All Forum Posts by: Bryan McCloskey

Robert Obniski,

Great story man! I love how you celebrate (Jack & Coke) :)

It's been said a few ways already in this thread...but it is TERRIFIC that you had the success you have had recently.

(Things did seem a little tighter on that second job...)

But the experience you got and the resume you are building up...I'm sure there are more lessons to be learned along the way...but this is a terrific start.

Several posts have been about figuring out the "systems"
How you find the next project
Who you acquire funds from
Who you hire for various parts of the job...

These systems separate the great businesses from the average or just good businesses.

Look forward to hearing how you continue to shape your business into a GREAT business!

-Bryan

Sharad,

Nicely done. Anytime a deal goes smoothly like that (or at least, looks as if you managed it well enough to appear "smooth"), and you and your partner score a sweet 31% Cash on Cash or the equivalent of 56% annual return, you guys are doing something right!

What's the ol' motto...

Lather, Rinse, Repeat!

Great win to share with the community here!

Keep it up, and Stay Prosperous!

-Bry

@James B,

Excellent reference to the coin analogy.  We have been talking about that a lot with some of the other guys I work and invest with.  We've been referring to the "third side" as "wisdom."

Two perspectives on each side of the coin, with the third being the "wisdom" to be gained from both.

Stay prosperous everybody!

PS - @Scott Huggins, keep reading.  There are plenty more excellent books out there!  Right in line with James' post...there is another side to the story...and the wisdom to be gained by reading and learning from it

Hey James B.,

That's a fair question.  I did lower it.  However, what I did was ignore some other info that astute real estate investors don't ignore (maybe ignore is too strong...I just wasn't aware)

Like - other vacancy rates in area.  

Like - strong crime & drug presence in area

To go deeper into the details, I did have a tenant in one of the two units for a few months...under market rental price (to your point...lowering the rental price did get me a tenant)...and he was great...but the drugs were so bad in that particular area that he was essentially chased out.  He did not want his kids seeing that every single day.   I even had spotlights installed to try to prevent...fake cameras...he still broke the lease and found something else.

Essentially, I learned some major lessons...

and reflecting back on it...

even though I had to dip into reserves...I may have held on to it longer if I wasn't servicing debt on it...and, in this case, I don't know if that would have been a wise move either.  

So, lesson learned...and stronger and wiser moving forward!   :)

Jordan....

Man...your story is awesome.   nothing like a little hard work...sweat equity...and thinking outside the box.   To see that in a kid of your age...man o man....there is hope for our future   :)    

I expect you to become very successful as you grow up!    Keep it up man!

PS - i just shared your story with another BP member who is struggling to find his way.   I have a feeling it is going to inspire more than a few people!    :)

Eric,

I also found this post today.   Check it out.   This kid found success by partnering...when he was stumbling on his own, he found someone who knew and he connected....

check it out:

http://www.biggerpockets.com/forums/223/topics/199...

Eric,

Sorry to hear about your frustration. I think back to the first few years as I was stepping into the world of Real Estate investing...and how overwhelming it was.

I personally felt overwhelm because of the flood of information that is available to us. There are LOTS of ways to make money in the real estate world...and there are lots of ways to help people by putting a roof over their head, by helping them sell an undesirable property or a burdensome property; by improving property; by loaning money; by partnering on projects; the list is very long.

However, what concerns me is one of your statements about "wanting to have your hands in all aspects of real estate investing." While I would say that is a pretty ambitious long term goal (akin to diversifying your investments among various niches of real estate investing), my advice would be to narrow your focus and find one aspect of real estate investing that satisfies these two points:

1. You like it or are interested in it
2. It is feasible right now for you to invest time and hard work into it with the expectation of monetary gain.

Then, once you figured that out, go find a few people who are doing it successfully, and volunteer your time with them, or partner with them, or pay them to teach you. (This will also allow you to satisfy your concern about the legality of being involved in a deal and contracts and stuff - referring to your birdogging concerns above)

Then (the most crucial step), put forth all of your energy and might into applying what you've learned and making it work.

Lo' and behold, you'll most likely find success, and at that point you'll be in a position to rinse and repeat, and/or start to build out from there.

Luckily, you are engaged in a terrific community with tons of like minded people. Consider what Josh said above...there are a lot of folks who do very very well in this business. they each have their own unique approach or dialed in system for sure!

I hope you use the responses to your questions above to motivate you keep going as opposed to give up. 

Your success depends on you man!

Invest in YOURSELF Andre Mattos!

Glad to see you here!   Bigger Pockets has sooooooooooo much to offer...so invest some time wisely here before writing that first check!   :)

Your advice is spot on, @Paulette Midgette!

It is most likely similar in other cities, but especially in Philly, a block or two, even within the same zip code, can make a humungous difference...in rental income, in vacancy rates, in "buying right"

I keep my "ears to the ground", so to speak, by working closely with realtors, wholesalers, and property managers in various areas/neighborhoods to see where and how things are moving.  Depending on your investing strategy, you may want to find something"just in front of" development, or invest after it has arrived.   Either way, Philadelphia has a lot of opportunity for the right investors!

Karl B, Having bought into programs before (luckily for me at a negotiated lower level...not the $25k) I fully realize that hard work, a library, an Internet connection, sweat, and a community like BP is exponentially worth more and will help my business more than a guru course. Sounds like you made the best decision for yourself. [ Now get to work :) ]