500k Net worth in 5 years (I'm 30 today!!!)

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500k Net worth in 5 years (I'm 30 today!!!)

Joshua D.
Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes

Well I'm old now :(  turned 30 today, As I look back over the past 5 years I am grateful for the success that has happened in my life  and wanted to share a word of encouragement for those who are just getting started.

I started by house hacking a duplex while only making 35k per year from my day Job.  5 years later we have now done over 10 deals and have 500k+ in net worth and great cash flow from our properties! 

Bigger Pockets was THE resource that we used to grow. Thanks to all you people who helped me grow on my journey! 

Oh and I hit 1000 posts! 

If you are out there and wondering if real-estate is a good path, I hope this can be an encouragement for you! Use Bigger pockets and take lots of action! 

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

congrats! you don't have to share if you don't want to, but could you quickly outline your 10 deals and where you are getting your net worth number?

like...

Deal #1 Flip, Profit= 35k

Deal #2 Buy and Hold, CF is 200/month

again, awesome job!

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  • Austin Fruechting
    Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
    9y
    Originally posted by @Joshua D.:

    @Austin Fruechting

    Ok, I am addicted to reading your blog.  Its good stuff.  I read like 10 of them last night. 

    Thanks for kind words! I'm glad it's helpful!

    1Reply
  • Cody L.
    Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
    9y
    I *started* at 30. Well. 32 actually. 10 years later I'm "retired". It's never too late to start. Congrats man. And happy birthday!
    3Reply
  • Dan Smith
    Charlotte, NC · Member since 2017 · 1 post · 0 votes
    9y

    Hi Joshua, happy belated birthday! Congrats on doing 10 deals and acheiving 500k+ in net worth!

    I am in a similar boat as you, earning 40k as a 23 yr old looking to buy a duplex through house hacking. I have a solid property in a good location in Charlotte but im a little worried about the numbers. If I rent out all units for the median rental price in the area, I'm looking at breaking about even with maybe $50-$100 in cashflow a month.

    How did you cash-flow on your duplex? And what did you do with the property?

    Here are my predicted numbers:

    Thanks,
    Dan

    0Reply
  • Ryan Evans
    Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes
    9y

    I got my first property deal going at age 25 and 6 monthly later I'm on to number 2 already so your story serves as some great motivation and is hopefully a sign that I'm on track! Nice work!

    0Reply
  • Jonathan Smith
    Elgin, SC · Member since 2015 · 8 posts · 3 votes
    9y
    Originally posted by @Joshua D.:

    Well I'm old now :(  turned 30 today, As I look back over the past 5 years I am grateful for the success that has happened in my life  and wanted to share a word of encouragement for those who are just getting started.

    I started by house hacking a duplex while only making 35k per year from my day Job.  5 years later we have now done over 10 deals and have 500k+ in net worth and great cash flow from our properties! 

    Bigger Pockets was THE recourse that we used to grow. Thanks to all you people who helped me grow on my journey! 

    Oh and I hit 1000 posts! 

    If you are out there and wondering if real-estate is a good path, I hope this can be an encouragement for you! Use Bigger pockets and take lots of action! 

     Congratulations!! 

    This is exciting :) I'm happy for you and your prosperity.  

    0Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    Thanks @Jonathan Smith  Its great to be part of a community where this is encouraged!

    1Reply
  • Jonathan Smith
    Elgin, SC · Member since 2015 · 8 posts · 3 votes
    9y

    @Joshua D.

    You're welcome!  And here is one of my favorited images when the celebratory word "HOORAY" comes to mind!  :)

    0Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    9y
    Originally posted by @Joshua D.:

    @JD Martin

    Well I ain't no pro like you!  Thanks for your help over the past few years, You are one of the guys who inspires me the most. 

    Now its time to get serious about growth!!!

     I'm flattered - thanks! Nice job yourself!

    Podcast Guest on Show #243
    Skyline Properties
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    1Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Ryan Evans you are on the right track! Just be willing to sacrifice for the goal. 

    1Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Dan Smith   I personally would stay away from that deal if it was me.  Our first few deals were well above %20 cash on cash, and I think that is what Kept us from going broke.  In my opinion the main reason we were able to grow some wealth was mainly through value add. We Focused on deals that we could pay 50% of the finial appraised value, refied our money out and did it again. (Brrrrr plan) We got super familiar with local zoning to see if we could change use of buildings, move mobiles on lots, add units etc... In my opinion this is where the money is at!  

    There is no one path.

    Best of luck to you! 

    1Reply
  • Adam Christopher Zaleski
    Investor · Pueblo West, CO · Member since 2014 · 310 posts · 213 votes
    9y

    I went to grad school 2004 to 2011 and got my first job in 2011 at age 32. From 2011 to 2017, I went from zero net worth to 500K net worth. About 400K is from 2 real estate rentals. I wish I would have done 1 or 2 more real estate deals in 2011 to 2013. However, my wife and I saved for a wedding and I was finishing up graduating from grad school, so I didn't really have the time to pull it off.  

