Timing, history taking risks, executing on plan, finding a niche, and keeping an open mind..
@Account Closed
“J, You dedicated the time to study history. Your timing was good. Most importantly, you took the risks and found a niche along the way. You came up with a plan and executed it.
You have an open mind and are willing to listen. People make fun of you when you present the data. This reminds me of the saying "The thing about smart people is they sound like crazy people to stupid people."
Your result speaks for itself. You were willing to make sacrifices and created a life you want. Others spend their time living the life they don't want while building other people's dreams. You understand the success doesn't come to you; you have to go to it. Welcome to the flip-flop and sleep-in life. CONGRATS!”
THANKS SO MUCH MINH! :) I still remember when we were talking on the phone on Thanksgiving Day 2014, talking about wanting to quit the W2 for real estate, and it not quite being the time. Things have come a long way since then ;) I still need to shut up and listen more, but I’m getting better! I did make a lot of sacrifices (and still do), but now is the time to start reaping the fruits of those sacrifices, while I continue building my business. Thanks for giving it a shot in San Jose too. And again, your mentorship and friendship has meant a lot :)
I don’t worry about trying to convince people how valuable historical data is any more. I noticed that most that yell about how useless (or harmful) looking at historical data is are still working a W2. So like @Aaron Mazzrillo said, I’m not going to shout at all the people who don’t care – but I’m happy to share it with those who do.. They can post that from their desk all day while I am traveling around hahahhahhaa
Persistence, pushing through the Naysayers, Due Diligence, and Leverage
@Johnson H.,
“@J. MartinCongrats on your achievement! I think your passion, persistence and out going personality puts you at a level above and beyond many investors here on BP. It's not easy doing what you did in when you first had the Richmond fourplex. I'm sure you encountered many naysayers but you found yourself a niche and exploited it. You've spent a lot of time doing due diligence as well, which many others here don't see, and not just time in front of the computer but boots on the ground which many don't/won't do. Just promise me you'll watch your leverage and come back to the bay when you can!
Have a great time traveling J, you'll love it, get those credit card hotel and airline bonuses, they have gone a long way for me in traveling on the cheap!”
Johnson, the man who introduced me to BP, and buying when I was still trying to get an offer accepted.. It really was inspiring seeing someone my age, in my position, doing exactly what I planned on doing. Don’t think I’d be in the same place if I didn’t meet you! Thanks so much!! And yes, a lot of time was spent on due diligence! Especially driving, walking, and talking on the streets! As I looked at the info posted above, I was purchasing all my 2-4 units in Richmond and Oakland at $120/sq ft or below, even in West Oakland in late 2004. And they all produce great cash flow (except the last that appraised at about 60% more in 18mo and did cash out.) People told me I was crazy at the time, but I think the results speak for themselves ;) With that kind of cash flow, I think it would have been a good risk-adjusted bet either way, even without this fantastic appreciation ;)
I am keeping an eye on my leverage.. I’m watching it rise after these cash-outs!! Lol Seriously though, I have good cash flow coverage and the increased rents since I bought (even unfurnished) are in line with the increased leverage. Importantly though, I have significantly increased my liquidity, so feel even safer, even with more leverage. You can pay 30yr fixed rate loans for a long time with liquidity ;) And yes, I will definitely be hustling those points! Still have quite a few from work days :) Thanks for introducing me to the “game” Johnson!!! So are you still looking for a deal now? Or just waiting until things soften..? Btw, you know Roberto lives in Fairfield, and has his laundromat there, right? Have him give you a tour some time!
Meetups can lead you to amazing places!! And new adventures..
@David C,
I didn’t know I was the first to reach out to you from BP. Then Minh, Johnson.. It’s amazing how things can evolve from the people you meet! Look what you are up to now. That’s why I really like meetups too. You never know where the ideas and connections will take you.. Wishing you guys the best of luck! Looks busy so far! :) Are you going to come back when the numbers look better and/or less competition?
Life is Short! Retirement. Livin' the Life..
@Amit M.,
“Life is short. Act on your goals and desires. cheers.”
That’s what I’m saying!!! :) I agree, I think it will fit my lifestyle better. Congrats on your wife’s upcoming retirement. Now you’ll have more opportunities to travel and spend money ;) hahahahahha Enjoy it! I was just looking for an inexpensive convertible as a thought for my cross-country trip lol Gotta live a little right!?? We’ll see if I go that route..
@Jeff Pollack,
“Congrats again@J. Martin! It is always great to hear inspiring tales from folks. It is something we all need. Always great to read your posts and chat with you. Thanks for the insights on that Oakland property. I saw it Thursday. Super light rehab and expect to be under contract this week.”
Thanks Jeff! Always happy to share my 2 cents on Oakland :) Congrats on getting this property tied up! I probably would have made you an offer on it if it were more suited as a rental, but I’m sure it will work out as a quick whole-tail. Call me if you get any rentals or in-place tenants where you can’t flip! (Have anything else now? I think I forgot to ask you the other day when we were chatting on the phone.)
Spreading the Love; Silver Bars
@Abhay K.,
“Congrats J. Your passionate data-oriented approach to RE is both inspiring and infectious. You are very approachable and giving. You deserve this success. World needs humble down to earth role modwls like you. I will always remember the silver brick at SJ meetup, memorable indeed. :) “
Very kind of you Abhay :) Much appreciated. I always thought I was a little loud-mouth and arrogant, but glad not everyone thinks that! Lol Since none of you brought me a deal, I ended up giving that silver brick to my handyman as part of his year-end bonus!! He loved it! :)
@Alnie F.
“@J. MartinCongrats again, you have been an amazing mentor and a major inspiration. Enjoy the whiskey and the travels! Keep us posted what you're up to. Are you keeping a travel journal or blog?”
Happy to help out Alnie :) Glad you could make it out to my retirement party, and thanks again for the whiskey!!! :) I’m going to enjoy it! Hope your first tenant turns out awesome! So what are you up to next? Relax and collect the rent? Search for the next one..?
@Erin A.,
“Sending you many congratulations, J! How awesome! You've worked hard for this and deserve every moment of freedom. Enjoy! We need to connect soon -- a lot has changed on my end and I'd love to bring you up to speed.”
Where have you been Erin?!? (The Far East bay still? Aka Stockton hahahaha) I kid. Yes, let’s catch up! Hope all is going well. And never heard what happened with your craftsman.. Do you have a post on it?
@Ryan Landis
Sounds like England? A great excuse to not be at the meetups earlier! Lol Not going to meetups earlier is actually one of my biggest regrets. But you live and you learn! Keep it up!
@Radhika M.
Thanks Radhika! Why don’t I see you at more of the meetups? You don’t want to chat with us?!
@Comfort S. l and @Steven Palmer
Welcome to your first day of BP, and yes, it can be done! I recommend getting active posting on the forums, asking questions, and go to a local meetup in person!!
@Sebastian Bedoya , @Michael Nakh, @Milad K, @Glenn McCrorey, @Carl Tides, @Bhezwike,@James Thiel, @April Benard ,
Thanks for the shoutouts!! What are you all doing to work on retirement..?
@David C.undefined
