All Forum Posts by: Tony Hershiser

I am financially ready to make the jump into realestate investing however, I have a job that requires a lot of my time. When I say a lot of my time we are talking 65 to 70 hours a week. Today for instance I was seto to get off around 6pm to look and a duplex and a single family unit and all was going well until 530 rolled around and 2 vehicles sold and I had to stay to complete the finance paperwork. I had to cancel with my agent and felt like I had wasted everyone's time. This is my job though and I have to provide for family. Although these properties on paper worked well and had a COC return in the high teens and a cashflow after expenses at 250-300. It's a bit hard to look at properties and make offers if I can get there in the first place.

We have 6 kids and realestate to me is the way I have been dreaming of providing for my wife and I into retirement and my children after we are gone. We are not looking to make this a way to retire and live on the income but rather to purchase 1 or 2 homes a year until retirement and live on the income then or sell them off one by one as they are paid off and live on the proceeds from the sale.

I need some advice. Am I kidding myself to think this is the way to go when I work 8pm to 6pm-9pm 5 to six days a week. I know nothing about the stock market and have studied realestate for the past 6 years and have one succesfull house hack under my belt. If you've made it this far thank you for reading this.

How do you leverage others to help when you have no reputation in the industry? Hard question, right?

@Alecia Loveless. Thank you. That is one of my Wife biggest fears about me is that I can be too kind hearted. She thinks that if we get a family in a unit that isn't holding up their end of the agreement and it's 20 degrees outside I will just let them live there until the weather warms up. Maybe that's where our balance will be.

@Santiago Marquez. Thank you for the kinds words. I'm looking forward to the future.

This is going to be a long one....

I was working as an auto mechanic when I got my first sniff of what realestate could offer. The sales manager owned 37 single family home that he statement purchasing when he was 22 and he was 55 at the time I met him. He never really shared anything with me because 1 I never asked and 2 he knew I was only making 40k a year at the time. I stumbled onto the bigger pockets podcast and listened daily for about a year dreaming about being able to invest. Finally I knew my income needed to change so I shaved off my nearly 12inch beard and begged and pleaded for a job in sales that would afford me the income to invest.

Fast forward I worked in sales for a short time and then accepted a role as service manager for a local body shop and my income nearly doubled. About 9 months later a 4 bedroom 2 bath built in 1910 hit the market for 29k and I sprang into action and called a guy the I sang in the church choir with and asked him to meet me right away at the house he agreed and we looked at the house and I made an offer on 32k and it was accepted and with a small loan from my dad went to work on a 203k loan. My first contractor may have bitten off more that he could chew and ended up bailing on the job 1 week before close and we had to rush to find another contractor who charged up 30% of our 35k rehab loan to be the General on the job and my wife was still having to make to phone calls to arrange the work with the subs...

Contractor fee $6.5k

We removed the boiler system and added central air and heat. $12.5k

Hung new ceiling fans $350

Laid carpet in the first floor $2,300

Replaced the back deck. $4k

Replaced the front and rear entry doors. $6,500

Other misc that I have not accounted for here.

Overall investment was around 76k and we sold it for 115k and after the fees walked away with 35k in our bank account. No capital gains.

We now have the money to invest oh and 5 more kids

I know am the Finance director for the dealership and my income has increased over 5 times what I was making as a mechanic we and are working eith a local agent to purchase our first multi-family investment. It took a while but here we are and I look forward to learning more from this platform.

Thanks for reading and have a great day.

Remember I'm an ex-mechanic not a writer.

5 Years 2 houses and 4 kids later we are finally looking at out first duplex rental property tomorrow. 

Thank you. I will head there now

Hello All,

My name is Tony Hershiser I live near Norwalk, OH.  I have been looking for ways to invest and earn an even greater income for my family to help secure us when this take a turn in the economy.

I am wide open to suggestions from those who are established in the industry as well as newbies like myself, after all that is the only way to gain knowledge. 

Please feel free to contact me with ANY info you think is helpful. I am looking forward to this new adventure and to meeting many of you. Thank you.