Realtor · San Francisco Bay Area, CA · Member since 2016 · 123 posts · 48 votes
    9y

    @David Zheng  Congratulations!!!  Are you investing in Missouri?  How's the market there?

  • Rental Property Investor · Ventura, CA · Member since 2016 · 62 posts · 34 votes
    9y
    Congrats! Great, great progress. Good luck reaching your $1m goal. I'm sure you'll be there quickly. I'm looking forward to reading that update 😃
  • Savannah, GA · Member since 2016 · 20 posts · 4 votes
    9y

    Congratulations @David Zheng! Inspirational stuff right there.

  • Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
    9y
    $1m/year of NOI is very doable. You'll be there in 10 years. Mark my words.
  • Joplin, MO · Member since 2017 · 20 posts · 10 votes
    9y
    Congratulations David Zheng ! I'm also newish similar to where you were, I run into bank financing since I'm only technically a few months in with my rental income. How long did it take you to convince the bank of your ability to attract high paying renters?
  • Jennifer Z.Pro Member
    Rental Property Investor · Brookings, OR · Member since 2015 · 68 posts · 28 votes
    9y

    what great advice from your dad! congrats!

  • München, Bayern · Member since 2016 · 20 posts · 3 votes
    9y

    Wow, thanks for sharing your story!

    That's really inspirational for those of us who haven't quite started yet (but are keen to).

    All the best,
    Jan

  • Investor · Champaign-Urbana, IL · Member since 2014 · 84 posts · 49 votes
    9y

    @David Zheng  Wow!  Great Job.  If you've accomplished all that in just 1.5 years, there's no doubt you'll accomplish the 1 million dollar goal.  Keep it up!

  • Rental Property Investor · Seattle, WA · Member since 2014 · 149 posts · 58 votes
    9y

    @David Zheng Very encouraging. Nice to see that condos have worked for you as an investment!

  • Investor · Miami, FL · Member since 2016 · 67 posts · 30 votes
    9y
    David Zheng well now that you hit your 10 property goal and working your way to a solid cash reserve what are your new goals and how to you plan on achieving them?
  • Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
    9y

    @David Zheng Amazing progress in such a short time!

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