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Updated about 8 years ago,
It works if you work it!!
So here's my story. Last year I lost my job along with 160 other people due to our company being bought out and sold. After going through the struggles of unemployment and job searching for almost a year I finally found work with my current employer. During my "time off" my personal home started the forclosure process and my credit went from 720 to a 480, OUCH!!!
Before I found employment I passionately wanted to find information about how people got wealthy (not rich). Like most people I came across the book Rich Dad Poor Dad by Robert Kiyosaki. It completely changed my mindset on gaining a healthy financial IQ, wealth building, & personal development. Shortly after I started gaining an interest in real estate & was seeking as much information on the topic as possible. Much to my surprise I came across Biggerpockets and it's had a MAJOR impact on my life.
My job has demanded alot of my time (10-14hrs/day). I never complained, I used the money to catch up on things in my home (which we got out of the forclosure process). But the time at work was the most valuable aspect of the job. I was able to listen to the Biggerpockets podcast, averaging 2 per day, listening to them twice just to make sure I didn't miss anything. Between the combination of the podcast and reading over 20 books suggested from the "Famous Four" I've managed to gain a considerable amount of information that has helped not just myself, but others also.
It hasn't quite been a year yet and since I've been introduced to Biggerpockets and a few interesting things have occurred. 1. I've helped a guy find a good deal on a duplex, the numbers were great!! He got it for 27k, it needed 2-3k worth of work, he rents both doors for 650 (good schools & good tenants). 2. I assisted a guy with the selling of his home. I advised him to do a 1031 exchange since it would be more beneficial for his plans of scaling up & save him about 40k in taxes. 3. I've managed to live off of 70% of my income & putting the rest into savings for investing and charities 4. I've gotten at LEAST a dozen other people to listen to the podcasts because they think I've been investing in real estate for years, & when I tell them that I've l only been a student for less than a year & have only purchased my personal home, they're shocked. But I send them all to Biggerpockets. Because I know what I know all from the podcasts and it's resources.
I've recently gotten two promotions and my work schedule should be tamed down a bit. I plan on going to some local CIREIA meetings to meet some local investors & do some networking & hopefully get in on some "hands on" investing strategies. My plans are to buy 2-4 multifamily units in 2017 & begin scaling my long term buy&hold portfolio. And if the opportunity comes along to venture into some flips I'll look into that as another stream to feed into my long term plans. I'm 35 now and have every intention to retire from the workforce completely within 10yrs ( the numbers say it'll be sooner but I'm leaving room for unexcpectancies)
Thanks for all that you guys continue to put out there. You are truly impacting lives. And even though I've not gotten my first investment property yet, I've seen proof positive that BIGGERPOCKETS WORKS!!
Wishing you bigger and better deals, Samuel Baskin
Sent from my Sprint Samsung Galaxy S® 6 edge.