Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
I've been investing in my area for about 15 years. I don't have a ton of properties and definitely did it with very little, if any cash. It's true, real estate is a get rich slow scheme. Yesterday was my last day as an employee, and I could not be more excited about spending more time doing what I want, with who I want, and on real estate. A couple things I was hoping to discuss. First and foremost; if I can do this, ANYONE can.
Second- everyone will have a different feeling about this, but I think there really is one essential trait a person with average means must have in order to be successful in real estate. I don't want to throw my answer out there, I'd like to see what others think is the single most important trait you need to be successful in RE.
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
8y
@David Zheng- I am working as an agent and have a property management company. Cash flow from my personal rentals pays the bills and any other money I earn is gravy. Honestly, I LOVE real estate, so looking at homes with clients and negotiating deals is a blast, not work. I only serve as an agent for investors that come my way through connections I've made, I'm not out marketing myself. Our goal was to have passive income that replaced my salary and covered all of our benefits- health insurance, retirement, etc. Hit the number last month and quit ten seconds later!
@James Barnes- I don't have any secret, just house hacked a couple times, found another great deal here, another one there, worked my tail off fixing them up, renting them out....over time, the gap between my liabilities and rents grows, and all of the sudden I am passively making enough money to live on. Took 15 years of crazy hard work- and I'll keep doing it, but now I can do it on my terms. You can do it too. If you want to talk specifics or help with a strategy, PM me, happy to help you.
@Courtney M.Thank you! Persistence is a good one for sure!
Rental Property Investor · Las Vegas, NV · Member since 2018 · 133 posts · 171 votes
8y
Congrats @Corby Goade ! I hope to have that same feeling as you when I quit my day job some day.
You said you used little cash - can I ask how you did that for so long?
To answer your trait question I personally think being a problem solver would be the most important because no two deals are ever the same and new problems come up all the time. If a person doesn't have the ability to anticipate and mitigate problems, or come up with creative solutions to problems, they may never close a deal, or they may lose a lot of money by not reserving for future problems once a deal closes. The ability to be a non-emotional a-hole at times if a situation calls for it doesn't hurt either, lol :)
By the way I am currently doing some research on the Boise area for possible future investment. Would you mind if I PM'ed you with a few questions about the area?
Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
8y
@Corby Goade - happy to say I knew you when! :) Thrilled for you and the family and excited to see what the future holds. Thanks for being such an encouragement to others!
Eugene OR · Member since 2018 · 11 posts · 13 votes
8y
I'm still a newbie to REI but having quit my job more than a decade ago, starting multiple businesses and becoming an employer, I'd say I'm qualified to answer this question -- I'd say the single most important trait is to have a powerful and passionate vision. A vision that's so strong that nothing can stop you from achieving your goals and inspiring your team in spite of all the odds and challenges that come at you. A vision that excites you so much the work seems effortless and enjoyable, success becomes inevitable.
I've been investing in my area for about 15 years. I don't have a ton of properties and definitely did it with very little, if any cash. It's true, real estate is a get rich slow scheme. Yesterday was my last day as an employee, and I could not be more excited about spending more time doing what I want, with who I want, and on real estate. A couple things I was hoping to discuss. First and foremost; if I can do this, ANYONE can.
Second- everyone will have a different feeling about this, but I think there really is one essential trait a person with average means must have in order to be successful in real estate. I don't want to throw my answer out there, I'd like to see what others think is the single most important trait you need to be successful in RE.
Happy hunting!
Congrats!! I'm hoping to do the same! I'm hoping a few years away. Just networked with an experienced flipper who I'm partnering with on a couple deals to get me started. I would say "strategic frugality." I save at least half my work income(and yearly tax returns) and save all my rental income that doesn't go towards expenses. I live in one of my units as well. Another trait of I can be a pain and offer extra, would be ignoring all your friends and family who tell you what you should be doing(with your life, money or time) and just tell them that it's "all part of the plan."
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
8y
@Jonna Weber- Thank you! Meeting you definitely was a turning point in our "careers," couldn't have done it without you!
@Anthony Burroff- vision is a good one! I have to say that it may not be my strong point, but I've see people with a clear vision do amazing things with very little resources. What other businesses have you started?
@Tyler Bushey- I am with you, I like your term "strategic frugality." You should trademark that!
@Dennis M. Good ones, too. Can't argue with Napoleon Hill.
Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
8y
Corby Goade Congratulations! Your story inspires me to keep grinding. I always say my “freedom number” is 10K per month. But honestly, I know when I get to that point it will be hard for me to quit my job. Does anyone else feel the same? I like my job, I’m not passionate about it, but I don’t dread going to work. giving up the income will be a hard decision. I could use that extra cash to keep growing my portfolio. Also, my benefits are amazing. I’m an airline employee so I get to fly for free. It’s an awesome perk and I don’t know if I’ll ever want to give it up. If I hold on until i’m 52 I keep my benefits for life. I plan on reaching my freedom number in my early forties. What’s 10 years worth? I guess I’ll cross that bridge when I get to it.
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
8y
@Account Closed if you love your job, it's definitely a different dynamic. I've had jobs that I loved and not so much...I do love to travel, so the free airfare would be HUGE. But...what about deals that pop up while you are out of town for a few days? I actually quit a job a few years back that was paying me more than I had ever made before, simply because I kept missing out on RE deals because I was travelling so much that I couldn't be there to do my due diligence or negotiate. Not that I'm trying to convince you either way, but there's a give and take, and in my case, the time that my job was taking was actually moving my "retirement" date back by years. My goal has always been to create free time, I never really think about how much money I am making, I am thinking about how that money frees up my time.
That, and I have a few young kids, which accelerated my efforts- I had a job, like yours, that kept me away from soccer games and spring shows at their schools or going to the zoo on a Tuesday. You don't get that time back.
Finally- is there a reason you need $10k per month? Maybe you do, I don't know. But if you can cut back a bit, you might be able to free yourself five years sooner. Food for thought.
Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
8y
Corby Goade I’ll definitely have to do some soul searching when I get to that point. Like you said it’s a give and take. As far as 10K per month? That’s the number I’ve determined is the amount we need to raise kids here in Southbay Los Angeles. Being average income in LA is not an option. We’ve determined that we don’t want to move because we would feel like we’re settling, and therefore have to bring our A game in order to afford to raise a family here. My ultimate goal is 15K per month.