All Forum Posts by: Timothy Douglas

Hey guys! I will be making $3,000 a month in passive income by May 31st, 2021. I'm deciding to dedicate twenty hours a week to Real Estate. I want to know how you guys allocate your Real Estate time. I don't have a team, a deal pipeline that is working (I am starting a direct mail marketing campaign in January), any idea of how to analyze properties quickly (it seems information is needed that I can't obtain until I'm under contract), or a lot of capital behind me. I want to accomplish the passive income through multi-family properties, ideally apartments that are 20-50 units. I will also be wholesaling other deals I come across. I am planning to spend 5 hours a week educating myself, 3 hours a week networking, and then the rest is unplanned as of right now. I don't know where I should focus my time, so where do you guys? What 20% of work produces 80% of your results? All responses are appreciated!

@Jay Hinrichs My brother is a day trader! I really enjoyed this post 😂 I dabbled with day trading a bit and will continue once I graduate college. Best of luck to you on future trades

@Jonathan Greene not getting started... I’m going to get more aggressive with action, setting aside time, and networking!

Originally posted by @Jerryll Noorden:

Originally posted by @Timothy Douglas:

Originally posted by @Jerryll Noorden:

Originally posted by @Timothy Douglas:

Originally posted by @Bobby Valcin:

@Patricia Steiner You are correct. Taking action is key.

Let me give some background. I did a BRRRR recently on a property that went over budget a bit so the "Repeat" part of the BRRRR will have to wait a bit. I decided to start looking into wholesaling as a way to build some additional capital and also find my own deals to use to partner with some local investors.

I’m trying to figure out a good starting place, hence my original question. Taking action is not what I’m struggling with at the moment. In the interest of time, I would just prefer not to throw a bunch of stuff against the wall to see what sticks.

Has Thumbtack generates business for you?

I feel that. I want to generate capital for future investments as well. Raising money is hard for me because I haven't found a good deal and have no experience to offer investors. I recently started my LLC and come January I am going to be buying lists of distressed investors, apartment owners, pre-foreclosures etc... I can get a list of 1000 in my area for like $90.00. Then I'll be doing a direct mailing campaign. I think it's a cool way to target your efforts. The best way is to network as much as possible because that will lead to you getting deals from every direction. Also, I always hear about partnering with somebody who can find deals really well, or talking to other investors that will pass on deals they cannot afford.

 A way to get capital is how I did it. Not sure if it is the best, but it worked for me.

I started wholesaling because I had no money to buy a house. I hated wholesaling and still do.. But.. I was really good at it, because I took emotion out of it (I barely use emotion for anything), and was very cold strategic robotic, all by the numbers.

I took a JV route. I asked BP if I got a good deal would anyone be interested to partnet with me and they pay everything and we split the profits. I did get someone but that didn't work out for me. I lost a lot of money.

So I do not suggest you do that.

But this is what I did after losing all that money.

I wholesaled 2 more deals, till I had enough capital to go the private money route.

So let me show you how I made $101,000.- in 4.5 months. And anyone can do this immediately right now, as long as you have access to some private money or hard money. (be informed of all the risks though). But there is no reason anyone can't do this now.

Flipped 2 houses.

One house gave us $36,000.- (a LOT went wrong and a ton of headaches so we didn't get a lot from this one. This stuff happens and you need to get used to it).

https://www.zillow.com/homedetails/11-Devonwood-Dr-Waterbury-CT-06708/58012898_zpid/

Then 

Immediately after that one was done we started this one:

This one gave us $66,000.-

https://www.zillow.com/homedetails/96-Stoddard-Ave-Newington-CT-06111/174083155_zpid/?mmlb=g,14

It really is not complicated to make money. The theory is quite simple. You just need to take risks, step up, just do it!

We got multiple offers a few hours after listing it, and all offers were above asking price.

So we just received the money a few days ago.

Now we do several flips at the same time. So imagine, if you do 3 to 4 flips at the same time, your paycheck could easily be $100,000.- to $200,000.- a month.

You just need to do one flip. learn from your mistakes. adapt and define your systems. Do a second flip. Again adjust, and do a third flip.

Now you have plenty of capital to start doing B&H, wholesaling the right way, or continue flipping.

BUT... now things become actually fun. When you are struggling, in the beginning it is a lot of stress, but once money comes in... OMG it is so much fun!!

FINEPRINT:

The way my flips bring me so much money is because I buy them right. You make money when you buy.

We get the best leads because of a #1 ranking website that is fine tuned for conversion. We use our own developed strategies not just to rank #1 but to have people obsessed with choosing us to sell to. 

THIS is the ONE and ONLY reason we are crushing it.

 I love that! I am looking at flipping properties if a deal comes across, but I haven't networked enough to raise enough private capital. I really need to decide whether I am flipping or wholesaling. Honestly, I don't like the idea of flipping without the correct partners. I would need somebody with more experience that I would be able to bring a deal. I don't have the money to blow or the experience to ask an investor to blow their money. That's the problem I've run into.

 I can tell you are a smart dude. How about getting involved with an investor that currently is flipping a house. Shadow and learn from him.

You won't get experience if you don't do it, and you are not going to do it until you gain experience. 

You're at a stand-still.

Get out there and be aggressive. Don't take no for an answer. Learn how to flip!

 I feel that. Thanks, man!

