A fork in the road, tired of losing

A fork in the road, tired of losing

Wylie, TX · Member since 2016 · 78 posts · 11 votes
Hello all! I am writing from Wylie, Texas where I live with my wife and 3 kids. we recently moved from Dallas, to get away from the inner-city feel. My wife stays at home and homeschools our 3 kids. I used to work construction, but the only license I held was Plumber Apprentice. I was working for a couple companies, first an Independent Maintenance contractor who work a variety of multi family properties and did odd jobs, we did a small portion of a rehab of a 50+ unit apt complex,in San Antonio. But that guy had problems, left him and started working for a Custom Luxury Home builder in Dallas, where I got to see a lot of really cool homes. but I never felt like I was REALLY doing anything, just fetching tools and riding along for the most part. I guess when your dealing with High Profile Clients, you can't afford to have your newbie make mistakes... understood. but I gt tired or sweeping floors and being told to stay home because there was no work for ME to do. So I switched it up, as I tend to do about every 2 years, I changed industries and locations, I now work as a Pawnbroker in South East Dallas. I've learned about loans and interest and qualifying and buying and selling, but now I've reached The Plateau... I'm starting to get antsy, and I'm starting to tell my wife over and over again, How much I HATE working for a SET WAGE making other people rich. That being said, I feel I'm a pretty smart guy, went to college at 17, there I earned my Associates Degree, chasing a vision of helping people with addiction and crisis by working in Psychology. I still love helping people, but I'm more into WORKING AS MY OWN BOSS, Having my own employees that I can TRAIN and TREAT WELL. Building a life for myself and my family. I want to teach my children about Money and Investing and making your own business, being independent. Having a nice looking, Clean, professional Company that does a SERVICE to its community. I want to teach them to be good people, but also Make Money. Make money and honest, professional way. and have passive income. I currently work in a Pawn Shop, I quit my last job at the luxury home builders, mostly because I ACTUALLY want to DO something and have something to show at the end of the day for my work completed. It just wasn't happening there. So I switched gears, Now I write Loans and sell things all day inside, with A/C, but I'm still not happy, I want to BE THE GUY. The MAIN GUY who does things, I would also like to have Passive Income so I can spend more time at home Teaching my kids and watching them grow. It makes no sense for me to be GONE from 7am to 10pm every single day, and hate what I do. I have been researching and reading and watching everything from Bigger Pockets Podcasts and forums to Motivational Speeches and Growth Conferences to DIY shows and books, I would like to buy properties, fix them up and resell them, but I'd also like that passive income that can come from buying, renting and managing my own Multifamily properties. I want to make more money than I spend, to get to Financial Freedom. I have 10k saved up now, but that was a gift from my wife's parents. I've been blessed many many times in my life, first with a loving, devoted, faithful wife and 3 beautiful children, and also with many things that I have received and experienced in my life. I've learned a lot, grew up in hard times, made it out, met a great woman who grew up with a remarkable foundation and support system. My wife are doing this whole "Life" thing together, as much as possible we like to involve each other and do things together, especially work. we make an awesome team. We have been really set on doing Real Estate, I'm thinking either a Flip or a Wholesale Flip, or SOMETHING, just that first deal to experience it. but it would also be great to experience it with someone who's been there or has experiences to draw from. It's a lot of info and SO many different ways to go, it's like a fork in the road under an overpass. Starting out, first deal, how to get to the point where I can have access to wholesalers, lists of homes for sale, should I get my Real Estate License? Any REALLY GOOD BOOKS or Sources of INFO that I can take in and submerse myself in? I wanna make moves, but I'm afraid I'm just not ready yet. Not sure where to go or what to do. I mean, I can go on craigslist, or 5mile, or some other classified aite, find a house, contact the seller, ask as many questions as possible, try to ACTUALLY go and See the property, try to INVISION the FLIP, have to get a buyer(s), if i I don't have one already, -where to get $$ for flip material -should I hire contractor(s) or try to do the work myself if it's small -what happens if it won't sell, or if I can't get tenants then I guess networking would come in handy This all feels like it's all still in the Brainstorming Stage, and I'm a little lost as to where to go next. Sorry such a long post
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Specialist · St Petersburg, FL · Member since 2017 · 62 posts · 34 votes
9y
You are married with 3 children. It sounds like you are already rich my friend. Some couples can't have children. Some don't get monetary gifts like you did. You seem on right path but need to network in the right areas. Have you looked into working for a flipper? Dallas area is a great market and I'm sure you can connect with someone to get your foot in the door. Get into real estate or also look into inspections. Those guys that do 4 point inspections make a pretty penny, network with a bunch of people, and then you also see different neighborhoods and types of houses with common problems.
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  • Tampa, FL · Member since 2017 · 240 posts · 153 votes
    9y

