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Envision

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I've been thinking about ways to bring value to the forum and I think creating a progress thread about my real estate business and investments could provide alot of insight to members interested in investing (especially at a young age) and also help myself stay accountable to doing what I need to do.

Current Situation:

Currently, I work a full time job (VP of Operations of a real estate holdings company), run my e-commerce business, attend school full time (just 1 year left), and invest in real estate when I have the opportunity to. I would like real estate to become the bulk of my income as it has many benefits with the major one being secure form of income.

Current Properties:

I purchased my first property when I was 20 by house hacking it. I lived for free, paid down the mortage, and purchase my second property when I was 22 and house hacked another larger duplex (i've spoken on these at the summit). If you're interested in househacking check out @G_Alexander thread here it's jam packed with good info.

I live in 1 of my 4 units.

Current Units: 4

My overall goal is to build a multi million dollar holdings company that self manages assets ranging from multi family to storage and other commercial assets. I have a number in my head pertaining to net worth and maybe one day I'll disclose it but in reality I just love the process of doing deals, seeing my tenants lives change because I can provide them with a place they love to stay in, and seing my life change because of the Unscripted ability that real estate provides.

Where to go from here?
  • I'm focusing on my ecom business and scaling it to provide me with the income to purchase real estate.
  • Connecting with other investors and establishing relationships in my city.
  • Keep learning at my job about how to manage and scale a real estate business.
This isn't a thread that will see a ton of success in 6-12 months (like many gurus tell you) it will be 5-10 years to see substantial gains and in the overall game plan will be something I do for the rest of my life but I hope some of you can gain a lot from it if you're interested in real estate investing.
 
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Envision

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Currently have a lead with a local investor who's looking to seller finance. Could be a great opportunity, met him through going to my local REIA meetings.
 
G

GuestUser4aMPs1

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Morning @Envision, Thanks for creating this thread! Really enjoyed your talk at the Fastlane Summit a few months ago, and looking forward to how this thread will develop.

I am curious about your current situation, specifically where your focus is / how you're managing multiple projects at once. You're the VP of Operations @ RE Holdings Company, own an Ecommerce Business, Own & Manage your Properties, AND are a Full-Time Student on top of all of that...

...That's a lot on your plate!
So, I have a few questions based on this:

-Would you rather focus on one project at a time and grow from there?
Why not put in more work as the VPO or your Ecommerce Business?

-Why are you still in College?
It seems the unspoken consensus on the forum is to drop everything and focus on business if it's taking off. Not to say it's right or wrong for you going -- It's just contrarian amongst this community and I'm genuinely curious about the benefit you derive from going to college, even though you're already "doing it." I liken it to the person who doesn't quit their job, even though their business generates their salary multiple times over.

Looking forward to your reply!
 
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Envision

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Morning @Envision, Thanks for creating this thread! Really enjoyed your talk at the Fastlane Summit a few months ago, and looking forward to how this thread will develop.

I am curious about your current situation, specifically where your focus is / how you're managing multiple projects at once. You're the VP of Operations @ RE Holdings Company, own an Ecommerce Business, Own & Manage your Properties, AND are a Full-Time Student on top of all of that...

...That's a lot on your plate!
So, I have a few questions based on this:

-Would you rather focus on one project at a time and grow from there?
Why not put in more work as the VPO or your Ecommerce Business?

-Why are you still in College?
It seems the unspoken consensus on the forum is to drop everything and focus on business if it's taking off. Not to say it's right or wrong for you going -- It's just contrarian amongst this community and I'm genuinely curious about the benefit you derive from going to college, even though you're already "doing it." I liken it to the person who doesn't quit their job, even though their business generates their salary multiple times over.

Looking forward to your reply!

Hey man, those are some good questions and I think about the situation a lot. I think it comes down to free time and what you're filling it with. I don't have free time because I am always working on progressing in one of the categories you've mentioned but that doesn't mean one of those categories detracts from the other, i've worked it out into a way where they don't interfere with one another and in some cases benefit each other. For example,

-My job pays for half of my tuition, I am full time and get a full time salary, even though I can leave and go to class.

