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REAL ESTATE "I'm Not Here To Take Part, I'm Here To Take Over"

JordanK

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I decided to channel my inner Conor McGregor with the thread title, also the fact that I’m born and based out of Ireland made it all the more relevant. He’s a modern day living hero for many young people living here including myself. The ability to go from nothing to something so quickly and someone who shares a very similar background makes it all the better.

The only other person who has probably had as much influence on my journey so far is @Fox . Back in May 2017 when I met him in person it was the first time I had seen living and breathing proof of someone who aspired to the Fastlane dream and was living a life reflective of that. Meeting someone else who came from the same country, grew up in a similar type environment, went to college and then emigrated was pretty cool. He has trail-blazed and I’m happy to follow and learn the lessons passed down.

Previously I was writing Copy and studying Software Development in college. In my first year of college I stayed with family to save money, then last year I was paying $600 monthly to rent a room in an average house in the suburbs with friends and this year I can happily say that I am paying ABSOLUTELY NOTHING while living in a townhouse in the middle of the city center… one of the best locations in the entire city.

How did this happen I hear you ask?

A little concept called house hacking which I first heard about here on the forums through people like @G_Alexander / @JScott and later by stumbling across the BiggerPockets podcast & the book ‘Set for Life’ by Scott Trench.

It changed my thinking at the time and I knew that I couldn’t continue wasting money each month on rent. I was working hard and it was a continual drain on my finances so when the college year ended I didn’t renew my lease. To put a long story short I decided that I was going to create my own luck so I started attending property auctions, random business meetings at my dad’s company, telling everyone I know I wanted to get into Real Estate. Eventually I was put in touch with a local real estate guy through mutual connections and I met up with him at an auction. When it concluded he brought me to a new property just up the road that he had acquired where they had just evicted squatters from.. It wasn’t in good condition but it had potential. He explained how over the course of 6 weeks he was going to bring in his team to get the place up to scratch. Right there on the spot I offered to labor for him on the property in exchange for learning about the business.

For the next six weeks I woke up at 6am traveling with him and the team for over an hour into the city and worked until 6pm in the evening when we would leave to return home. During those car trips I learned about all the different units he was managing (a lot), how he acquires and interacts with tenants, manages employees, suppliers, time, legal issues, how he puts together proposals for investors, how he finds deals, the structure of his business to minimize tax and for various other benefits. The biggest thing was to be able to listen to his interactions with others on calls etc and the ability to ask a million questions and get good straight to the point responses. Heck even at the end of every week he’d make sure I was paid even though I had specifically said in the beginning I was doing it for knowledge.

Eventually as the house was nearing completion he offered it to me for nine months for my third year of college. I accepted immediately and filled the other two rooms in the house with college friends so that the rent would be covered.

What's been happening now?

For the past two weeks I have been in bed after a two hour surgery (While I was awake) on my jaw and I have to go back sometime next year to do the same surgery on the other side on my mouth. It is something that has to be done as I have been fighting low level infections in my mouth for nearly two years causing me to sleep over 12 hours some days, getting sick once a month and being bed bound at times. This has been disrupting both college and my entrepreneurial path as I fight my own body at times just to live normally. Hopefully this will resolve the issue.

In the meantime Real Estate mentor has contacted me saying that he wants me to manage four of his properties that go empty during the summer when students move out. I can AirBnB them and rent them out to tourists as the city is a hotbed of activity during the summer. He doesn’t want the hassle of managing them on a short term basis as he has some MAJOR projects in the works that require all of his attention so this is a small issue he needs resolved. If I execute on this correctly I should be able to bring in anywhere from 20-40k over the course of the 3 months. It will be hard work and it’ll be almost like a full time job but damn for a 20 year old like myself it’s one of the best opportunities available. It’ll allow me to build my own capital extremely fast and along with the 200k private funding I have negotiated if a good deal comes along I’ll be ready to pounce and start building my own empire.

