All Forum Posts by: Douglas Skipworth

I love this, @Alecia Loveless!   Congratulations!

Is buy and hold the source of your financial success and/or do you see real estate investing playing a big role in getting your net worth 25X bigger?

Great comments above!

Below is the median net worth of Americans by age according to a recent "Survey of Consumer Finances" conducted by the Federal Reserve.

Under 35: $13,900

35-44: $91,300

45-54: $168,600

55-64: $212,500

65-74: $266,400

75 and over: $254,800

At this stage in your life, if you are ahead of the average American, what do you attribute your "success" to?

Personally, I am ahead and real estate investing played a significant role in getting me there.

I guess there's not necessarily magic in measuring it monthly.  That is just a good rhythm for me.  Plus, if I miss it one month it doesn't matter because I'll do it next month instead.

To me, the purpose is to do it on a regular basis (eg, monthly, quarterly, or, at a minimum, annually - which is sounds like a ton of people do).  The exercise of tracking it regularly helps to keep it top of mind and it also allows me to see how my plans are working compared to my goals and if I need to make adjustments (I agree with @Chris Clothier that you've got a keep a long-term perspective because real estate investing, like life in general, is a marathon not a sprint).

Great question, Allan!

Hey, Byron.  This is great! 

I'm teaching folks from ages 15 to 60+, some of whom have no net worth or a negative net worth. They need to hear that they can make a change if they are willing to push through the pain of being uncomfortable (I agree with @Cameron Tope that most people don't want to face the fact in black and white!).

In my experience, the people who are most skilled at talking about personal financial statements are the ones who end up with the largest amount of assets, equity, and income! 

Thanks, @Jay Hinrichs.

Is it fair to say that your being required to send all that info to your lenders has helped you grow your wealth more than if you weren't required to do it?

I'm teaching a class on buy and hold real estate investing in Memphis and I'm looking for some real life examples to share with the students.

Here's the brief background on my question below.

I believe 2 things.

1. People who regularly measure their net worth have a larger net worth than those who don't track it.

2. People who track their net worth regularly grow their net worth faster than those who don't measure it regularly.

If you're like me and you belief these 2 statements (I'm assuming everyone does, right?!), will you share some basic facts with me about your experience so I can have some real life examples to encourage with my class with (below is my personal experience)?

Personally, I have been tracking my net worth on a monthly basis since 2008 and it has grown 50X over that time period.

What is your experience with tracking your net worth?

Have you ever mismanaged a rental property? @Dean Harris and I both have. 

If you need help fixing a mismanagement situation in Memphis, contact me directly. We can help sell it through CrestCore's brokerage or turn it around through CrestCore's property management company! We've also got tools to help you avoid mismanagement situations in the future.

Do you see this time as an opportunity to buy or sell?  Believe it or not, in Memphis @Dean Harris and I are seeing both.

Here's the latest deal of the week.

If you want to learn more about buy and hold in Memphis (or fix and flip, SFR, turnkey, small multifamily, property management, or hard money loans), please subscribe on YouTube or Facebook. Each week @Dean Harris and I cover it all!

If your buy and hold loan matures (or has matured lately), how are you handling it when the new rate is potentially double from what it was on the original loan?

If you want to learn more about buy and hold in Memphis (or fix and flip, SFR, turnkey, small multifamily, property management, or hard money loans), please subscribe on YouTube or Facebook. Each week @Dean Harris and I cover it all!