Mission Accomplished: Becoming a Millionaire Before 30!

Mission Accomplished: Becoming a Millionaire Before 30!

Real Estate Investor & Marketing Specialist · Montreal, QC · Member since 2013 · 182 posts · 367 votes

Hey guys,

When I started getting interested in Real Estate 6 years ago, I loved to hear stories of successful RE investors as it provided me with incredible motivation to become financially free and a full-time RE investor myself. I hesitated a long time before writing this post since I don't want to seem like I'm bragging, but I feel like sharing my story with you guys today might help and motivate many others to achieve their most desired goals as well.

In a nutshell, I bought my first triplex at age 23 with two other partners, and then completed my first singe-family flip a year later at age 24 with two partners as well. Then, I partnered up with a high-school friend and we decided we would build a Real Estate empire so we could become financially free by the age of 35. At that time (2014), we were 25 years old so that meant we had 10 years to accomplish our ultimate goal. 

For the first two years, we had full-time jobs and we flipped houses on the side. We were both able to quit our jobs in 2016 after we made roughly 200k in profits from our flips. We could pretty much afford to live off these profits for 2 full years (based on the 50k annual salary we were making at our jobs). We officially became full-time RE investors from that moment.

Then, that's when we decided to start buying multi-family properties and to shift our focus on a new goal to buy 300 doors within 3 years (by 2019), while still doing some house flipping so we could continue to pay ourselves through the business. 

In the meantime, I decided I would have my own personal goal, which was to reach the MIGHTY million dollars in net worth within the next 3 years (by 2019). 

Now at age 29, I can officially announce that my goal of becoming a millionaire in net worth has been surpassed with our latest acquisitions :)!!! I am essentially a year before schedule, which is even sweeter. My partner and I now own over 100 doors, most of which have been bought in the last 18 months, and we're not planning to stop anytime soon!

It's important to note that I started with nothing. No money and nobody in the family with a business and/or Real Estate background. I built it all from the ground up myself, with the help of my partners of course, which is what makes me especially proud. It basically means that anybody can do it, you just have to do it! That's it. Stop finding excuses and take action. If you don't know how to accomplish something, then find a way to learn how because nobody will do it for you. I know it's cheesy, but it's true!

My 2 cents!

G

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Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
8y

Love me a good bootstrapped ,from the ground up story!   Many congrats, Guillaume!

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Guillaume D.:

    @Dennis M. Net worth of a million is for myself, so we actually built a net worth of over 2 million as a company. The doors are obviously not paid off and clear and they never will since it would go against our constant growth plan. When we say net worth, it means we take the market value of the properties, we substract all of the debt, and this is how we get the number. 

    @Patrick Fraire Great question! Before I starting investing, I read a lot of books on RE, I attended several networking events, and I educated myself as much as I could in order to avoid any potential mistakes. The best partners to start with are people around you because they already trust you. We bought the vast majority of our deals using HELOCs (Home Equity Line of Credits) from our partners and we would pay the interest using the properties' cashflow. I don't think being in SoCal or in Montreal, like I am, makes a difference. Prices are crazy high here too. You just have to find the right deals and the right partners.

    @Jay Hinrichs You are right that a million dollars is not much these days, and this is why I am not stopping here. It's a great stepping stone though!

    hat was Joe Splitrock who mentioned the 1 million.. one million is a lot to me.. I was curious if you had that many doors in CA or US.. as I know some cities in CA prices are astronomical and 30 doors would be like 10million plus in real estate 

  • Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes
    8y
    Originally posted by @Guillaume D.:

    @Caleb Heimsoth Got plenty of time!

    @Jon Crosby@Frankie Woods @Leanne J. Thanks a lot!

    @Eric James and @Rodrigo Castanedaq See my previous reply. Quitting the job is not a problem when you go for commercial mortgages since they finance properties based on their revenues and expenses rather than based on personal ratios. As long as the numbers work, they will finance!

    @Jonathan M. We all wish we had started earlier in RE ;).

