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Introduction Hi, I want to retire by 30 - My story so far

Discussion in 'Forum Introductions (Who are you!?)' started by LucasJames, Mar 18, 2017.

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  1. LucasJames
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    LucasJames Contributor Read The Millionaire Fastlane

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    hi im new here, i've been lurking for a couple months now, i wasnt planning on posting but i feel like id be doing the site and myself a disservice if i didnt.

    Im 24 and ive been working in the family flooring business for the past 5 years,since i left 6th form/College. I didnt go to university even though the private school i went to pretty much made everyone at least apply and they were always so salty if they sensed you werent going to go.

    But when i was in my final year i thought more and more about it, ive just been at school for 14 years, i didnt like revising but i always did ok in exams, as they got harder though you cant really just float through them like i was used to. I said to myself time and time again, why do i wanna work another 3 years at uni to then try and find a job, to then work hard in a job to get promotions etc. I wanted more and i wanted it quicker, thinking back i feel like my mindset was already pre wired ready to accept the fastlane lifestyle just as soon as i discovered it was an actual thing people talked about.

    At the time i could tell people would look at me and think to themselves i was justifying my laziness, and for the first 4 years of full time employment that was kind of the case. I was just going through the motions. I knew i wanted to be free, and to be free i needed money but deep down i just thought "oh something will happen one day." I was stuck in a deluded thought process of i think im destined for more, so i think it will just happen and fall into my lap. Stupid right? What i really needed was knowledge, knowledge that isnt taught at schools, I did 'Physics', 'History' and 'philosophy and ethics' at 6th form. I havent even thought about those subjects since i got my results in 2011, and i sure as hell havent used any of the stuff i learnt. Suprisingly enough, Nuclear physics doesnt come up much in the carpet & flooring industry.

    Anyway fast forward to 2016 and i stumbled across a certain book, and no prizes for guessing what book that was, i'll give you a clue it wasnt millionaire fastlane. I read this book and i was captivated instantly, it resonated with me like it probably did with a few people on this forum. Despite it being rather basic, with hindsight the point wasnt what the book was telling you, but how the book made you feel, and how it changed your mindset. Mr Kiyosaki's book pushed me down the rabbit hole, that ultimately led me to MJ's book, this forum and the pursuit of the fastlane.

    Now if im good at a one thing its taking action, so i started researching property in my local area, and picked up some books to quickly read back to front to learn as much as i could as quickly as i could. I started viewing afordable housing immediately, and put some offers in, first few offers got rejected. I already knew the rental demand in the town was so high that nothing really stays empty for longer than a couple weeks, but i wanted to send some feelers out anyway, i put an ad for a groundfloor two bedroom flat in classified section in local paper and within a few days i had 3 enquries. Then i spotted a decent size 2 bedroom flat, i went and viewed and the asking price was 72k, recently reduced. I put an offer in for 65k, they said theyd only accept 68k, so i offered them 67k and they accepted.

    Pow! Within 3 months i'd had an offer accepted on my first property, when i was looking i didnt actually have anything close to a deposit ready but i figured that id solve that problem when it arises, which i did. Although it helped that i got a 95% mortgage. My plan with property is just to create positive cashflow for the time being, so i will remortage my first property, which given comparable properties and recently sold prices, should be worth in the region of 75k-85k and take equity out and use that for another deposit as soon as possible, and repeat the process.
    Now i realise property isnt exactly fastlane but my thinking at the time was, "well i dont have any ideas yet to make real money real quick, so i need to at least do something now that will get the ball rolling." My aim is to have 3 properties by the end of the year but i get the feeling ill only have 2 this year. But thats ok, i had about £200 or something in my bank at the start of the year, just living paycheck to paycheck so im doing alright.

    Now onto the real fastlane stuff, at the moment i have ideas for 3 vehicles of wealth, the 3rd one ive already told you about,my long term strategy for positive cashflow, property. My 2nd vehicle is my fastlane business, its very similar concept to the popular carpet cleaning business but we dont clean carpet, its slightly more expensive flooring we clean that generally is a long term "investment" for our customers, "lifetime guarantee flooring."

    I basically started searching for problems in the field i was working in, when you work somewhere long enough you notice a lot of opportunities, most people dismiss them and never stop to mediate on those ideas. Which is BIG mistake, work anywhere long enough and you should be able to notice several problems or opporunties. All you have to do is take ACTION, i love taking action, it builds momentum, it fuels your passion. With regards to passion id like to say one thing, you dont need to be passionate about what youre doing, i feel you just need to be pasionate about succeding, passionate about finding solutions and creating ideas.
    After 5 years in the job i thought of an idea that i wholeheartydly believe has legs, one that will stick, and already have a large list of clients we've sold the flooring to, therefore all im doing is selling a maintenance programme to people ive already sold to. Ive already been in touch with 10-20 customers and so far the response has been universally positive most of them saying things like " wow thats a good idea." Bare in mind i havent actually got the site up yet (back end of this month with any luck), so the response is promising.

    My 1st vehicle of wealth creation is my short term cash generating strategy, which would probably be best described as hustling. So much comes under this category a lot of things havent worked but some have. This mainly encompasses any short term strategies i can think of to generate cash, to then pour into property and any other fastlane ventures. For example last year i purchased a carpet whipping machine, where we can take waste carpet or remnants and charge the customer to bind the egdes to create rugs, mats, runners, carvan carpets etc. Usually that waste would be thrown out or used until it frays. Therefore the service was welcomed by our customers.

    So as you can see from the short novel ive just written, im trying to be busy and accelrate my path to freedom any way i can. I want to retire by the time im 30, everyone ive told this to so far has essentially laughed in my face. Or they may as well have, i guess the reason for posting on here is to just join a few like minded individuals whos first reaction isnt to doubt. i dont feel like ive brought anything new to the table with this post, this is just my story.

    If you got this far, i appreciate the effort, im honestly not sure what my writing style is like so any feedback would be welcomed, and in the future i will strive to keep my posts a lot shorter than this one. I actually hovered over the create thread button for about 15 minutes, unsure whether to actually make this public or not due to its length.

    tldr; Hi im new here, and i want to retire by the time im 30.
     
    Kingmaker likes this.
  2. MidwestLandlord
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    MidwestLandlord Legendary Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Welcome.

    Real estate can be fastlane for sure.

    I'm curious how a rental that is 95% mortgaged (do you owe the other 5% somewhere else too?) can possibly have a positive cash flow?
     
    LucasJames likes this.
  3. LucasJames
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    LucasJames Contributor Read The Millionaire Fastlane

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    Sorry, I should have mentioned I'm moving into it initially while I'm giving it some tlc therefore I got a residential mortgage with consent to let, there's a few reason for this including a recent shake up to my living arrangements which I won't elaborate on but I need somewhere to live. All fees associated with the flat come to around £320 a month, As a conservative estimate it would get £500 a month.

    It's not a lot but it's a start for sure.
     
    MidwestLandlord likes this.