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!

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  • Beaufort, SC · Member since 2017 · 2 posts · 0 votes
    9y

    Congrats on beating your 10 year goal.

    I'm someone still sitting on the sidelines trying to find the right opportunity to jump in.

    How did you find your first deal and what kind of advice can you give to a person like me?

  • Real Estate Consultant · Cleveland, OH · Member since 2016 · 511 posts · 345 votes
    9y

    @Andrey Y. I just meant that if I did not have the support of my spouse I would not know where to begin to get into this business because she is the one that holds up our house while I am out looking at houses :) . My wife and I both are intelligent individuals. My point was without that support I wouldn't be in a position to do anything. 

  • Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes
    9y

    @Jung Yoon My First deal was actually on the MLS as were 9/10 of my deals. Seriously most of my places, I found on Zillow....crazy but hey it worked for me

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

    @David Zheng did you do any of the rehab yourself?

  • Investor · Honolulu, HI · Member since 2016 · 362 posts · 93 votes
    9y

    Huge congrats to you @David Zheng. As I've been following your journey through BP, I'm stoked to see that the "impossible" is possible as long as you are willing to put in the work. In trying to acquire my 2nd investment, I've come across a hiccup and the seller backed out of the contract. On top of that, I'm in escrow for my first primary residence in the expensive paradise we call Hawai'i. Times are tough, especially when I think about my financial goals for my family, but I won't stop until I've achieved what I set out to do, similar to what you've done for yourself. Thanks for continuing to inspire others here.

  • Investor · WI OH · Member since 2015 · 113 posts · 36 votes
    9y
    Originally posted by @David Zheng:

    @Jung Yoon My First deal was actually on the MLS as were 9/10 of my deals. Seriously most of my places, I found on Zillow....crazy but hey it worked for me

     And these were all in/around St. Louis?

  • Investor · Saint Louis, MO · Member since 2016 · 970 posts · 1k+ votes
    9y

    @Lee Cruz yes about 75% of it

    @TJ P. around Missouri

  • Investor · New York, NY · Member since 2011 · 36 posts · 25 votes
    8y

    awesome!

    Congrats!

  • Member since 2023 · 3 posts · 3 votes
    3y

    How did you finance your first deal?

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