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!
Wow! All u guys give me hope that one day i will be close in ur position. Im super de-duper NEW to everything. Want to start flipping or wholesaling. Spoke with a couple ppl in the field and im ready. Only thing i have done was order business cards as im patiently waiting on. Pass those out and whatever God has in store for me will be it! Im ready!! New beginnings and im glad i have all these testimonies to give me motivation. Thank u all for sharing success stories. Hpfully in 5 yrs (which i will be 30) i can share my story!!
We are Birthday Brothers. My birthday is June 27th. Now that I think about it, that probably sounded creepy at first hearing me ask about what day your birthday is.
@Joshua D., I only get to Billings about 3 or 4 times a year but would love to meet with your REI group. I don't have much of a story, my experience has been get rich slowly. How often does the Billings group meet? I am pretty sure I will be through in November if not sooner.
Anyone...How are investors doing in the San Diego area where prices are much higher? More$$$ needed for down payments, makes it more of a challenge. Thanks
Great inspiration Joshua D. ,
"It all started with a duplex." Let's one know if the possibilities of being smart with REi. Again, thanks for the inspiration!
I have sold and 1031 exchanged all my pricey investment single family for Multifamily in Ohio. I had 10 single family here in San Diego that I purchased in 2011 and 2012. They had each doubled in value in such a short period of time. An example.
I have accepted a $280,000 offer today that came in and was best and last. We only listed it for a week. We purchased it for $119,000.00 in 2011 and that was my last investment condo we had left in San Diego. We are trading that in for a 24 unit apartment complex that we expect to cash flow at $24,000 a year. The little 2br 1ba condo was only cash flowing $5,000.00 a year. By 1031 exchanging my pricey RE in San Diego for soon to be 7 apartment complexes and 109 front doors, I have increased my cash flow from $50,000 a year to $120,000 a year and rapidly rising, due to a few repositioning value plays that will just begun to cash flow smartly, plus this new 24 unit too. By October, we expect to increase cash flow to $160,000.00 a year.
At these prices in San Diego with 25% down loans, properties don't cash flow here in San Diego. You would need to put down at least 50% to cash flow and that is not a good use of leverage.
@Joshua D. I started investing in RE relatively recently. By seeing people like you succeed so far in 5 years is inspiring, and is an example that proves success is possible. I have been at it for 3 months and have 5 wholesale deals. Im working on my first rental deal. With lots of focused hard work and compounded massive action, there is no reason one can't succeed in RE. Thank you for sharing your story, and inspiring a newer investor like me.
I started investing when I was 27, focusing on flips because that was the shiny object. Before that I just focused on school and career.
Now that we just had a baby, flipping, which is just another job, isn't as enticing anymore. I started focusing on passive income. I have 6 months to go before I turn 30, and I'm hoping to grow from 0 to 30 doors this year. If all goes well, I'll be 50% there by the end of this week. My goal is to retire from my job in 2 years at my five year real estate anniversary.
@Jacob Price (sorry if it's not tagging you correctly on my phone)
Have you ever played the cash flow game? In my experience, the ones who have a lower salary are often the ones who exit the rat race faster. It's not uncommon for the janitor to win the game. The reason is because you have a lower income to replace with passive income; i.e. it takes less doors/units to generate an income of $30k/year than $100k/year. And then once you replace your income, leave your job, and do real estate full time... That's when things really start growing big.
Josh--great job man! I'm a Montana native (Great Falls, then educated in Missoula), so I'm happy to see some Montana folks on BP. Congratulations on the success.
I feel the same way about real estate and the ability to add some serious net worth and create big wealth quickly. I started about the same you did (I'm 32 now) and incidentally, last night my wife and I just did our net worth calculation, something we do ever quarter or twice a year. It's pretty remarkable how the net worth changes, and it's fun to see after you do a deal, or a couple, how much impact that deal has on your value. Our first goal was to own $1M in real estate, which we did. Now, it's to have a net worth of $1M. Just 18 months ago it seemed like it would take forever. After a couple great buys (buy-and hold and fix ups), we're thinking we'll get there VERY soon!!
Keep doing what you're doing. We're running in the same race.
Wow man! That's awesome! I hope to be in your shoes soon as well. In fact we close on 2 more houses in the next few weeks and we should hit the own a million deal. That's a cool way to look at it. Thanks for commenting!