What is everyone's "end game" goals?

Wholesaling
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What is everyone's "end game" goals?

Jasmine Russell
Flipper/Rehabber · Corning, NY · Member since 2021 · 77 posts · 50 votes

Hi all! I'm just curious, what are you trying to accomplish? What will it look like when you have succeeded? What empire are you building? If you care to share! I thought it could be a good discussion. I'm curious how specific everyone's long term goals are!

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Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
5y

Ah, the age-old question.

“The greatest happiness is to vanquish your enemies, to chase them before you, to rob them of their wealth, to see those dear to them bathed in tears, to clasp to your bosom their wives and daughters.”

Genghis Khan

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  • Jasmine Russell
    OP
    Flipper/Rehabber · Corning, NY · Member since 2021 · 77 posts · 50 votes
    5y

    @Dominick Galinis generational wealth is my biggest goal. More specifically, I'm starting with wholesaling (I am not generating enough income from my job to have anything to invest even if I pinched pennies for years) I am interested in short term rentals and flipping. Although this may change a bit as I get more understanding in Real Estate. I'm just starting.

    4Reply
  • Jasmine Russell
    OP
    Flipper/Rehabber · Corning, NY · Member since 2021 · 77 posts · 50 votes
    5y

    @Steven Whalen I am living in upstate NY. I've been trying to reach out to investors to see which areas are worth focusing on. I've been told and it rings true, that you must understand what investors are looking for rather than getting a bunch of properties on contract and frantically trying to find a buying. I want to be professional and helpful. I do not want to screw up my reputation or hurt any sellers who are already in a bad situation. The way I see it is i will solve a problem for the investor and the seller. I have no interest tricking people into anything. I want to add value to the marketplace period. That's how I will run my business. (Went off on a tangent there😅) to answer your actual question, I am close to williamsport and Scranton. I've heard many people are not interested in these areas. I've began thinking that I may have better luck in upstate NY if I can be fast and work hard. I know NY is a little bit of a headache for wholesaling. Around where I live 100,000 houses are going for 175000. It's insane. I still think there are people that do not care and just want to sell. If I find them I may be able to make a good amount of money.

    0Reply
  • Jasmine Russell
    OP
    Flipper/Rehabber · Corning, NY · Member since 2021 · 77 posts · 50 votes
    5y

    @Tyrone Millard this is a big part of my end goals! I want to be able to spend more time with my children. I need that freedom. I currently have that with my W2. it's a very tricky thing to balance. Priorities sometimes are hard for me. I get catch up in making money and I can really hyperfocus on deals and learning. It takes me a lot of prayer and meditation to center myself to see what is first. When I do things that way I end up being a present parent AND more efficient with my career!

    2Reply
  • Jasmine Russell
    OP
    Flipper/Rehabber · Corning, NY · Member since 2021 · 77 posts · 50 votes
    5y

    @Steve Vaughan this is something I'm VERY interested in and is very far from where I am at. Hotels are in the back of my mind all the time!

    0Reply
  • Jasmine Russell
    OP
    Flipper/Rehabber · Corning, NY · Member since 2021 · 77 posts · 50 votes
    5y

    @Tyrone Millard you should be so proud of yourself! Honestly it should be like this with every parent but since that is not a norm in our society I congratulate you for thinking differently! Many people think they have to chose between success and their child. It's simply not true. I hope your influence in the world can change people's mind. Great job! I loved your story!

    0Reply
  • Jeremy Komer
    Rental Property Investor · Cincinnati, OH · Member since 2020 · 84 posts · 81 votes
    5y

    @Jasmine Russell

    Do it until it becomes my full-time job.

    Keep doing it until it's not fun anymore.

    0Reply
  • Jasmine Russell
    OP
    Flipper/Rehabber · Corning, NY · Member since 2021 · 77 posts · 50 votes
    5y

    @Nicholas L. Exactly!! Time is the most important thing to consider. I feel time spent is more valuable than money spent. My same thoughts as well. I think of how I'm spending just as much as how I'm spending money. Great Comment 👍

    1Reply
  • Jasmine Russell
    OP
    Flipper/Rehabber · Corning, NY · Member since 2021 · 77 posts · 50 votes
    5y

    @Inessa Stysis traveling is a HUGE goal of mine. I think I was born at least half gypsy!! 😅

    0Reply
  • Jasmine Russell
    OP
    Flipper/Rehabber · Corning, NY · Member since 2021 · 77 posts · 50 votes
    5y

    @Tim Ryan I too want am entrepreneurial at heart. I want multiple businesses. I don't even understand the retirement mentality. I like to work and grow. I, however, want to build a life that doesn't make me dream of retirement. That's the goal. Not retirement for me.

