Hello World!
First, I want to thank MJ DeMarco for an amazing book. It was like N.O.S that I needed to get my life in the fast line.
Before I came across MJ with his no-holds barred and pragmatic approach from his book The Millionaire fastlane , I've read and follow all the gurus he had mention from Robert Kiyosaki (Rich Dad Poor Dad), Suze Orman, Rhoda Bryne (The Secret), Timothy Ferriss (The Four-hour work week), and countless other authors. None of those other authors simply laid it out like MJ, giving a fastline approach to being a millionaire with some sound practical advice.
So, how did I get here? Or, it's about time!
Unlike MJ who taught himself programming, I was fortunate to obtain a computer science degree and feel as if it came natural to me in school. I had seen friends in college chose the same field just because there was money. In the end, most didn't last and many more went onto other fields after college. They did it for the money and lack the passion or purpose. Right after I graduated in 2003, my parents moved from San Diego to the Inland Empire because housing was affordable, and we purchased our first home.
We upgraded from our cram roach infested 3 bedroom 1.5 bathroom apartment in East San Diego to a mansion; it was a beautiful 3400 sqft home, 5 bedroom, and 3 bathroom. It was an American dream that finally came true for for my immigrant parents from Vietnam after residing in the states over 25 years. I remember how elated my mother was when we first move into this spacious home. She exuberantly cheered and cried with joyous tears. Me? I was imagining us celebrating by popping and pouring champagne like the Lakers would when they won their championship. To say the least, it was one of the happiest time for my family.
My mom inspired me, my younger sister and her husband to share this lovely house. It felt like one big happy family again living with my parents, my sister's family, and my younger brother. Plus, we knew my mother could not afford to simply make mortgage payments base on my parents' salary. To note, right before we made the purchase of the house, my father lost his $80k/year machinist job he work so hard for the past 10 years. You could only imagine how frustrating it was when my mom saw her dream slip away right before her. However, my mother creatively and tenaciously find a way to do it.
The first year was rough for our family. The reality of the constant daily commute to and from San Diego for my mom, my brother in law, and me were taxing. Not only we each lost 2-3 hours in traffic, gas money, inefficiently wasting time, and other variables that could be factor on the wear-and-tear of our car, but the compounding stress took its toll on our mental and physical health as well.
It was during these time, my life was following convention; working 9-5 and being in the slow lane. I remember years earlier in college when Robert Kiyosaki said Real Estate was where he came upon his wealth. I was an early adopter of his philosophy. Thus, my final several semesters of school, I no longer particularly cared about getting superior grades because the school system was a outstanding financial business model. That doesn't mean I never stop learning! I just had a different focus and believe experiences are the best teacher. After you graduate with an outstanding debt, they (professors, teachers, counselors) don't teach you to become financially successful or not. This is the least of our universities' concern, and great grades doesn't solidify your financial independence but lock you into a full-time secure, often times obscure, job. Basically, you are trading your freedom of businesses for secure job sentence. What is more painful?
I knew there must be a better alternative and lifestyle. But, how do I transition from being in the slowlane death sentence into the fastlane independence?
It wasn't until 2005, our first property skyrocketed in value doubling what it was in years sense and even gave birth to a 2nd home. It was a serendipitous time! My mother decided to refi and roll the equity into a bigger 4,000 sqft, 5 bedroom and 4.5 bathroom house.
I had to learn quickly and figure how to rent out our first home to a respectable tenant. Then in 2006, I purchased a 6 bedroom, 4 bathroom house. I knew I could not afford to make payments on my salary job alone, so I rented out those 5 bedrooms to subsidize the mortgage. Gosh it was a whirlwind of lifestyle change coming from a humble dingy apartment to managing 3 grandiose properties for a 28 y/o full-time software engineer and an amateur real estate investor. I felt proud not that I was truly rich, but I took pride in knowing I was doing something bigger than my mundane software job. I was house rich but cash poor
I began to drift daily from my software position as I dreaded the daily commute and at many times crash on friends' sofas for some sanity. By 2007, I ran a full operational rental income organization part-time. When my 1st tenant moved out from our home in the beginning after his 2-year lease ended, my mother asked me if she should sold that property and roll full equity into her second home. Looking back and at the time, I should had follow her advice. Frankly, I was naive! Logistically, we cannot maintain this trend if it had continue.
Instead of selling or renting the entire property for $1800/month, why not rent out those bedrooms for $500/unit. That would brought in an extra $700/month. Genius! I thought. However, I was still struggling being shackle full-time behind a cubicle trying to discover a way or where I was going to plug all my rooms? Hence, I purchase Roomplug.com
After my revelation, I knew I had a niche idea and solving the inefficiencies in the rental market space. How do someone find a suitable renter/roommate? Where were the rental applications? What screening service must someone part-take? How does someone draft a lease agreement? Can someone collect rent payment online? Not only this was a pain I suffered, I got to do something with this burning idea.