    @Victor S. Never know! ahah thanks!

    @Nancy Webb Yes, we invest in Montreal. I would love to invest in the US eventually. Props for doing it yourselves and overcoming the challenges!

    @Alina Trigub Pleasure!

    Nice. I get commercial loans for 1-4 unit properties from a local bank, but their still use my DTI to qualify. I think they would finance a 5+ unit solely based on the property income.

  • Investor · Woodbury, MN · Member since 2016 · 90 posts · 72 votes
    8y

    Super inspiring.  I love this.  Thank you for sharing.  You should most definitely be proud of your hard work.  Keep it up!

  • Los Angeles, CA · Member since 2018 · 10 posts · 2 votes
    8y

    Congrats man that is amazing! Looking forward to having BP invite you to share your story in on of their podcasts :)

  • Rental Property Investor · MI · Member since 2018 · 3 posts · 2 votes
    8y
    Awesome story my friend! Absolutely motivational!
  • Realtor · Gaborone, Botswana · Member since 2018 · 3 posts · 1 vote
    8y

    wow..am encouraged. am a property consultant and i have been working for 6 months, saving from my small salary so that i can build a multi family residential property, when reading this i got so much courage..thank you and congrats hey :-)

  • Laurel, MD · Member since 2018 · 15 posts · 4 votes
    8y
    Awesome! Thanks so much for sharing! Congratulations to you. You’re an inspiration!
  • Rental Property Investor · Charlotte, NC · Member since 2018 · 35 posts · 6 votes
    8y
    Congratulations! What an incredible story. It helps light the fire under my ***! Hopefully I’m right behind you!
  • Rental Property Investor · Collingswood, NJ · Member since 2016 · 282 posts · 116 votes
    8y
    Guillaume D. Thank you so much for sharing your story. I just turned 23 and I have the same goal and am in the same situation as you when you first started! This just gave me so much inspiration! Congrats and keep on crushing it!
  • Real Estate Investor & Marketing Specialist · Montreal, QC · Member since 2013 · 182 posts · 367 votes
    8y

    @Jason Brown Alright so we have presently own  2 triplexes, 3 x 8-plex, 1 x 12-plex, 1 x 16-plex, 1 x 18 plex, 1 x 12-plex + 4 commercial units, and another building which is 10 commercial units. We just sold one 16-plex two months ago for a nice profit as well.

    @Rundell Ramsay My pleasure!

    @Philippe Laurin Merci Philippe ;)!

    @Jay Hinrichs Our doors are all in the Greater Montreal area (Canada). Market value of the portfolio is about 12 million dollars at this time. 

    @Eric James That makes sense. Our bank can do commercial loans, no matter the number of units. However, the lower the number of doors, the harder it is to get full financing because of the debt-coverage ratio being usually lower with smaller buildings.

    @Josh Collins and @Landers Pruitt III Thanks!

    @Frank Mourad That would be great! ahah I've been on the Joe Fairless podcast in the past, but I was just doing flips at that time. Never know!

  • Member since 2016 · 13k+ posts · 12k+ votes
    8y

    As noted 1M today is not much and of less true value if tied up in real estate. You have accomplished a great deal in a short time and should be proud. I am personally at the end of my investment/growth cycle and have more than enough to take me to the grave. I am at the opposite end from you and looking to liquidate it all in a couple of years to retire. For now your wealth is actually measured by your positive cash flow from your investments that you take off as your personal income. That is the measure of your true wealth until such time as you liquidate and "retire".

    Do you have a business plan that tells you when you have enough. Do you have a target point at which you can say "I have reached my wealth goal" and can then liquidate and enjoy your retirement or are you simply driven to grow until you can no longer work. This is a question I often ask young investors and seldom get a response beyond a pie in the sky belief that they will pass their investments along to family when they die. This in reality is rarely a realistic business plan.

    The greatest question of all for investors starting out, or still growing, is when is enough enough. Without that you will never get there.

    Do you have a real goal today you can share with us as a young investor.

