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Buying My First Place WITH CASH after 8 years of grinding

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RogueInnovation

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Ok, so I'm a millenial, and you know how that goes regarding buying a place
It is pretty difficult for us to get there, not impossible, just difficult

And I'm now buying my first 2 bedroom place in the city

I credit my new "light" attitude to this accomplishment
I'm pretty good with budgeting money and was able to get a big contract for my consulting work
This led to me looking into a few places around town, and I'm now soon to be a proud owner of my first little home. I'll probably rent it out and travel some of the time, or that is the plan. And use it as a little office to boost my little business to a higher degree of professionalism.

I'm not as excited as I think other people would be, I seem to have ice cold water flowing through my veins actually. Not a lot feels like it has changed, it just feels true to my inner accomplishments. A very humble, very small, first success. Enough to get the terrible monkey off my back AND PROTECT SOME FRIENDS WHEN THEY NEED HELP.

So, I now have my first tiny accomplishment.
No mortgage, bought just straight up.
Phew

Um, just so you are aware, I basically found "the dip" to be true
The Dip by Seth Godin

I'm basically at a point where I'm better than where I started, both mentally and financially
But starting as an entreprenuer was gross and led to a bad experience for many years
Which annoyed me, a lot
Until I got over it, and slowly lifted everything with it

I made a post not long ago called "tell me how", but after landing a big chunk of work
I solved the problem. I feel a bit numb about it. Like I don't care. But my friends are cheering for it. I personally just feel like it doesn't really change much, I already feel good in my heart, and this just allows me to do things a little better.

I'm lucky though. And it is the first stepping stone for me. So it is ok.
 

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Arun Siva

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how was the process? were there any setbacks? congradulations btw. I am interested because I aspire to buy property straight CASH only in the short term.
 

RogueInnovation

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Good job man, managing your finances to save that amount is no easy task

Saving is a big mind f#ck, because the tendency is to want your bank account to reflect your self doubt
I used a second bank account for anything not expense related (I don't advise this but a friend watched over it), so when I made a few thousand on a client I put it in that account, not in the one I use for rent etc

This is great! Thank you for posting this. Buying a place outright is a long shot for a lot of people, not just millennials. And it really gives me hope.

Yeah, after the dip once your heart changes enough, it starts to change things in subtle ways
The change is basically, you stop fearing the future and things crashing down around your head because you can sort of handle the stress itself better
You then can exert a confident attitude that doesn't grab for things, and that makes you "light" and easy to deal with
I for example turn down some opportunities because they arent the best fit and give them to others
That isn't good monetarily, but it allows me to focus more on the "lighter work" than the heavier work, and thusly be more generous and affable while being professional.
That slowly led to me being very solid and stable in discussions about money. I could think clearly about best outcomes, and advise people objectively without having an agenda.

how was the process? were there any setbacks? congradulations btw. I am interested because I aspire to buy property straight CASH only in the short term.

The process was a dip, initially my huge savings vanished, I freaked out and tried to keep water out of my sinking finances, sat around freaking out a lot. I couldn't find "immediate" ways to make cash, and if I had real ways I'd avoid them on a morale basis, declaring them symbolic failures. I can't say if that was right or wrong, but I can tell you that it was a double bind created by stress and my perception. Most of that "small work is hard to find when needed" mentality goes away when you lock down a few good allies or people you feel good working with. You work with them for the cause and ideas and because they want good things like you do for others, and you just help out when and where you can.
You also do some jobs for pure subsistence on a consistent basis, it isn't glamorous, but the fact it is more disposable takes pressure off both them for hiring you and you working under them.

That get rid of like freaking out, then I pursued developing good relationships with my clients (I do performance coaching selling at about 2k for short term projects)
I found this to be rather slow at helping me build up money, to a point of frustration. I couldn't see being fastlane with this. And I'm still not totally fastlane, just a sort of freer small personal business, who does freelance on the side. But I had consistent clients with this, and working around some ceos was kind of interesting, because they are like "damn great service you should charge more and implement a prepay system and that way control things so people cant be lazy and drop out, change times on you without notice etc"
So just generally chatting about things and tuning things up got me eager to make a bigger push.