It wasn't until Friday June 13, 2008, when I was finally laid off from my full-time job. I clearly remember that day, not only for the significant of the date, but how happy I received the news. Perplexed of my big glorious smile I had ear to ear and embracing of his offering, my project manager presented he had no good news but bad. If you ever watched Office Space, I felt like the main character in the movie. Yes, I was a programmer at a defense company, but I was fixing codes/bugs of an archaic software left over by guys 20-30 years my prime. For me and Sergay (my Russian counter-part who suffered the same consequence), we both were excited no longer being janitors cleaning someone else dirty shit! Now, we are free to create our own shit!
A lot of my peers believed I was crazy! They still believe I should get a job. Even before I was let go, they couldn't imagine how can someone be fired from a secure defense company. For me no J-O-B was safe! As it still saddened and upset I am today of how my father's company mistreated him? Years of sound promising service to absolutely to go no where? Since, I vouch not to take any job and corporate offers as long as I shall live.
Fast-forward from 2008 to now, my family suffered 2 foreclosure, my parent separated, witness and experience the housing bubble crash. At this time, I'm still holding on to my 6 bedroom 4 bathroom house that is half the price I've initially paid for it and deeply under water. It's truly been a humbling experience.
Recently (or of last month), I fired the business co-founder because he's a slowlane driver and due to lack of chemistry. His best ideas to market our site was to pass out or offer coupons from restaurant.com, a site he religiously uses, to retain customers. He's big into coupons and live a modest conservative life. My dis-association with him and year 2011 is entirely a different post in itself.
Yet, I'm somehow happy working on something I love (in my PJs) in hopes it fulfill and cover the 5 essential elements MJ stated in his book N-E-C-S-T. At the time of this post, I know my Achilles' heel is marketing -- something I'm learning to teach myself.
I came to this community to share with the world my struggles and painting a picture that the road to becoming a millionaire is not always glitz and glamorous; it's dedication, heart, hard work, and true grit!
Lastly, I'm grateful and thankful for MJ DeMarco in setting up this community for us to share, inspire, and motivate each other to get into the Fastlane. It feel as if I'm finally home.
Rodney.
Founder of Roomplug.com
First, I want to thank MJ DeMarco for an amazing book. It was like N.O.S that I needed to get my life in the fast line.
Before I came across MJ with his no-holds barred and pragmatic approach from his book The Millionaire fastlane , I've read and follow all the gurus he had mention from Robert Kiyosaki (Rich Dad Poor Dad), Suze Orman, Rhoda Bryne (The Secret), Timothy Ferriss (The Four-hour work week), and countless other authors. None of those other authors simply laid it out like MJ, giving a fastline approach to being a millionaire with some sound practical advice.
So, how did I get here? Or, it's about time!
Unlike MJ who taught himself programming, I was fortunate to obtain a computer science degree and feel as if it came natural to me in school. I had seen friends in college chose the same field just because there was money. In the end, most didn't last and many more went onto other fields after college. They did it for the money and lack the passion or purpose. Right after I graduated in 2003, my parents moved from San Diego to the Inland Empire because housing was affordable, and we purchased our first home.
We upgraded from our cram roach infested 3 bedroom 1.5 bathroom apartment in East San Diego to a mansion; it was a beautiful 3400 sqft home, 5 bedroom, and 3 bathroom. It was an American dream that finally came true for for my immigrant parents from Vietnam after residing in the states over 25 years. I remember how elated my mother was when we first move into this spacious home. She exuberantly cheered and cried with joyous tears. Me? I was imagining us celebrating by popping and pouring champagne like the Lakers would when they won their championship. To say the least, it was one of the happiest time for my family.
My mom inspired me, my younger sister and her husband to share this lovely house. It felt like one big happy family again living with my parents, my sister's family, and my younger brother. Plus, we knew my mother could not afford to simply make mortgage payments base on my parents' salary. To note, right before we made the purchase of the house, my father lost his $80k/year machinist job he work so hard for the past 10 years. You could only imagine how frustrating it was when my mom saw her dream slip away right before her. However, my mother creatively and tenaciously find a way to do it.
The first year was rough for our family. The reality of the constant daily commute to and from San Diego for my mom, my brother in law, and me were taxing. Not only we each lost 2-3 hours in traffic, gas money, inefficiently wasting time, and other variables that could be factor on the wear-and-tear of our car, but the compounding stress took its toll on our mental and physical health as well.