    0Reply
  • Taylor L.
    Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    5y
    Originally posted by @Tyrone Millard:

    @Jasmine Russell

    I’ve worked a W2 job in tech sales for the best part of 18 years. At one point I was doing 100,000 miles a year in a plane domestically in the US only … I realized that when the cabin crew knew my name and my food orders on the plane, it was time to make a change. This was even going on when my wife was pregnant.

    I decided no more and have begun my journey into this world to chase passive income as quickly as I can.

    I miss seeing my kids.

    Man! Talk about having a powerful "why."  Keep working at it and you will make it happen.

    0Reply
  • Dominick Galinis
    New to Real Estate · TN · Member since 2021 · 94 posts · 73 votes
    5y
    Originally posted by @Tyrone Millard:

    @Jasmine Russell

    I’ve worked a W2 job in tech sales for the best part of 18 years. At one point I was doing 100,000 miles a year in a plane domestically in the US only … I realized that when the cabin crew knew my name and my food orders on the plane, it was time to make a change. This was even going on when my wife was pregnant.

    I decided no more and have begun my journey into this world to chase passive income as quickly as I can.

    I miss seeing my kids.

     Powerful man. You got this

    0Reply
  • Imeh Esen
    Rental Property Investor · Houston, TX · Member since 2021 · 35 posts · 35 votes
    5y

    To build generational wealth for my family.

    First goal: to get to 25 doors in 3 to 5 years

    Second goal: Get to $25,000 per month.

    Then assess.

    Do more or just diversify?

    Lifestyle: create art when I want to

    Travel when and where I want to

    1Reply
  • KT Burkholder
    Investor · Member since 2021 · 11 posts · 17 votes
    5y

    My vision is larger than my fund, and revolves around ensuring that those who live in marginalized communities have access to the social determinents of health (education, economic opportunity, healthcare, and homes) and are able to get themselves on a pathway to generational wealth through home ownership.

    What I always tell people is that somewhere there is a little girl who could be the next Albert Einstein, but without our help she is more concerned with where her next meal is coming from or if she will have a roof over her head to be able to focus on life's mysteries. I see what we do as an opportunity to remove those worries so that she can focus on changing the world. 

    1Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    5y

    Generational Wealth.

    [email protected]832-776-9582Podcast Guest on Show #469
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    1Reply
  • Eric Kenon
    Investor · Capitol Heights, MD · Member since 2012 · 15 posts · 4 votes
    5y

      My “End Game” is to set my family up to do whatever makes them happy in their lives, without having to worry about the cost. Education, travel, investments, charity ect.. live a fulfilled life while I’m here , and when I’m gone.

    Eric

    1Reply
  • Jason B.Pro Member
    Rental Property Investor · Boise, ID · Member since 2017 · 228 posts · 180 votes
    5y

    @Jim K. Huh…I always thought my grandma made up that saying. If I had a dollar for every time she told me, “the sweetest taste in the world are the tears of the vanquished” I’d be loaded.

    0Reply
  • Ian K.
    Real Estate Investor · Denver, CO · Member since 2013 · 44 posts · 19 votes
    5y

    @Patrick M. Would you just cash out and pay taxes on it or invest it in Delaware statutory trust properties?

    0Reply
  • Patrick M.
    Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
    5y

    @Ian K. That is an interesting question. I don't know that I would - or perhaps a portion. My number one priority would be liquidity and the "true" passive income of an index funds. I would imagine in this climate of anti-1031's, that this might be the first to go- but something that should be looked into.

    I used to be in the @Brian Bennett and others school of thought. I bring my sons down to work on our repositioned properties and explain all the benefits. I used to think, well this will be yours someday. Not any more! This is my dream. The more dinners parties my wife and I go to the more I realize that we (us on here) are the exception, the minority. We lose sight of that because we are in this awesome biggerpocket bubble. Even those who may express interest are bound to fail.

    I remember the shock I had when, after prodding, I would talk about our buildings and people would say, "How do you do that!" "Oh my god, I would never want..." "I could never deal with that..." The VAST majority. And I would sit there and think- man, I get 9 checks on the 1st and all I had to do was empty the quarters in the laundry this month!