"... Had a dream that they were going to see come to fruition for themselves and many others"

Originally posted by @Jerryll Noorden:

Originally posted by @Timothy Douglas:

Originally posted by @Bobby Valcin:

@Patricia Steiner You are correct. Taking action is key.

Let me give some background. I did a BRRRR recently on a property that went over budget a bit so the "Repeat" part of the BRRRR will have to wait a bit. I decided to start looking into wholesaling as a way to build some additional capital and also find my own deals to use to partner with some local investors.

I’m trying to figure out a good starting place, hence my original question. Taking action is not what I’m struggling with at the moment. In the interest of time, I would just prefer not to throw a bunch of stuff against the wall to see what sticks.

Has Thumbtack generates business for you?

I feel that. I want to generate capital for future investments as well. Raising money is hard for me because I haven't found a good deal and have no experience to offer investors. I recently started my LLC and come January I am going to be buying lists of distressed investors, apartment owners, pre-foreclosures etc... I can get a list of 1000 in my area for like $90.00. Then I'll be doing a direct mailing campaign. I think it's a cool way to target your efforts. The best way is to network as much as possible because that will lead to you getting deals from every direction. Also, I always hear about partnering with somebody who can find deals really well, or talking to other investors that will pass on deals they cannot afford.

 A way to get capital is how I did it. Not sure if it is the best, but it worked for me.

I started wholesaling because I had no money to buy a house. I hated wholesaling and still do.. But.. I was really good at it, because I took emotion out of it (I barely use emotion for anything), and was very cold strategic robotic, all by the numbers.

I took a JV route. I asked BP if I got a good deal would anyone be interested to partnet with me and they pay everything and we split the profits. I did get someone but that didn't work out for me. I lost a lot of money.

So I do not suggest you do that.

But this is what I did after losing all that money.

I wholesaled 2 more deals, till I had enough capital to go the private money route.

So let me show you how I made $101,000.- in 4.5 months. And anyone can do this immediately right now, as long as you have access to some private money or hard money. (be informed of all the risks though). But there is no reason anyone can't do this now.

Flipped 2 houses.

One house gave us $36,000.- (a LOT went wrong and a ton of headaches so we didn't get a lot from this one. This stuff happens and you need to get used to it).

https://www.zillow.com/homedetails/11-Devonwood-Dr-Waterbury-CT-06708/58012898_zpid/

Then 

Immediately after that one was done we started this one:

This one gave us $66,000.-

https://www.zillow.com/homedetails/96-Stoddard-Ave-Newington-CT-06111/174083155_zpid/?mmlb=g,14

It really is not complicated to make money. The theory is quite simple. You just need to take risks, step up, just do it!

We got multiple offers a few hours after listing it, and all offers were above asking price.

So we just received the money a few days ago.

Now we do several flips at the same time. So imagine, if you do 3 to 4 flips at the same time, your paycheck could easily be $100,000.- to $200,000.- a month.

You just need to do one flip. learn from your mistakes. adapt and define your systems. Do a second flip. Again adjust, and do a third flip.

Now you have plenty of capital to start doing B&H, wholesaling the right way, or continue flipping.

BUT... now things become actually fun. When you are struggling, in the beginning it is a lot of stress, but once money comes in... OMG it is so much fun!!

FINEPRINT:

The way my flips bring me so much money is because I buy them right. You make money when you buy.

We get the best leads because of a #1 ranking website that is fine tuned for conversion. We use our own developed strategies not just to rank #1 but to have people obsessed with choosing us to sell to. 

THIS is the ONE and ONLY reason we are crushing it.

 I love that! I am looking at flipping properties if a deal comes across, but I haven't networked enough to raise enough private capital. I really need to decide whether I am flipping or wholesaling. Honestly, I don't like the idea of flipping without the correct partners. I would need somebody with more experience that I would be able to bring a deal. I don't have the money to blow or the experience to ask an investor to blow their money. That's the problem I've run into.

I feel that. I want to generate capital for future investments as well. Raising money is hard for me because I haven't found a good deal and have no experience to offer investors. I recently started my LLC and come January I am going to be buying lists of distressed investors, apartment owners, pre-foreclosures etc... I can get a list of 1000 in my area for like $90.00. Then I'll be doing a direct mailing campaign. I think it's a cool way to target your efforts. The best way is to network as much as possible because that will lead to you getting deals from every direction. Also, I always hear about partnering with somebody who can find deals really well, or talking to other investors that will pass on deals they cannot afford.

I would definitely drop out. The only reason I am still in college is that I have friends that I think are worth staying for. You can build discipline outside of school, and it's the best place to do it in my opinion. School is great for people who are comfortable with a 9-5, but it is also teaching you to be disciplined when you have structure and somebody disciplining you. This is not the reality in REI, or the entrepreneurial world in general. One of my professors said something earlier this semester that made me want to vomit. She's a lovely lady but said she was training me to be an employee. You're young with energy, but time is valuable and there is no point in wasting it on something you don't want to do and brings no value to your life. It always helps to write down your goals and see whether or not your daily actions are getting you there. Furthermore, you can read the books they teach out of anyway. The only thing that you would be missing is their pat on the back. If you drop out though, be ready to starve because you will fail before you succeed.

Would it be crazy to say track down your Morpheus? Morpheus was there for Neo because Neo was needed. While the Bigger players are difficult to get the attention of, everybody needs something! Figure out what they need, and find out how to provide it for them. The most limited resource is time, so if you can find out a way to make them work less, they might just keep you around. Gary Vee always suggests working for free...

 Great, WIll do!