It was during these time, my life was following convention; working 9-5 and being in the slow lane. I remember years earlier in college when Robert Kiyosaki said Real Estate was where he came upon his wealth. I was an early adopter of his philosophy. Thus, my final several semesters of school, I no longer particularly cared about getting superior grades because the school system was a outstanding financial business model. That doesn't mean I never stop learning! I just had a different focus and believe experiences are the best teacher. After you graduate with an outstanding debt, they (professors, teachers, counselors) don't teach you to become financially successful or not. This is the least of our universities' concern, and great grades doesn't solidify your financial independence but lock you into a full-time secure, often times obscure, job. Basically, you are trading your freedom of businesses for secure job sentence. What is more painful?
I knew there must be a better alternative and lifestyle. But, how do I transition from being in the slowlane death sentence into the fastlane independence?
It wasn't until 2005, our first property skyrocketed in value doubling what it was in years sense and even gave birth to a 2nd home. It was a serendipitous time! My mother decided to refi and roll the equity into a bigger 4,000 sqft, 5 bedroom and 4.5 bathroom house.
I had to learn quickly and figure how to rent out our first home to a respectable tenant. Then in 2006, I purchased a 6 bedroom, 4 bathroom house. I knew I could not afford to make payments on my salary job alone, so I rented out those 5 bedrooms to subsidize the mortgage. Gosh it was a whirlwind of lifestyle change coming from a humble dingy apartment to managing 3 grandiose properties for a 28 y/o full-time software engineer and an amateur real estate investor. I felt proud not that I was truly rich, but I took pride in knowing I was doing something bigger than my mundane software job. I was house rich but cash poor
I began to drift daily from my software position as I dreaded the daily commute and at many times crash on friends' sofas for some sanity. By 2007, I ran a full operational rental income organization part-time. When my 1st tenant moved out from our home in the beginning after his 2-year lease ended, my mother asked me if she should sold that property and roll full equity into her second home. Looking back and at the time, I should had follow her advice. Frankly, I was naive! Logistically, we cannot maintain this trend if it had continue.
Instead of selling or renting the entire property for $1800/month, why not rent out those bedrooms for $500/unit. That would brought in an extra $700/month. Genius! I thought. However, I was still struggling being shackle full-time behind a cubicle trying to discover a way or where I was going to plug all my rooms? Hence, I purchase Roomplug.com
After my revelation, I knew I had a niche idea and solving the inefficiencies in the rental market space. How do someone find a suitable renter/roommate? Where were the rental applications? What screening service must someone part-take? How does someone draft a lease agreement? Can someone collect rent payment online? Not only this was a pain I suffered, I got to do something with this burning idea.
It wasn't until Friday June 13, 2008, when I was finally laid off from my full-time job. I clearly remember that day, not only for the significant of the date, but how happy I received the news. Perplexed of my big glorious smile I had ear to ear and embracing of his offering, my project manager presented he had no good news but bad. If you ever watched Office Space, I felt like the main character in the movie. Yes, I was a programmer at a defense company, but I was fixing codes/bugs of an archaic software left over by guys 20-30 years my prime. For me and Sergay (my Russian counter-part who suffered the same consequence), we both were excited no longer being janitors cleaning someone else dirty shit! Now, we are free to create our own shit!
A lot of my peers believed I was crazy! They still believe I should get a job. Even before I was let go, they couldn't imagine how can someone be fired from a secure defense company. For me no J-O-B was safe! As it still saddened and upset I am today of how my father's company mistreated him? Years of sound promising service to absolutely to go no where? Since, I vouch not to take any job and corporate offers as long as I shall live.
Fast-forward from 2008 to now, my family suffered 2 foreclosure, my parent separated, witness and experience the housing bubble crash. At this time, I'm still holding on to my 6 bedroom 4 bathroom house that is half the price I've initially paid for it and deeply under water. It's truly been a humbling experience.
Recently (or of last month), I fired the business co-founder because he's a slowlane driver and due to lack of chemistry. His best ideas to market our site was to pass out or offer coupons from restaurant.com, a site he religiously uses, to retain customers. He's big into coupons and live a modest conservative life. My dis-association with him and year 2011 is entirely a different post in itself.
Yet, I'm somehow happy working on something I love (in my PJs) in hopes it fulfill and cover the 5 essential elements MJ stated in his book N-E-C-S-T. At the time of this post, I know my Achilles' heel is marketing -- something I'm learning to teach myself.
I came to this community to share with the world my struggles and painting a picture that the road to becoming a millionaire is not always glitz and glamorous; it's dedication, heart, hard work, and true grit!
Lastly, I'm grateful and thankful for MJ DeMarco in setting up this community for us to share, inspire, and motivate each other to get into the Fastlane. It feel as if I'm finally home.
Rodney.
Founder of Roomplug.com
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