-When I need a contractor to work on one of my properties I use the same contractors that I use for the RE firm Im the VP in and I get priority treatment because of how much work I bring them.

My salary from the ecom business and VPO position look really good to banks when looking for financing for new properties.

As for the VPO position, I've essentially climbed to the top of the company already and any future growth would come in under me. When it comes to the Ecomm business, im too reliant on a couple of sales channels and I would rather reinvest back into the business than have to live off of the income I produce.

I'm in college just to get the peice of paper man but I'm also thinking long term about it as well, most of the stuff we discuss in class I've already taught myself or I'll literally never use in my life. Im fine with that, but I might even get my MBA because one day I will most likely create an investment firm myself and when I'm raising money or working with banks, or whatever the case may be I'll have the credentials but also the track record to get funding, investors, partners, etc. I also want to get it done now before prices get even more crazy (i only have one year left in my undergrad).

Just a side note on the college thing that I've observed - the stats are against the college argument, getting a degree IS PROVEN on average to make you more successful in life than not getting one. Everyone who speaks out against it actually has one - Tai Lopez, Gary V, Grant Cardone, Peter Theil... They may say it's a waste of time and you shouldnt do it but then you have to ask yourself would they be where they are today without it? No doubt they'd all be successful, but would they be where they are today?

What I HATE about college is the racket that's been created to screw students with student loan debt. The government backs the loans essentially allowing schools to raise prices astronomically and they saddle the student with the burden in a stage where the student doesn't understand or care YET about what they're doing to their future.

I won't have that issue, I wont have any debt and Ill have the degree just a couple years later than my friends who have -60k and got their "college experience"
 
G

GuestUser4aMPs1

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Appreciate your detailed response!

I think it comes down to free time and what you're filling it with. I don't have free time because I am always working on progressing in one of the categories you've mentioned but that doesn't mean one of those categories detracts from the other, i've worked it out into a way where they don't interfere with one another and in some cases benefit each other.

Sounds like real Synergy; Nice setup! I try to do similar -- cross pollinating between areas of improvement in my schedule. The whole really is greater than the sum of their parts when set up this way.

So, your schedule is pretty packed then? If you're at liberty to share, I'd love to know what your average schedule looks like. It's sort of inspiring to see how much more other people can squeeze out of a day and try to emulate that.

My salary from the ecom business and VPO position look really good to banks when looking for financing for new properties.

Got it, good plan.
I'm assuming this is in addition to any LOCs from the previously paid off houses?

Just a side note on the college thing that I've observed - the stats are against the college argument, getting a degree IS PROVEN on average to make you more successful in life than not getting one.

By the very fact that you're going by choice speaks volumes to your level of commitment and clarity of vision. IMO College gets a bad rap here because at the core, most average students feel obligated to go to college as opposed to a conscious decision.

As a forum pursuing an Unscripted life, being Unscripted feels a lot more like cutting out the stuff you don't want (financial scarcity, temporal prostitution, social constraints, etc) than anything else. For some members, the obligation to attend college due to social pressure, parents, or whatever the catalyst -- will cause it to be on that list as well. Others, not so much. Depends on the individual's goals.

So for example, my goals didn't necessitate an MBA to use as a credential for financing from a bank. But everyone gets into the college vs no college argument because everyone projects their values and goals onto other people. lol

Every situation's different, but in this case my current service business is based on a trade (Audio Production & Engineering) that I've studied obsessively since youth.
I had enough experience from busting a$$ working side gigs and being exposed to the industry over the years that I would have experienced diminishing returns by delaying entering the workforce with more education. But I can't tell you if this was a good decision until time has passed -- Consider it a strong belief loosely held.

To each their own. I have no qualms for someone who decides to go by choice and has set their life up to be net beneficial like you have. Again, Appreciate your response as I've been genuinely curious!

What I HATE about college is the racket that's been created to screw students with student loan debt. The government backs the loans essentially allowing schools to raise prices astronomically and they saddle the student with the burden in a stage where the student doesn't understand or care YET about what they're doing to their future.

Absolutely hear you on this.
Without a plan, it's practically financial suicide waiting to happen.
I'm just as opposed to this racket as the next guy.
Awesome to see you'll be graduating debt-free.