I started going for some contract work, basically instead of selling 2k, I'll sell 50k worth of work.
Which is like "oh sh#t, you aren't joking" to ceos and businesses. So they look at you different, like "he was good with x and y, hmm would it work all the way, oh here are more people who worked with him too, and that all worked, he really could probably do it, and how will it perform for us? Well if we look at the improvement... alright then I think we can do it".
I could only do that cuz I was already talking to a few ceos about my business anyway, and because I'd already done similar amounts of work, it wasn't a giant leap in anythin but name and just consistency (doing work in alotted times under a structure).

Basically I'm providing extra quality to the services they already sell clients, and the number was based on their client list.
It works cuz they were looking to improve their service quality to attract bigger clients and let go of smaller more hasslesome ones.

I gotta stress that it wasn't a leap, just a casual conversation about mutually lightening our loads and improving our businesses.
I'm not superman but I'm proven excellent at what I do and with an almost flawless track record.

So in a way it is all about changing the perspective of others from NO OPTIONS, to oh yeah this is the right lever to pull.
That comes from my earlier work on being frugal and knowing how to not feel pressured by money.
If I felt pressure for money I wouldn't have been in conversations, I would have just responded defensively to peoples questions, not act open to growing my perspective on what is possible.

A distinct feeling I have is that of three stages
1) The world is against me, there is no work, and any work that exists is going to get me
2) Oh wait I can form groups of reliable people and by doing so reduce stress on each one to provide for me "hey guys whats happening" and also sell my own stuff on top and save it
3) This perspective has changed and can continue to change, how interesting! "Oh hey I heard about you trying x, you know I do y" and now seeing a kind of different world where other guys are successful, and I'm slowly coming around. I'm not desperate for help or anything but I'll engage with them. They know I'll go off and be fine, I know they'll be fine, but we both want it better. And I see this as the world not being against me, but rather, me starting out forcing myself to a standard and now understanding a different standard that is somehow free of double binds. And we just casually do stuff but highly professional.

In my head I see it like, plugins?
Like at the start the plugin was this horrible thing
Then I switched it out for stability
Then switched it out for relate-ability

When I started these werent plugins they seemed like firmware, or like they were hardwired
So I thought it was hardwired that there was no work and it was out to get me
Now I do recognise that exists, but its not a depth I would sink to
I'd organise reliable sources of income that meet my standards
And I'd continue to chat with guys casually about biz as we do biz

Its not a leap, its my life conditions are not RULED by the same fears
I'm still wary of old fears, but its further away from me

I used to think this was only possible by enslaving a workforce below me :p
I am very glad I was able to do this without adversely doing anything to anyone


What feels strange, is, I can feel distance grow between me and other people.
But I'm not trying to further that, I'm just, slightly better positioned.
I now know that a lot of money in the bank can change the outlook of your life, yes, but it will only mildly change the DIRECTION.

Stopping seems... insane to me. Like a slap in the face to everyone. And I aim to make a truly decent amount in the next few years, and get a better place, my dream place by the ocean. So the dream is still there, but a practicality is out of the way, and I'll exchange money in the bank for the practicality and long term dividend of getting rent (which will help me be more professional).

I might rent a nicer place using the amount I get from renters, who knows. I have more options now and it is nice.
 

MJ DeMarco

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Congratulations.

Once you knock out your housing/shelter cost, things are a lot easier and cash-flow is much easier to stockpile.

Most people have to spend HALF their entire income on shelter. This is why I talk about this in Unscripted and having either a Housing Pot, or a home free and clear.

Rent Burden Will Be Way Worse in 2025: Report
 

Philip Marlowe

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Most people have to spend HALF their entire income on shelter.
The scary part of this is that banks will lend you nearly that much for a mortgage. I'm in the home buying process right now and was shocked at what they were willing to provide (almost 45% of my monthly take-home).
 

Process

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Awesome, seems the process is serving you increasingly well.

And I'd like to apologize about a thread where I ripped your head off four months ago. I only do so to prevent people from lying to themselves. Seeing that kind of stuff was still a sore spot to me because it was what I was did to myself for years.

:peace:
 

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