    I can tell you've got a lot of things on your mind, so I will give you a short and great answer. Also, you need to start breaking things into paragraphs. I'm about 90% sure this should be foolproof for you

    Step 1: Get a real estate license (should take a couple of months to 3 months) in your county

    Step 2: Get into a real estate agency (extremely easy as the requirements are laughable, unless you have a ridiculous criminal history like being convicted for drug trafficking. you wouldnt be here if you did so ill assume you didnt)

    Step 3: Look for great undervalued cash flow properties or rehab flips (THIS IS THE HARDEST STEP), and then purchase one, either with a friend or trustworthy business partner. Figure out the best way to get a loan beforehand.

    Step 4: Rehab the property.

    Step 5: Sell the property and collect your profit. Well that was easy, but you know why that was easy? Because you did step #2 correctly and purchased a deal that made sense with the dollar amounts.

  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    thank you. so much. (yeah I had the whole things spaced out and broken into paragraphs, but BP just crammed it all in there) Clear record, so it shouldn't be a problem. but It sounds like a great plan for My First Big Move. Thanks again
  • Tampa, FL · Member since 2017 · 240 posts · 153 votes
    9y
    Originally posted by @Joshua Dees:
    thank you. so much. (yeah I had the whole things spaced out and broken into paragraphs, but BP just crammed it all in there)

    Clear record, so it shouldn't be a problem. but It sounds like a great plan for My First Big Move.

    Thanks again

    Ask questions if you stumble into one of those steps.

    You will see how great real estate is once you get the hang of it and complete 2-3 rounds of these 5 steps. That is, as long as you make sure STEP 2 IS TAKEN CARE OF. 99% of deals are not good enough. Look for the top 0.01% or something ridiculous like that. When you start getting onto properties where there's a small bidding war amongst 1 or 2 other investors, then it means youre probably on the right track. I would also not recommend doing major rehab projects for your first deal. You need to hit a home run, and preferably with a moderate level property. Basic rehab I wouldnt suggest, and major gutted project I wouldn't suggest either. Go in between.

    With those steps, I took out all the thinking for you. Once you successfully complete those 5 steps, take a look back into the deal and then you can take the time to think of how it worked.

  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    when you say "find an agency" you mean, like, become a real estate agent? like for Remax or Ebby Halliday?
  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    or maybe like a smallee, independent or "mom and pop" agency, if those exist
  • Developer · Closter, NJ · Member since 2016 · 392 posts · 109 votes
    9y
    Yes by finding agency you can choose any of the big brokerage like with your banker and Remax. I started out my career at Caldwell banker and they have excellent teaching tools for new agents to set you off and have you looking for leads and clients. Having the MLS is essential in order to find deals. As an agent you'll be able to also save on commission since you were going to be purchasing for yourself. In my opinion the best step for anybody in real estate is to get the real estate license. Relations to is invaluable and can provide you a back up in case flipping doesn't work
  • Tampa, FL · Member since 2017 · 240 posts · 153 votes
    9y
    Originally posted by @Joshua Dees:
    when you say "find an agency" you mean, like, become a real estate agent? like for Remax or Ebby Halliday?

     Yes, that is exactly what I mean.

    When you play around with the MLS program your agency will have in your county, you will become a master deal analyzer (for proeprties that arent worth a ridiculous amount of money like 5 million+) in a fairly short period of time.

