All Forum Posts by: Devin James

Ding ding! Were there any "intangible" value created through this build that wouldn't be reflected in the numbers? An example would be that you kept your crew working rather than laying them off. Another would be you are building other units next door/nearby and you can chalk this build up to the "learning curve".

I didn't see a CFO on GLH or GLC's website, but I'm sure you have someone doing this type of financial analysis for your developments? Most CFO clients that I work with that are new construction/home builders usually target a 20%-25% gross margin as they usually have to deliver high teen returns to their investors.

 Hey @Devin James. Did you do a variance analysis for this new build?

There are several lenders who offer low/no closing cost options for first time homebuyers. Some costs are eliminated (such as 'soft charges') while others are accounted for in the interest rate.  And, it's amazing how many closing costs are junk fees that we as investors need to pushback on paying for ourselves and our clients. There simply are too many people attempted to get their hands in our pockets.  The industry is long overdue for an overhaul.  

 I feel your pain, I've had this happen many times where the project is twice as long. Hopefully you have a better streamlined build on the next one.

we ran into this in FLA  a few years back when I had 4 starts and I exited that market..

permits  sub base all pretty tough for someone who is not there and already knows the systems hands down and has a devoted loyal sub base.. thats the key in my mind.

@Devin James

I think another question you need to consider is “why do you want to be wealthy?”

Some people like to have freedom to do what they want, some like to buy fancy cars, some don’t want to have to work for someone else, some want to prove they can go from nothing to something, some are just competitive. There are numerous reasons why people want to be wealthy.

I think your “why” is an important factor to consider when asking was building your wealth worth it.

I wouldn’t call myself “wealthy” by comparison standards, but I’ve made a lot of progress on net worth over the last 5 years. It’s taken a lot of work, and a lot of lessons learned. It hasn’t been easy, that’s for sure.

I’ve sacrificed a lot of time with my family, my overall physical fitness has diminished as I no longer work out 6 days a week, and my social life is pretty much nonexistent.

So, trust me, I’ve had multiple times that I’ve asked, “why am I doing this?” At times it seemed logical to just cash in what I had built or scale back and take away the stress but then I remember my “why”.

Having a strong “why” and purpose to what I’m doing keeps everything into perspective. My “why” makes the pursuit of wealth worth the sacrifice.

It's absolutely a case by case basis. IT really depends on how much you sacrificed to achieve the wealth and what you do with it. I have met a handful of wealthy individuals and they are miserable. All they care about is their wealth. Their health isn't important, they don't go out and make memories and they have next to zero relationships. In my opinion that life wouldn't be worth the sacrifice. My wife and I grew up in extreme poverty and had our daughter when we were 17 and still in high school. We decided to invest into real estate in our early 30s. We worked our W-2 and did real estate for 10 years. During that time it was not uncommon to miss holidays, b day parties, work 14 hour days 7 days   a week. That was our sacrifice. Now we are 16 years into it and have an 8 figure net worth. My wife and I work about 1 hour a day and spend most of our time on health. My wife's mother ended up having a massive brain tumor last year and we were able to be there for her every single day. We spent weeks in different towns to be with her while she was having, and recovering from surgery. My father passed away very suddenly last year. I am able to spend how ever much time I want with my mom helping her get through this. We are spending every other weekend in Virginia as that's where my 4 month old grandson lives. My wife will also travel down alone to spend a week at a time with our daughter and grandson. Truthfully I haven't done much in the business since my dad passed as I'm still mourning his passing. At this point we NEVER miss a holiday, wedding, b day party or anniversary. We spend our summer weekends on our boat down at the bay surrounded by friends and family. I also mentor 7 friends, family (free). My best student  crossed the 1 million mark in net worth and he is in his early 30s! This is what makes me happy! Soooooo, If you ask me if it was worth the sacrifice, I would say absolutely! I would do it all over in a second. I couldn't imagine telling my mom I can't afford to help you, or my wife not being able to be there for her mom, or not being able to see my grandson when ever we want. Now it's truly about helping and making memories with friends and family, helping them grow in health and wealth,  and working on our health daily. We are also planning to start spending winters in warmer climates... I have never been more content with my life.