How I started

How I started

Contractor · Hollywood, MD · Member since 2016 · 139 posts · 47 votes

So back in 2006 my mother got advice from a successful investor that even she can invest in RE with little money. For the first deal she refinanced our house and took that seed money to buy another SFH. Meanwhile I was fresh out of high school and still not sure what to study in college, so I ended up watching closely to what my mother studied/read/watched and did. In the first year we house hacked 3 Single family houses and rented them out after. Then, with a good amount of profit we started going to seminars, Fortune Builders, Jim Rohn, etc.. We got fascinated with flipping houses, our first flip was a duplex and I believe we fixed about 7 properties in one year! We quickly incorporated and had our own construction crew. Since the market was at it's peak in 2007 and rental rates were at a high, we decided to hold on to the fixed up properties and rent them out. And then the market crashed!!! With lowered prices we bought a couple more properties. Unfortunately, our cash flow seized as almost all the tenants stopped paying rent and refused to evict. in 2009, we let go of our employees and closed our business doors. I learned so many lessons from starting a business with my mother, but most importantly I saw that the American dream is a reality. I'm a true believer to this day.

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London, Greater London · Member since 2016 · 1 post · 1 vote
10y

Interesting story :) The best part of it is that it didn't discourage you to follow your American dream :) Best of luck!

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  • Marietta, GA · Member since 2016 · 15 posts · 1 vote
    10y

    Wow! What a story. Are you looking into getting back into REI? If so are you flipping or renting or trying something new?

  • Contractor · Hollywood, MD · Member since 2016 · 139 posts · 47 votes
    10y

    Hi, yes I'm getting back into REI in San Diego. I got a stack of books to read and listening to all the webinars and podcasts here on BP. I'm not sure yet what to start with. Right now i'm considering wholesaling, flipping. My goal in a few years is to own an apartment complex for good cash flow. I want to learn about the options and then pick a couple and become a pro at it, Like Bryan Turner says.

  • Realtor · Memphis, TN · Member since 2015 · 54 posts · 20 votes
    10y

    Thank you for sharing your story. Never stop believing. Best of luck to you.  

  • Investor · Longwood, FL · Member since 2015 · 221 posts · 130 votes
    10y

    thank you gor sharing your story. I love to listen to jim Rohn. I also love to listen to Les Brown. He is not real estate but great on motivation. Your story was great.

  • New to Real Estate · San Diego, CA · Member since 2013 · 49 posts · 6 votes
    10y

    Wow, crazy story, but glad you saw the bright side of the picture and I'm sure you learned a ton from that experience.

    I've been off this site for a while, but am anxious to get back in the groove and see if I can't pick up a property this year. Would highly recommend checking out the podcasts as I learned a lot of basic and advanced stuff just listening.

    Good luck!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    10y

    @Julia Shevchenko

    That's an interesting story, and I am really glad that you still believe in the American dream. People often get discouraged after initial setbacks, but you didn't. Good luck and much success to you!

  • London, Greater London · Member since 2016 · 1 post · 1 vote
    10y

    Interesting story :) The best part of it is that it didn't discourage you to follow your American dream :) Best of luck!

  • Investor · Union City, NJ · Member since 2016 · 21 posts · 0 votes
    10y

    very nice story, good luck to you

  • Rental Property Investor · Vancouver, WA · Member since 2014 · 308 posts · 144 votes
    10y

    "The American Dream is dead" notion going around these days are mainly from people who don't understand it.  The American Dream is that you can start here with nothing, and through hard work, determination, and sound business decisions, you can not only make a life for yourself, BUT you can become wealthy.  It's happening every single day, even during the mortgage bubble bursting.

    Those that say it's dead either don't know about it, or more importantly, don't want to work for it.  They tend to see things as "Well, I'm in America, I should be wealthy" kind of thinking.

    If we didn't put in the work we're putting in, and just got a job and worked, do any of you think you'd be as high up economically as you are right now?

    The American Dream is alive and well, and I'm living it. :)

  • Contractor · Hollywood, MD · Member since 2016 · 139 posts · 47 votes
    10y

    @Travis 

    @Account Closed, you are so on point!I get the assumptions of people thinking that I'm part of the generation that expects things handed to them. But little do they realize that as an immigrant I have the fire and drive than the average American lacks, other than good work ethic. I feel a little sad for the born Americans that don't understand the value of their liberty, freedom, and the pursuit of happiness. 

  • Rental Property Investor · Vancouver, WA · Member since 2014 · 308 posts · 144 votes
    10y
    Originally posted by @Julia Shevchenko:

    @Travis 

    @Account Closed, you are so on point!I get the assumptions of people thinking that I'm part of the generation that expects things handed to them. But little do they realize that as an immigrant I have the fire and drive than the average American lacks, other than good work ethic. I feel a little sad for the born Americans that don't understand the value of their liberty, freedom, and the pursuit of happiness. 

     Thank you!  Your internal fire will get you VERY far here.  Don't be discouraged if you fail here and there in real estate.  Everyone gets discouraged from time to time, myself included.  Just pick yourself up and move forward, and you will definitely get ahead!

    Some people you just can't reach.  They want things handed to them simply for being born here.  It doesn't work that way.  It has NEVER worked that way here.  I don't think people understand that.

    Also, you'll get a lot of friends and family chalking your success to "luck".  It's not luck.  It's you doing your homework, and making sound business decisions.  But let them think it's luck. :)

    Finally.  Welcome to America!  Glad to have you here!

    In celebration of your arrival, here's a picture of Arnold Schwarzenegger on the day he became an American citizen:

    http://i.imgur.com/eIHq6.jpg?fb

  • Investor · Broomfield, CO · Member since 2015 · 11 posts · 3 votes
    10y

    Thanks Julia for that precious experience and you are in abetter position now than before. Keep on marching. I wish you the best.

  • Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    great points @Account Closed

  • Contractor · Hollywood, MD · Member since 2016 · 139 posts · 47 votes
    10y

    Thanks everyone for the support, and I'm very happy I could provide some inspiration. Just wanted to post an update. I have decided to focus on purchase options/rent to own investing. It is the best strategy for me to begin with, it gives me great paydays up front and the ability to establish a cash flow. 

    Now, I'm collecting as much detailed information as I can such as documents, scripts, and of course the numbers/data. If anyone has any advise or anyone they know that want to get out of being a landlord or needs to sell their nice home in San Diego you can give them my number. Same goes for people that wish to get into a nice house, but do not currently qualify for a bank loan. I will work to make a win-win situation!

    Cheers!

  • Lender · San Diego, CA · Member since 2016 · 62 posts · 29 votes
    10y

    Great success to you @Julia Shevchenko as you get back into the real estate game. Hope to cross paths in the REI community here in SD. I'm based downtown and try to get to as many of the local meet ups as possible.

  • Investor · Massillon, OH · Member since 2015 · 266 posts · 156 votes
    10y

    that's awesome! On the rto thing, I met a lady at a reia breakfast about 5 years back. She introduced herself as a single mother, with no money,  just moved in from out of state after a failed restaurant business. The next breakfast I made it to was about 6 months later. She was doing private lender financing on bank owned homes, selling  as a land contact. Anyway  she had done 5 and was supporting herself and daughter. Now has moved in to rehabs.  I can see you doing  even better!!

  • Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    10y

    all the best @Julia Shevchenko. interesting story

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