Success Stories From People In My Position

[Wayne Terry]

Hi Everybody,

By December 1st 2004, I want to earn enough from REI to quit my job. Currently I work in retail and there is no room for me to save and not much credit. I know there are a lot cards stacked against me, but I know it can be done. Has anyone started out investing with little to no money or credit and made it a career?

[Brian Burke]

Hi Wayne. I was in a very similar position to you when I started. When I bought my first investment property, I was 20 years old, working in retail, making $13/hour. I lived in an apartment and literally had no extra money, a high school education, no connections in the real estate business, no experience, and no family that could afford to help. I did have excellent credit, however. Not much credit, but what I had was spotless.

Is your dream possible? Yes. Easy? No, not even close. Common? No, more people try and subsequently give up than persevere and succeed. Your time frame is ambitious though. It took me about 13 years to go full-time, but I wasn't totally dedicated to it either. I left retail shortly after I bought that first investment property in favor of a job in law enforcement. The schedule allowed me to work my real estate business while earning a steady paycheck. If I had done as the other posters suggested, and got employment in a real estate related field, I probably would have been able to have accelerated my 13 year time frame.

Even though I started with nothing, I managed to beat the odds and have accomplished more than I ever imagined would be possible. You can too, but I guarantee that you will encounter speed bumps along the way.