4 Year Lurker Turned New Pro Member

[Tony Crews]

Hi,

My name is Anthony (Tony) Crews and like the majority I blindly took the blue pill attracted by the security, safety, and happiness it was to provide. I was swept away by the illusion that if I maintained good grades and went to college it would put me in the best position and I would set myself up for the best successes of life. I was unaware that another option existed to gain real security and happiness. A nice corporate career, a marriage, a few kids, and MANY disappointments later I began to realize that I was climbing a never ending ladder that was going nowhere. 

At the time when I purchased my first home, the broker I was working with thought I was very knowledgeable and naturally talented in the art of Real Estate and provided me with the option to obtain my license and come work with him. He basically gave me the option of the red pill and opened my eyes to the fact that Real Estate was the best gateway to financial freedom. I thought about it for a few days and came to the conclusion that he was right. I took the class, passed the exam, got my license, and dove in head first into traditional Real Estate for about 6 months and didn't close a single deal. The frustration was real! So I continued paying my Realtor fees but I started focusing more on moving my corporate career to higher levels. 

A short time later, I experienced some less than favorable events at work and decided I needed to figure Real Estate out. While doing research online I found Bigger Pockets and was introduced to a whole new world of Real Estate that I had never seen, REI. I began to dig into REI more and more but became increasingly discouraged because I did not have any options to finance any deals. I was truly skeptical at the time about no money deal options as I did not fully understand how those options work. I began to go out and look at tax deed sales and came up with a pretty nice way to acquire some of those properties, however, the same issue of no funds prevented me from actually acquiring those properties. I slowly began to re-seat myself back in my corporate role changing companies and being promoted providing that false security again.

One day about 3-4 months ago I ran across a YouTube video for talking about obtaining financial freedom through buy and hold strategies and I began researching this strategy. I was eventually led to Bigger Pockets again and I have been attending the webinars and local meetups which was something I hadn't done previously. I have been silent on BP for the last 4 years and today I joined as a pro member! I believe that sometimes things do not work for a number of reasons but one of the main contributors could be time. My gut feeling tells me that now is the time and there will not be any other. 

I am so appreciative of the wealth of free knowledge on BP and intend to take full advantage of it. A few weeks ago I went to a REI meetup but was kind of disappointed when I arrived and sat thru a presentation where they talked about financial freedom trading time for money then offered to sell me their education for $20k and from what I've seen that is pretty cheap compared to some others. They offered a Multi-Level Marketing option which they annoyingly over-advertised would pay for the education in no time if I recruited others, but I couldn't shake the fact that if the education was so good then why wouldn't they advertise that with the wealth of knowledge I would be receiving that I could pay for the classes.. I get that same knowledge here on BP for free...

With that being said, I am looking for all of the advice I can get. I am a sponge and ready to dig in. If anyone would like to work together please feel free to reach out to me I am not afraid of manual labor either. I need to jump in somewhere to get my foot in the door. I am open to any opportunity as it would provide me with new experiences, however, I believe my primary niche will be in single family/Multiplex homes.

Thank you for reading my introduction and I hope to network with each and everyone of you as I continue my journey as a Real Estate Investor.

Regards,

Tony

[Terry Lao]

@Tony Crews

You found this website, Bigger Pockets. This will provide you will all the answers and questions you have. Don't pay anyone thousands when the answers are right in front of you. 

Summary.

1. Don't leave you day job until you have financial freedom. Your W2 job will enable you to obtain loans to finance your properties. The loan/financing is the hardest part of the real estate process.

2. Make sure you have a fico score of 740 or higher. Best rates are at minimum fico 740.

3. Work your way up the types of properties. Since you purchased your home/SFR, then next step is multi's (2-4) units. Selecting the right 4plex will give you positive cashflow and appreciation.

4. Understand and brace the concept of "OPM", OTHER PEOPLE'S MONEY. The rents you receive from 4plexs should pay for PITI, HOA if any, repairs/maintence, etc. Plus should leave you 200-600 or more, each month. Save the net monthly rents, and build reserve. If build high enough, can use for another down payment.

5. You are in Florida, no state tax. When you do your schedule E (rents and royalties), after all deductions, mileage, depreciation, you should be a few thousand negative. This loss on paper, will offset against your active income on the 1040. This in essence, acts like a tax shelter.

6. Repeat above.

Terry