    So- it really got me to thinking about my own kids, as much as this is my dream- and a great source of wealth, I don't want it to be an anchor around their neck. I reflected on my own life and I became more aware of certain things:

    1. My life's decisions were severely impacted by the debt I carried from college and grad school. All while working full time. I could have done a number of other things, riskier, more exciting, challenging things. Travel, foreign assignments, etc.

    2. Real Estate as much as I LOVE it, is another job. Whether I self manage or manage a management company. It is another worry in the back of my head and I only went into it as a means to an ends- and those ends are being met in spades. 

    3. It is an illiquid anchor that I do not want to saddle my kids with. It also has the potential to be mismanaged by an heir- great potential!

    I was blessed to learn to love the W2 I have, it is very rewarding. There are a number of people on here that hate their W2's, they are dead end, crappy jobs or they are tired of being ordered around. I wonder how many of them are saddled by debt.

    - So, I endeavor to give my kids the financial opportunities and life experiences that a debt free life can provide. My kids have the ability to live and work in the US or EU, I want them to work throughout the world if they wish. Serve in the military. Take a year sabbatical to teach English in Thailand. Get in on the ground floor of a low paying but full of potential start-up...

    If they decide they have done research and want to invest in a laundromat- I will be ready to financially back them, if need be. Or a hair salon or a quad-plex... etc.

    By providing my children with a debt free entry into society with the potential to tap liquid funds for investment I have set them apart and I will have also allowed them the ability to be their own persons and not be anchored to my "dream."

    The only additional thing I would add to generational wealth is that I have custodial index accounts for both my children. Regular, small deposits are made each month and I continue to lecture, speak and educate them on the value of time & compounding interest. We review the accounts and sometimes look to compounding calculators. They want at least half of their money from gifts to go into those accounts- and the percent keeps growing. That is a game changer that too many of us learn too late in life.

    4Reply
  • Eric Bilderback
    Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    @Steve Vaughan

    Do you mind sharing what is going on with your properties?  I would be interested hearing what you are selling and what you mean by red hotels.  Of coarse it is none of my business, if you don't feel like answering no problem.

    0Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    5y
    Originally posted by @Eric Bilderback:

    @Steve Vaughan

    Do you mind sharing what is going on with your properties?  I would be interested hearing what you are selling and what you mean by red hotels.  Of coarse it is none of my business, if you don't feel like answering no problem.

     Sure, Eric.

    In general, I've been exchanging out of houses and apartments further away, into larger multifamily close by that has management in place.  

    We still have a few little green houses and duplexes spread out a bit but are lease optioning them to consolidate towards another red hotel (7+ unit generating $8k+ rent) .  

    We have a hiccup right now though.  Unsolicited stratospheric offer received on one of our red hotels.  In Jan '22 if it closes, we will be looking for a larger red hotel (40+ unit) OOS.  

    The fun never ends😎

    0Reply
  • Eric Bilderback
    Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    @Steve Vaughan

    Do you invest with partners or do you buy on your own?  How much leverage do you use?  I know you are an anti rat-race kind of guy (as am I) are you going to stay put or are you trying to grow create even more passive income etc?  Do you certain income goals you still want to achieve?

    Lastly what is it you are doing with your time or want to do with your time?  Just curious again none of my business.

    0Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    5y
    Originally posted by @Eric Bilderback:

    @Steve Vaughan

    Do you invest with partners or do you buy on your own?  How much leverage do you use?  I know you are an anti rat-race kind of guy (as am I) are you going to stay put or are you trying to grow create even more passive income etc?  Do you certain income goals you still want to achieve?

    Lastly what is it you are doing with your time or want to do with your time?  Just curious again none of my business.

    No partner other than my wife.

    Goal is time freedom, preservation and future generations at this point. 

    I was spending my time mowing a lawn or 2 but may even be losing that.  We give back with scouting and Vet stuff but still kinda finding a routine and hobbies.   The transition can be an experience.  

    1Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Jasmine Russell

    To be able to do what I want to do through the financial foundation of real estate financial freedom.

    [email protected]614-363-2787
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    0Reply
  • Account Closed
    Investor · Rogers, AR · Member since 2018 · 62 posts · 27 votes
    5y

    Supplement retirement income and help provide income for our 5th child who has Down syndrome.

    3Reply
  • Eric Bilderback
    Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
    5y

    @Steve Vaughan

    I like following you.  I quit my job and became a real estate agent and now I feel like I am busier than ever.  I feel like I am having a heck of a time getting off the hamster wheel.  For the lack of other things to do.  Its a good problem if there was know Corona I might just hit the road with the wife and kids its difficult to figure this out.

    Good luck to you and I look forward to following you in the future,

    1Reply
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