    1Reply
  • Adam Christopher Zaleski
    Investor · Pueblo West, CO · Member since 2014 · 310 posts · 213 votes
    9y
    Originally posted by @Dan Smith:

    Hi Joshua, happy belated birthday! Congrats on doing 10 deals and acheiving 500k+ in net worth!

    I am in a similar boat as you, earning 40k as a 23 yr old looking to buy a duplex through house hacking. I have a solid property in a good location in Charlotte but im a little worried about the numbers. If I rent out all units for the median rental price in the area, I'm looking at breaking about even with maybe $50-$100 in cashflow a month.

    How did you cash-flow on your duplex? And what did you do with the property?

    Here are my predicted numbers:

    Thanks,
    Dan

    If this was a high appreciation area like San Diego, I would say go for it. However, the profit margin seems a little too thin for a newbie without deep pockets. IMHO, newbies should be focusing more on cash flow, so they don't sink. Any appreciation would be gravy. As you increase your bank roll, you can go for more cash flow neutral deals and bet on appreciation.

    2Reply
  • Doug Woodville
    El Cerrito, CA · Member since 2015 · 257 posts · 129 votes
    9y

    @Jonathan Smith that bear looks so sad. 

    Nice work @Joshua D.!

    0Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Doug Woodville

    Yah he dose! Thanks.

    0Reply
  • Jonathan Smith
    Elgin, SC · Member since 2015 · 8 posts · 3 votes
    9y
    Originally posted by @Doug Woodville:

    @Jonathan Smith that bear looks so sad. 

    Nice work @Joshua D.!

     Ha! :) he's serious face bear.  But he's thrilled on the inside for the accomplishments.  :) 

    0Reply
  • Account Closed
    Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
    9y
    This is so inspiring! I'm 31 and also make around 40K from my day job. Congrats Joshua D.!! No excuses! If you want it bad enough you'll make it happen. Period
    1Reply
  • Evan Hudson
    Lender · San Francisco, CA · Member since 2017 · 4 posts · 1 vote
    9y

    Wow. Awesome. I'm almost 25, and very new to BP, so that's awesome to see from my perspective. 

    Thank you for sharing!

    1Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    @Account Closed  compared to others on this site, I have grown quite slow. I hope you look up 5 years from now and go "ha! That Josh guy has nothing on me"   Seriously, if somebody as dumb and lazy as me can do it you can too! I'm really not that special. 

    3Reply
  • Account Closed
    Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
    9y
    Joshua D. My story is shaping out similar. I bought an owner occupied duplex in the Seattle area in 2013. Thanks to the Seattle market that property is performing well. Now my Fiancé are grinding hard to save for the next one. We live in a small one bedroom apartment and I drive an old Honda with 190,000 miles on it. I haven't taken a day off in a long time. I work overtime at work, and if I can't get overtime I drive for Uber on my days off. Our savings plus the cashflow are adding up every month. I can tell you living in L.A. saving money on a humble salary is a challenge. If we can do it anyone can.
    1Reply
  • Elbert D.
    Real Estate Entrepreneur / Investor · Chicago, IL · Member since 2016 · 688 posts · 367 votes
    9y

    wow....I hope I can have much success like you. I still have several years to go until I'm 30. 

    0Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    9y

    Triple congrats to you, Josh!

    1000 posts, birthday and 500k? Sweet!

    Have a goal, live below your means and focus. Love it!

    I didn't even quit the rat race and begin investing til 31. You are doing awesome and it's been a pleasure getting to know you on here! Keep up the great work!

    2Reply
  • Joshua D.
    OP
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    9y

    thanks @Steve Vaughan

    I love reading your posts and soaking up your input. I hope to be where you are soon! 

    1Reply
  • Jerry W.Pro Member
    Moderator
    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    9y

    Congratulations @Joshua D..  While I have done some investing in real estate over the last 20 years, I decided to accelerate things about 2 and a half years ago.  I bought out my partner in a real estate rental company and later from a commercial property.  While my partner got over half a million, I got the opportunity to really pursue my passion.  I have added several units a year and upgraded some properties.  it isn't always easy as taking out additional loans killed the previous cash flow, but in 12 years it will all be paid off.  I really appreciate how far you came in just 5 years.  The economy has bumped up and down pretty hard in the western states over the last 5 years.  It takes grit to stick with it for good and bad.  Hopefully at the end of the next 2 and a half years I can do as well as you.  Thank you for sharing.

    1Reply
  • James Hong
    Rental Property Investor · Victorville, CA · Member since 2017 · 30 posts · 13 votes
    9y
    That's super encouraging to hear. I'm 37. have 30k to invest. I moved back in with the parents so I can invest in a property. Any suggestions?
    0Reply
  • Kevin Nguyen
    Los Angeles, CA · Member since 2013 · 19 posts · 13 votes
    9y

    @Joshua D. great job joshua! that is sure quite an accomplishment and you have many more decades of investing to go.

    @Account Closed great hustle, i can always appreciate someone that is always working hard and hustling for a greater goal. I'm from Torrance as well... are you looking for your next property in Torrance?

    0Reply
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