  • Real Estate Investor & Marketing Specialist · Montreal, QC · Member since 2013 · 182 posts · 367 votes
    8y

    @Debbie Gaonakala Happy that it can inspire you. That's the objective :)!

    @Chibu Ogu Thanks for the nice words.

    @Andrea Chester You can do it. You just need enough determination and knowledge!

    @Kevin Zolea We will :P!

  • Real Estate Investor & Marketing Specialist · Montreal, QC · Member since 2013 · 182 posts · 367 votes
    8y

    @Thomas S. I agree 100% with you that 1M today is not nearly enough to live off, especially at a young age. Having said that, this was just the first step in a 10-year plan. The real value in having a large portfolio is in the power of capitalisation and refinancing. This is how we will get money out of the business in the future in order to pay ourselves on a constant basis. I believe that cash flow is actually an illusion in multi-family since we always re-invest it in the properties in one way or another in order to improve the quality of the buildings and/or increase revenues and value. 

    Our plan is to reach 300 doors since, based on our calculations, this is when we will reach financial freedom. This is not to say we will stop there. Life changes quickly and we never know what's going to happen at that point. Maybe our objective will become 500 or 1000 doors, or maybe we will decide to stop there. Objectives are in constant evolution so it's hard for me to say. So in essence and in all honesty, I agree with you that I don't have an answer as to when enough will be enough for us because I just don't know. I'm hoping to figure it out sooner than later :)!

  • Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes
    8y

    Congratulations man! Very inspiring. I am working on purchasing my second home (duplex) with a HELOC from my primary residence I fixed up.

    I had set goals from the start, but they seem to drift here and there with what is going to work best in the situation given. So ive been rolling with the punches. Did you experience this?

  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    8y

    Nice!  Great to hear you hit your goal!

  • Rental Property Investor · Castle Rock, CO · Member since 2018 · 26 posts · 12 votes
    8y
    Very inspiring! Thanks for the share and well done. You have every right to be proud.
  • Karla TalanconPro Member
    Real Estate Agent · Redwood City, CA · Member since 2016 · 108 posts · 30 votes
    8y

    Congrats!!!!

  • Flipper/Rehabber · San Antonio, TX · Member since 2018 · 18 posts · 2 votes
    8y
    Awesome looking to have a similar story very soon!
  • Real Estate Investor & Marketing Specialist · Montreal, QC · Member since 2013 · 182 posts · 367 votes
    8y

    @Brian Ellis Totally. I think it's perfectly normal for goals and objectives to change along the way. Sometimes, we just need to look at the big picture and adjust our goals to new realities.

    @Ian Walsh , @Tyler Sharrett @Karla Talancon and @Tommy Morgan Thanks a lot!

  • Jared ColeyBusiness Member
    Property Manager · Terre Haute, IN · Member since 2018 · 18 posts · 4 votes
    8y

    Great story!  If you can't find motivation from reading this, something is wrong.  Thank you for sharing!

  • Boynton Beach, FL · Member since 2016 · 41 posts · 7 votes
    8y
    Congrats Bro!
  • Investor · Colleyville, TX · Member since 2015 · 41 posts · 18 votes
    8y
    I’m humored by those who say that $1 million is “not much these days”. In retrospect, the vast majority of the population basically lives check to check with little to no savings. By you achieving $1 mil in less than three years n before the age of 30 speaks volumes of your future. Continue your journey of success, thanks for the share and Congratulations!
  • Rental Property Investor · Wake Forest, NC · Member since 2016 · 106 posts · 148 votes
    8y
    Thanks for this! Felt like I was behind and still do but even more motivating to see you made it happen within a short time. Love it
  • Rental Property Investor · Madison, AL · Member since 2015 · 177 posts · 110 votes
    8y
    Congrats! That’s an amazing accomplishment!
  • Rental Property Investor · Austin, TX · Member since 2018 · 98 posts · 39 votes
    8y

    @Guillaume D. Amazing story! Thank you for inspiration! 

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