Anyway, thanks again for the response.
Feel free to respond to as much or as little of this post as you'd like as it's mostly a ramble. Just been sitting back nodding my head in agreement at everything you've posted, haha.
 
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Envision

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Sure man,

Wake up around 6/8
Ill workout in the morning
Work 9-5
If i didnt workout in the morning ill workout after work.
If I have class after work ill go to class
Work on business 7-1
Repeat
 
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2legit2quit

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any updates? i read your first post from when you were 19, seems like you have come a long way.

i am completely new to this entrepreneurship and business thing, considering starting an ecom store through shopify or such (im 31 and need to still pay off my student loans!). thanks for your threads!
 

Envision

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any updates? i read your first post from when you were 19, seems like you have come a long way.

i am completely new to this entrepreneurship and business thing, considering starting an ecom store through shopify or such (im 31 and need to still pay off my student loans!). thanks for your threads!

Hey man, thanks for the bump. Ive been busy - my current business has doubled and is on track to meet my goal in 2019 - Ive also been working on other sales channels and my revenue is starting to be much more diversified. Ive been focused on that, the more that grows the more ability I will have to build my real estate business and do everything that I want to do.

Ive essentially split my income so that 50% goes to my savings (for real estate), 20% goes to my wants and 30% goes to my needs. This is automatically done to 4 different banks so I don't interfere or get in the way of achieving my goal. With this I will be able to find a 2-4 unit next in 2019 and purchase it conventionally.

As for my current goals/projects,

1. Grow my current business to 1M+
2. Grow my second brand to 100k (6 figures)
3. Acquire 1 more MF property
4. I'll graduate this summer with my business degree
5. Still working my job, my boss started a new insurance brokerage and I will start selling insurance to businesses which should create some residual/scalable income as well.


- I may be brought in as a partner to another commerce business that has a lot of potential and I would want to scale that to 500k if its not there already

- I may start managing an artist who has alot of talent and lacks business acumen, my goal with him would be to streamline his sales process and brand and I'd get a 10% commission from all artwork he sells. His current pieces range from $500-$5000 but I believe he has a ton of potential - he just needs management.
 

2legit2quit

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awesome stuff, very impressive.

i am a musician myself, who lacks the business acumen you speak of, haha.

i like the idea of splitting the income up. i live in Toronto, Canada, and real estate is hard expensive here, same as where im born (vancouver).

from what i read on your early posts, your initial buy was a duplex/townhome of sorts right?

when you initially joined the forum, was your motivation 'real estate' or it seemed the logical way to get into the 'game' of getting the lifestyle you want? does that question make sense?

thanks for your posts!
 
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Envision

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awesome stuff, very impressive.

i am a musician myself, who lacks the business acumen you speak of, haha.

i like the idea of splitting the income up. i live in Toronto, Canada, and real estate is hard expensive here, same as where im born (vancouver).

from what i read on your early posts, your initial buy was a duplex/townhome of sorts right?

when you initially joined the forum, was your motivation 'real estate' or it seemed the logical way to get into the 'game' of getting the lifestyle you want? does that question make sense?

thanks for your posts!

Yes, most millionaires make their wealth in real estate and I chose that after I purchased my first property and realized the potential. You don't need to buy one to see the potential though, there are thousands of people who are multi millionaires from owning real estate investments.

I also own a relatively large ecommerce business that makes enough money I dont really need to do anything anymore but my goals are much bigger than retiring on a 100k/yr. So I leverage the income from my various streams and pour the profits into real estate investments.

After 5-15 years of doing this (ill be in my mid 30's) my real estate should earn enough money to buy more real estate in which case I would have built the machine that creates wealth in perpetuity. The ecom, job, hustles are just a means to starting that machine (even though the ecom is its own machine).
 

Envision

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How can you be a VP of a real estate holding company while you are still like 21 year old?

Met the owner at a real estate meet up when I was 20, he saw how driven and motivated I was and he hired me. From there I learned and am still learning on the job. You just need to learn quickly and admit what you don't know so you can learn even faster.
 

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Met the owner at a real estate meet up when I was 20, he saw how driven and motivated I was and he hired me. From there I learned and am still learning on the job. You just need to learn quickly and admit what you don't know so you can learn even faster.