  • Specialist · St Petersburg, FL · Member since 2017 · 62 posts · 34 votes
    9y
    You are married with 3 children. It sounds like you are already rich my friend. Some couples can't have children. Some don't get monetary gifts like you did. You seem on right path but need to network in the right areas. Have you looked into working for a flipper? Dallas area is a great market and I'm sure you can connect with someone to get your foot in the door. Get into real estate or also look into inspections. Those guys that do 4 point inspections make a pretty penny, network with a bunch of people, and then you also see different neighborhoods and types of houses with common problems.
  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    @Anthony Rodriguez You are eight Sir, I am indeed richer than anyone I know. Rich in Marriage, Family and Life. I am tryly blessed. I guess it's now all about getting to work, buckling down and getting started on this next Adventure
  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    Do Real Estate agencies have a special MLS system or something, would Playing around with the MLS system FROM HOME be an option? or would I physically have to drive to their building and use their system? The goal here is for My wife and I to do this TOGETHER, learn together, meet people together, etc. If I am in the office all day, learning learning learning, then she will be behind me and we won't have experienced it together.
  • Property Manager · De Soto, KS · Member since 2017 · 58 posts · 30 votes
    9y
    I recommend you read 'The One Thing' and immediately complete the workbook. That will help you isolate your true goal. Your post describes you as being all over the place professionally and geographically. You have to make a decision and see it through. Slow down. Hold still for a minute so you can find a long term solution. You sound passionate. If you can point that passion in the right direction, consistently I bet you will be a big success! I too have been guilty of getting frustrated and moving on....repeatedly. Sometimes it is the right decision but sometimes it is just a symptom of being ruled by your emotions and impatience.
  • Investor · Denver, CO · Member since 2016 · 85 posts · 22 votes
    9y

    @Joshua Dees

    Your not alone in the fight!  I've found a lot of help in the midst of uncertainty to ask the Holy Spirit for guidance- and He happens to sound a lot like my wife!!  Don't have to be a Christian to find help from that quote.   

    What does your wife think? Take some time to write down your goals and share them with someone you respect who can coach you. We all need coaches in our lives! Then press into your strengths, focus your efforts on studying, becoming an expert in one area of REI at a time. Buy a new REI investor coffee every day. Build a network of people you trust and all the deals will come to you. All good businesses are built on one thing- good people.

    Read the "ONE THING" for sure but actually apply it.  Whats the ONE THING you need to do today to be the person you want to be in each arena of your life? - then go surround yourself and your family with people who will support you, and bring the best out of you.  

    One last thought- making other people rich is not a bad thing.  Work can have a higher purpose than each person being the boss, or getting what they want or feeling successful.   Working for others can be the best place to learn, study and prepare to launch a business.  But be like Abe and sharpen your ax perfectly before you waste a lot time, energy and money trying to fell an oak with a dull axe.  Lack of clarity about which way to go is a dull axe.  Not having a strong network of people and coaches is a dull axe.   

    One of Tony Robbins mantras is awesome direction for the purpose of all work: "Add value" 

    Hope something in here was helpful!  All the best!

  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    @Erion Shehaj @Shelly Doris Thank you guys so much, One Thing is now on my list. I've been in prayer a lot lately asking for guidance, wisdom and strength. You guys have given true diamonds of advice. Thank you so much
  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    **@Erik Peddle sorry
  • Real Estate Agent · Fort Collins, CO · Member since 2016 · 246 posts · 142 votes
    9y

    @Joshua Dees, have you heard of the book, Grit? What you said about changing careers every couple years made me think of it.  It's a great book and gives some exercises and direction for building passion AND perseverance.  I loved the book. Success won't come without conflict or obstacles and it's not built overnight, however, it's also valuable to have direction, focus, or even a "life philosophy" that guides you.  

  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    9y

    @Joshua Dees I don't know you, so please don't be offended by what I have to say because I could be totally wrong. My only information is the paragraph you wrote.

    It seems to me that you lack focus. You are hopping from job to job in unrelated fields. A new job every two years? It could be that you just haven't found your calling and maybe real estate is that calling. Being successful in real estate will take a long term commitment, focus and hard work.

    You should have more than that $10,000 gift saved. If you have not managed to save a penny of your own money, that is a red flag that you have money management issues. That is not good in real estate. You need to be sharp with your finances. I will challenge you to add $10K of your own money to that savings, so you can prove to yourself you have discipline. If you can't manage to save that much money, then you probably shouldn't be starting your own RE business.

    When you have saved up the money, go ahead and hop into a real estate career. That could be a real estate agent or you could even get into property management. Think about what best suits your skills. A real estate agent is a sales job and you only get paid only if you close deals. If you got a job as a property manager, it will be a steady paycheck. Either way, the job is just a bridge to learn about real estate and give you time to start finding deals.

    My biggest concern is that you have three kids and you are the sole income. For that reason, you need to be cautious as you move careers. In real estate there are opportunities to win big and also opportunities to lose big. Just be careful.

