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Updated over 9 years ago, 09/02/2015
Retired At 40 years old (Busy Professional To Full Time Investor)
Just joined the BP site and wanted to put my 2 cents in. I started like most immigrants. You come to America the land of opportunity. You work and make money. You save and work more and make a little money. You save some more and then you start thinking is that all there is to life.
I always wanted to invest and do something on my own since I finished college back in India but you get a job and rat race starts.
Well happy to say that I started investing seriously and with 18 months accumulated about 14 properties. Rest is history as they say. At 40 I was able to walk away from my job.
It's was big milestone for me because it gave me the freedom to build my own real estate business. I mostly invest in Single Family properties. The goal is get them all paid off before I am 46. At this point I at 53 properties. The goal is 125.
Just a few short years ago I would never though this was possible.
@adil oghlan
I can only imagine the numbers in your market. I wish I could give you a specific number that would work in your market.
In my market the numbers are as follows.
All in cost basis:
Townhome 2/3 bedroom - $ 55K to 80K
Duplex $ You can pay $ 10K more because no association fees
Single Families $ 95K
2-3 Flats - $ 155 - 180K
This assuming you have cash flow of minimum $ 400/unit.
I cannot tie up 20% in each property we try to do 100% refi or 75% LTV's based on Appraisal value with commercial loan. Still there are some properties that appraise out a bit lower and money get stuck. It would be great if I can get all my investment out every single time. That is not reality.
I am in the mid west so our prices are not as high as your. Even in this market we cannot make rentals work in A suburbs. I have to buy B suburbs but at least for now. If they market goes up then I will have to leave money in properties to make these numbers fit.
Hmmmm! These guys broke ties with my local REIA. Joined one of their webinar and wasn't impressed. Thought it was more infomercial with little substance.
Rahul,
You are absolutely right, This is the Philosophy and strategy I recommend to most. If you have $1 you can do something but not much but if you group 100,000.00 people each with $1 dollar you can do allot more and in a much faster time. Group 100 people with $1,000.00 each and you can double and triple that money. The same 100 people with $10,000.00 each then have $1,000,000.00 with which you can leverage $75,000,000.00. By that time each investor may net 30 times their money . 30 X $10,000.00 x 100 = $30,000,000.00. If you had $10,000.00 of your own what can you do with it in 10 years? Now think if you group 100 people together each with only $10,000.00 can you do allot more with that in 10 years? I can guarantee you will be able to.
Originally posted by @Rahul Visal:
Just joined the BP site and wanted to put my 2 cents in. I started like most immigrants. You come to America the land of opportunity. You work and make money. You save and work more and make a little money. You save some more and then you start thinking is that all there is to life.
I always wanted to invest and do something on my own since I finished college back in India but you get a job and rat race starts.
Well happy to say that I started investing seriously and with 18 months accumulated about 14 properties. Rest is history as they say. At 40 I was able to walk away from my job.
It's was big milestone for me because it gave me the freedom to build my own real estate business. I mostly invest in Single Family properties. The goal is get them all paid off before I am 46. At this point I at 53 properties. The goal is 125.
Just a few short years ago I would never though this was possible.
Congrats! This is awesome to hear. Im pretty close to you. Do you go to any local meet ups? Id like to hear your story from the begining.
Originally posted by @Jeffrey P.:
Originally posted by @Steve Vaughan:
Many congrats @Rahul Visal! Inspiring story to be sure. Love how your goal is to pay them off, as that's mine too.
Are you self-managing? Your post title says 'retired'. I have been 'retired' for years, supposedly. Sometimes this 'passive' income as a self-manager feels far from retirement!
I wouldn't think 'flips' on a small scale wouldn't be much like retirement, either. Be careful soft-selling/ promoting other products, especially with only 3 posts. Congrats all the same if real!
I'm not sure, but it seems like one company that is soft marketing its business. Rahul, Ed Boutros, Andrew Holmes, Vince Dyer, and possibly some others all work for the same company in Chicago. Don't get me wrong, I'm not accusing them of spamming the boards or anything like that but a lot of the video material seems (to me, at least) very infomercial-like. I'll of course give the benefit of the doubt and just assume that they're all excited for each other but something just seems off to me. I'll be the first to admit I was wrong if my assumptions are off.
We all are part of a very active Real Estate Investments Group in Chicago where we share each others passion and help every investor achieve their goals.
We all have different goals in the life and we are using real estate to achieve our goals. What we have achieved in Chicago can be duplicated in any other US city.
What I could achieve is due to the current market conditions and by following a certain game plan. Its very disciplined and conservative investing technique to accumulate properties at right cost, right location and right time!
@Rahul VisalCongratulations on your success.
Originally posted by @Rahul Visal:
Just joined the BP site and wanted to put my 2 cents in. I started like most immigrants. You come to America the land of opportunity. You work and make money. You save and work more and make a little money. You save some more and then you start thinking is that all there is to life.
I always wanted to invest and do something on my own since I finished college back in India but you get a job and rat race starts.
Well happy to say that I started investing seriously and with 18 months accumulated about 14 properties. Rest is history as they say. At 40 I was able to walk away from my job.
It's was big milestone for me because it gave me the freedom to build my own real estate business. I mostly invest in Single Family properties. The goal is get them all paid off before I am 46. At this point I at 53 properties. The goal is 125.
Just a few short years ago I would never though this was possible.
Your story is awesome, Rahul. Congratulations to you on your success and for you investing in yourself! I cannot wait for the day to have the ability to walk away from the corporate hustle. Kudos!
Best,
Valencia
Thank you so much for sharing!! I think we may need to have you on a podcast. LOVE that they are all paid off and NOT promoting going into a bunch of debt....which by the way, means you don't really own them. Congratulations again!!
Great job!!! I hope to do the same!