Oh I see, very nice man. Living and doing business in the USA is very different vs The Netherlands. There is nobody in this whole country who is a VP of a company unless maybe it's a family business. Also I like the real estate market in the USA you can be a realtor so easy, here in the Netherlands you need to study for 4 years and get a degree in real estate before you may participate in realtor activities...
 

Envision

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Figured I'd update this to give people a formula if they care to follow. Since I need to put conventional down payments on my next investment properties I've bumped my savings rate to 50%. So my pay is diverted into 4 accounts with three different intentions.

50% - Savings specficially for investments
30% - Needs (car,gas,food,bills)
20% - Wants (I dont want anything so this generally gets saved or is spent on eating out)

With a formula like this I can save post tax slightly under 50k if my projections are accurate and that would enable me to purchase another property or an online business.

Everything is currently going well, rentals are in good shape and Ive spent another 5k improving my side with new appliances and tile etc. Business is growing and working developing my second brand to the point where it can cover my 30% on it's own.
 
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Envision

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About time for an update.

Im under contract for a triplex in the nicest part of where I live (all my rentals are in this city, but this is the best and most historic zip code)

Purchase price $450,000
15% down (investment purchase)
4.25%
30yr

Rents: (Current/After Acquisition)
1/1 (485/1000)
1/1 (585/1000)
2/1 (1035/1600)

Debt Service ~$2.5k
Utilities (all on one) ~$500
Cash flow ~$400-800 depending on rents and variable changes.

Id like to build an ADU on the back of this property and essentially make it a 4plex, if I could pull that off. It would increase the value of the property to over $800k. Theres another triplex on a slightly better street currently for sale for $690k with the same rents. So this is an appreciation, cash flow, and long term play for me.

Ill use a HELOC to acquire this property and force appreciation to refi it in ~2 years. Even with recessions this area because of the historic and valued nature of it doesn't really feel feel a drop on the value of the buildings.
 

Envision

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Another update after reading the OP

-Im self employed now full time on ecom
-Im buying ecom businesses as well (currently under contract on one) and hiring to scale these companies
-Im using real estate to store wealth and my cash as these companies grow

This is not an active business for me yet, the ecom is far better at wealth and cash creation - I just hate watching my money sit in my bank and id much rather find key investment properties in two cities that I live and work in.

Ill be handing these properties to property management, I think as you start to grow its important to note what your time is best spent doing and for me thats building online brands.
 

Envision

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Closing on the triplex in a week. Wasn't the easiest loan to work through because the loan officer I was using was pretty inexperienced to many of the things I wanted him to do. Took him basically 3 weeks of fighting with me to realize what I was trying to get him to do and now he thinks it's his idea LOL.

1. A note for anyone trying to buy rental real estate. You can use future income from the property you're buying to help qualify your debt to income.

2. Don't listen to a 'no' from a lender because of reasons they think are right. There is always a solution to a problem. Orginally this guy was telling me to pay off all my debts to qualify. Now, I have to pay none off - If I didnt know what I was doing I could have really screwed myself here listening to him.

3. The ADU looks like I can build it for 100-150k (attached a picture of what Im thinking of doing - this one is a block away). Comps in the area would put the value at $850k.
28168

Also picked this up about a month ago. Since it's over 6k pounds I can write the entire thing off (bought it with my company). Normally Id never buy a liability like this but the tax benefit and purchase price made it too good to pass up.

2816928171
 
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Envision

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Just got this single family home under contract. It's funny, I never drop my packages off for my business anymore and I told my employee I'd take them today so he could get some more stuff done. As I was driving to USPS i saw this lot + house for sale. I dropped my packages off and pulled up to the house and mid call to the realtor listed she walked up to my car and knocked on my window.

20 minutes later my realtor and I were walking through it and I had my pre approval from my lender in my inbox. Offer sent two nights ago and accepted last night.

Asking: $230,000 (Offered: $235k)
Down: $11,500
Total Debt ~$1500
Expected Cash Flow: $500

The play on this property is, it's downtown in one of the fastest growing cities in my county and the lot can be split and built on.