    Good luck.

  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    @Jennifer S. Thanks so much, will definitely snag that book as soon as I can, sounds like a great read
  • Member since 2016 · 13k+ posts · 12k+ votes
    9y

    You may be rich in family and life and depending on prayer but none of those are going to put food on the table or make you any money.

    Cold hard fact is money makes the world go round not warm a fuzzy feelings.

    You need to get focused. Bouncing around only puts you farther behind every move. Find a good high paying job/trade etc. and buckle down.

    There are no free rides or prayers that are going to get you anywhere you need to do it yourself. Earn, save, live frugally, put your wife to work and save every penny you can. Once you have a stash of cash you can begin to think about investing. In the mean time, assuming you can stay on point long enough learn everything, you can about money and investing.

    The purpose of working is only to make as much money as you can, liking or enjoying what you do is secondary and rare. Focus and put your nose to the grind stone till you save up enough to start.

  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    @Joe Splitrock YES! I am all over the place, I know it feels crazy and pathetic at times. It's hard to focus on just ONE thing, but I know I can if I try. I'm just really feeling that "Leap of Faith" feeling the closer and closer I get, but the more I learn (And I learn every day, at least 1 Thing New), the easier the feelings get. I know it will take Long Term Commitment, trust me I do. Most of the reason I end up leaving jobs, is because I'm in the wrong industry, and I feel like EVERY DAY is a wasted, like "Ah! I should have spent today's time and energy on MY BUSINESS, not someone elses" then I psych myself out and go work somewhere else (telling myself it's only she term until we figure out what EXACTLY it is that we're going to do, like for US) So commitment and sacrifice I will GLADLY make especially if it's for MY bottom dollar, no doubt about it. It's just that I KNOW I Can do anything anybody else can, and it's like, if you think about it, and your like "They make HOW MUCH?" I can do what they do. As for the discipline, YES! I need it! At this point in my life I've come to a realization, that If you want to be a successful person, you must exhibit successful habits and behaviors, I am going to work to being more disciplined than I've ever been from budgeting money to Time Management and better sleep and fitness/nutrition habits. I think my whole family can benefit from more structure and discipline, and it's going to be a MUST when we are dealing with NO GUARANTEED paycheck and our OWN money only. On a side note, When you say Property Manager, you mean like a Maintenance Man for an apartment complex ( Because don't they have to live ON PROPERTY? for 2am water leaks and stuff?) My wife and I already have a house that's paid for, so there would be no need to live on property, and I just flat out wouldn't be able to, unless you meant something else completely, that I am unaware of. (?) I've also been thinking about getting into Inspections and/or Appraisal, I know they me decent $$, As long as there's no conflict of Interest, it seems like it'd be a hell of a way to learn some very VERY valuable things about housing and laws, methods, uses, code etc. I actually just got back from a Property Tax Protest Hearing with the ARB Board of my County, and the people who were on the board as well the appraiser himself are very versed in a lot things like what things are worth and of course property values, and I thought "Man, any of these guys would make a HELL of an asset to a REI team, maybe I should look into so on and so forth" I'm sure some of them have their share of RE related businesses in one form or another. I am very aware of the risk, and trust me, I tread very cautiously, and have put up with SOME STUFF. STRAIGHT UP BOLOGNA, when it comes to jobs I've worked, and I took it, bc I didn't want to quit, and have that chance of not being able to provide. Talk about fear, try avoiding hard times with a family of 5 working a hourly job, wanting growth, not knowing what's coming next..Not wanting to be stuck, but afraid to MOVE. that's a fear I'm very familiar with. Anyway, you comment hit me deep. Thank from everything, I've taken it all to heart. Thanks for your time
  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    @Thomas S. Dually noted Sir, thank you.
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    9y
    Originally posted by @Joshua Dees:
    @Joe Splitrock YES! I am all over the place, I know it feels crazy and pathetic at times. It's hard to focus on just ONE thing, but I know I can if I try. I'm just really feeling that "Leap of Faith" feeling the closer and closer I get, but the more I learn (And I learn every day, at least 1 Thing New), the easier the feelings get. I know it will take Long Term Commitment, trust me I do. Most of the reason I end up leaving jobs, is because I'm in the wrong industry, and I feel like EVERY DAY is a wasted, like "Ah! I should have spent today's time and energy on MY BUSINESS, not someone elses" then I psych myself out and go work somewhere else (telling myself it's only she term until we figure out what EXACTLY it is that we're going to do, like for US) So commitment and sacrifice I will GLADLY make especially if it's for MY bottom dollar, no doubt about it. It's just that I KNOW I Can do anything anybody else can, and it's like, if you think about it, and your like "They make HOW MUCH?" I can do what they do. As for the discipline, YES! I need it! At this point in my life I've come to a realization, that If you want to be a successful person, you must exhibit successful habits and behaviors, I am going to work to being more disciplined than I've ever been from budgeting money to Time Management and better sleep and fitness/nutrition habits. I think my whole family can benefit from more structure and discipline, and it's going to be a MUST when we are dealing with NO GUARANTEED paycheck and our OWN money only.

