All Forum Posts by: Matt Scott

@Matt ScottOne of my favorite quotes, as the famous philosopher Mike Tyson once said "Everyone has a plan until they get punched in the face."  Like @John Steele said, don't be afraid to pivot and take things in another direction, there are many roads to success, especially in real estate. Your plan sounds good, and it's awesome that you've mapped it out so early in life. If you hit a roadblock in your plan just find a detour and continue on.

One thing that's helped me move toward larger goals that are in the future is to set small 90 day goals that add up to the big one. Depending on how intricate you want to get you can break those down to monthly and weekly as well. That can be helpful if you want to take the "make progress every day" approach. It's very cool to see how the little day by day efforts add up after a month or six. It looks like you're off to a great start!

@Matt Scott

Sounds like a great start, although I may reconsider living in your first investment property. Think of yourself as a tenant paying rent (even though you own the house). If you can live somewhere else for cheaper, it makes more sense to rent the property out to a real tenant and rent yourself.

Other than that, sounds like you are on the right track. Good luck!

@Matt Scott A great way to get consistent good deal flow is to send direct mail out to property owners who own property that fit your criteria.  I know it sound like something you would do in 1959 but it really works.  Key word search Mailer on BP here and you will see what I mean.

My criteria happens to be property priced way below market.  Sending good mailer's is a combination of art and science.  Please reach out to me if you need help.

@Matt Scott, I am so darn proud of you.  I am twice your age and I'm not sure I've ever really sat down and written a 5 year plan.

Your duplex plans sound very realistic.  

I'll give you some simple personal advice:  Don't buy your primary residence until a good foundation of other real estate investments are in place. 

Use the cash to control some rental properties first.

I've done tens of thousands of deals and the one where I made the biggest mistakes was my last primary residence.

Get yourself on a slow consistent mailer schedule where you are reviewing at least 10 deals per weekend. Don't buy any property out of the MLS. If it's reached the MLS, it's too late. All the deals you review from the mailers that meet your criteria can be wholesaled to seasoned investors in your area. You can take equity or cash. Make friends with those people as soon as you can. They have more money than deal flow.  They need the great deals you source.  

Young guys never believe me when I say that seasoned real estate professionals love off market deals and will write big checks to get into them.

You are off to a great start and you're asking all the right questions.  I wish you the best.