The house is a 5/2 and is probably worth $250-300k fixed up.
The lot next to it is probably worth $50-100k
The container on it i can flip for $2-4k

--------
Total units: 8 + 2 future builds.
 

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Envision

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As for my current goals/projects,

1. Grow my current business to 1M+
2. Grow my second brand to 100k (6 figures)
3. Acquire 1 more MF property
4. I'll graduate this summer with my business degree
5. Still working my job, my boss started a new insurance brokerage and I will start selling insurance to businesses which should create some residual/scalable income as well.

Its cool documenting these things. A year later, all these were accomplished + more and I don't work my job anymore.
 
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Ocean Man

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You can use future income from the property you're buying to help qualify your debt to income.
Hi Envision, could you clarify what this means?
 

Envision

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Hi Envision, could you clarify what this means?

Sure, if you buy a multi family property and the units are rented at X amount.

The X amount can be factored towards your income when your loan officer/bank is looking at your debt to income.

If you have a low income and your debt to income ratio wouldnt allow you to handle the debt service on the property by having multiple units (with incoming cash flow) you can get into the property leveraging the existing cash flow.
 
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Ocean Man

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Sure, if you buy a multi family property and the units are rented at X amount.

The X amount can be factored towards your income when your loan officer/bank is looking at your debt to income.

If you have a low income and your debt to income ratio wouldnt allow you to handle the debt service on the property by having multiple units (with incoming cash flow) you can get into the property leveraging the existing cash flow.
I see, so you’re basically saying, “Hey, here’s additional evidence to support that I have cash flow/more proof of income”.

Thank you for explaining it.
 

Envision

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Mini update

- Finishing up renovations on the triplex and handing it off to property management
- Got the SFH rented + the container rented.

Going to be refinancing the triplex in 6-12 months
Opening lines of credit on other properties
More or less positioning and moving funds/companies/insurance in place to scale.

Also, starting to save for either building or buying a warehouse for my company something 10-20k sq.ft that I could rent units out in as well to cover the bulk of the payments.
 

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Closing on the triplex in a week. Wasn't the easiest loan to work through because the loan officer I was using was pretty inexperienced to many of the things I wanted him to do. Took him basically 3 weeks of fighting with me to realize what I was trying to get him to do and now he thinks it's his idea LOL.

1. A note for anyone trying to buy rental real estate. You can use future income from the property you're buying to help qualify your debt to income.

2. Don't listen to a 'no' from a lender because of reasons they think are right. There is always a solution to a problem. Orginally this guy was telling me to pay off all my debts to qualify. Now, I have to pay none off - If I didnt know what I was doing I could have really screwed myself here listening to him.

3. The ADU looks like I can build it for 100-150k (attached a picture of what Im thinking of doing - this one is a block away). Comps in the area would put the value at $850k.
View attachment 28168

Also picked this up about a month ago. Since it's over 6k pounds I can write the entire thing off (bought it with my company). Normally Id never buy a liability like this but the tax benefit and purchase price made it too good to pass up.

View attachment 28169View attachment 28171
Gotta love the Rover Sport. SVR?
 
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Taktik

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Its cool documenting these things. A year later, all these were accomplished + more and I don't work my job anymore.


Wow, congratulations on your progress. That's really impressive.

I am also considering investing in real estate, but for that I first need more money.

Could you elaborate a little bit more no your e-commerce endeavors? Have you built your own brand or have you built some kind of an online shop, where you sell all kind of brands? How did you start? ...

Thank you.
 

Envision

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Gotta love the Rover Sport. SVR?

About as close as you can get to an SVR without the price tag lol, supercharged V8 with all the upgrades.


Wow, congratulations on your progress. That's really impressive.

I am also considering investing in real estate, but for that I first need more money.

Could you elaborate a little bit more no your e-commerce endeavors? Have you built your own brand or have you built some kind of an online shop, where you sell all kind of brands? How did you start? ...

Thank you.

For sure, I built my own brand and we sell on multiple channels. Now, I have two brands - the second was acquired. I started on this forum with nothing, read all @biophase and @AllenCrawley threads and started with my idea.

Its not so much what works for me cause I had different opportunities than you will, Id find something in your core competencies and build on what needs you can identify.
 

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