    On a side note, When you say Property Manager, you mean like a Maintenance Man for an apartment complex ( Because don't they have to live ON PROPERTY? for 2am water leaks and stuff?) My wife and I already have a house that's paid for, so there would be no need to live on property, and I just flat out wouldn't be able to, unless you meant something else completely, that I am unaware of. (?) I've also been thinking about getting into Inspections and/or Appraisal, I know they me decent $$, As long as there's no conflict of Interest, it seems like it'd be a hell of a way to learn some very VERY valuable things about housing and laws, methods, uses, code etc. I actually just got back from a Property Tax Protest Hearing with the ARB Board of my County, and the people who were on the board as well the appraiser himself are very versed in a lot things like what things are worth and of course property values, and I thought "Man, any of these guys would make a HELL of an asset to a REI team, maybe I should look into so on and so forth" I'm sure some of them have their share of RE related businesses in one form or another. I am very aware of the risk, and trust me, I tread very cautiously, and have put up with SOME STUFF. STRAIGHT UP BOLOGNA, when it comes to jobs I've worked, and I took it, bc I didn't want to quit, and have that chance of not being able to provide. Talk about fear, try avoiding hard times with a family of 5 working a hourly job, wanting growth, not knowing what's coming next..Not wanting to be stuck, but afraid to MOVE. that's a fear I'm very familiar with.

    Anyway, you comment hit me deep. Thank from everything, I've taken it all to heart. Thanks for your time

    For property management, I was thinking you could work for a property management company in leasing or managing multiple units. Not necessarily the property maintenance aspect. You would dispatch property maintenance. Appraisal or inspections are also good areas in the general field. The reason I though property management was good is if you want to own your own rental properties, you could learn how to screen and deal with tenants. If you start out working for someone else, you learn the job and get paid. 

  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    @Joe Splitrock Yeah, like an apprentice. I bet it would help out a lot. thanks
  • Investor · Port Moody, British Columbia · Member since 2016 · 50 posts · 33 votes
    9y

    As someone who has also jumped from project to project and job to job in the past, I can relate with your situation. I admire your passion to find a job that will give you meaningful life purpose and enhance it financially as well. It's good that you're reaching out to this community for support. 

    To reduce the risk of being unable financially to support your family while moving into a different field, you could consider househacking or buy and hold. 

    You mentioned that your house is already paid off. That means you have equity that you can access to use as downpayment for a rental property or a house with a rental suite/multiplex. The 10K savings can act as deposit/closing cost/renovation money (depending on how much properties cost in your area). If you do your calculations right and get a good, cashflowing deal, you could increase your monthly income. Maybe your family can help you with renovating/cleaning/managing this property so that it's a family project. 

    You'll still need a stable job in the meanwhile, but at least you know it's for funding your own investment properties now. The rental income will also give you a little more financial stability to jump careers or potentially to just own and manage multiple rental properties one day. 

    You'll have to decide if it suits your personality and lifestyle more to work very hard on finding a deal, renovating it and getting it rented out and then slowing down to collect the rent long term (maybe your wife can help with landlording), or to flip the deal for small, short term profit and then do it again.

    Good luck!

  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    so, if my house was just valued at $247,000, and I don't have a mortgage, or owe anything in any way, I can get a loan for that amount, or close to it??
  • Wylie, TX · Member since 2016 · 78 posts · 11 votes
    9y
    but if anything happens, and I miss a payment or something, is it going to be like my HOUSE is on the line, because then I'm just substituting a Mortgage payment for a Loan Payment every month. as long as I have something cash flowing to covwr, + any profit, it should be good, but then... the second something happens and I DON'T have something cashflowing....that's a problem
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