Why not start now I hear you ask?

The market is small here in Ireland and while rents are extremely high also I think it’s better for me to wait until the right opportunity presents itself not to just jump into a purchase stupidly for the sake of it. Also, I don’t qualify for traditional loans as a college student so If I can hold on till graduation then I can use the capital available to me when I have a full-time job and borrow multiples of it instead. I also have been learning more about transitioning eventually from personal borrowings and RE investments into business/commercial loans as they are easier to acquire for what I want to achieve in this country anyways.

If anyone has any experience or anything to add I’d love to hear it as I’m always open to new angles.
 
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Suzanne Bazemore

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You are very innovative at developing opportunities for yourself. It sounds like the summer property management would also allow you to learn more about the business, and you could become good at that aspect, so when you eventually get your own properties you can farm that job out just like he's doing but you would know enough about it to be able to keep an eye on things.
 

Lionhearted

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I decided to channel my inner Conor McGregor with the thread title, also the fact that I’m born and based out of Ireland made it all the more relevant. He’s a modern day living hero for many young people living here including myself. The ability to go from nothing to something so quickly and someone who shares a very similar background makes it all the better.

The only other person who has probably had as much influence on my journey so far is @Fox . Back in May 2017 when I met up with him in person it was the first time I had seen living and breathing proof of someone who aspired to the Fastlane dream and was living a life reflective of that. I love this forum as much as anybody but it’s very American centric (as it should be) and I found that difficult to relate to originally. Meeting someone else who came from the same area roughly, probably grew up in a similar type environment, went to college and then emigrated was pretty cool. He has trailblazed and I’m happy to follow and learn the lessons passed down.

At the time I was heavily into Copywriting and in the 12 months leading up to this summer I made about 25k from that which allowed me to live comfortably while studying Software Development full time in college. In my first year of college I stayed with family to save on costs, last year I was paying nearly $600 monthly to rent a room in an average house in the suburbs with friends and this year I can happily say that I am paying ABSOLUTELY NOTHING while living in a townhouse in the middle of the city center… one of the best locations in the entire city.

How did this happen I hear you ask?

A little concept called house hacking which I first heard about here on the forums through people like @G_Alexander / @JScott and later by stumbling across the BiggerPockets podcast & the book ‘Set for Life’ by Scott Trench.

It changed my thinking at the time and I knew that I couldn’t continue wasting money each month on rent. I was working hard and it was a continual drain on my finances so when the college year ended I didn’t renew my lease. To put a long story short I decided that I was going to create my own luck so I started attending property auctions, random business meetings at my dad’s company, telling everyone I know I wanted to get into Real Estate and I went to a number of meetings with bank officials trying to secure money. Eventually I was put in touch with a local real estate guy through mutual connections and I met up with him at an auction. When it concluded he brought me to a new property just up the road that he had acquired where they had just evicted squatters from.. It wasn’t in good condition but it had potential. He explained how over the course of 6 weeks he was going to bring in his team to get the place up to scratch. Right there on the spot I offered to labor for him on the property in exchange for learning about the business.

For the next six weeks I woke up at 6am traveling with him and the team for over an hour into the city and worked until 6pm in the evening when we would leave to return home. During those car trips I learned about all the different units he was managing (a lot), how he acquires and interacts with tenants, manages employees, suppliers, time, legal issues, how he puts together proposals for investors, how he finds deals, the structure of his business to minimize tax and for various other benefits. The biggest thing was to be able to listen to his interactions with others on calls etc and the ability to ask a million questions and get good straight to the point responses. Heck even at the end of every week he’d make sure I was paid even though I had specifically said in the beginning I was doing it for knowledge.

Eventually as the house was nearing completion he offered it to me for nine months for my third year of college. I accepted immediately and filled the other two rooms in the house with college friends so that the rent would be covered. In hindsight I could have charged more for the two rooms and converted the downstairs sitting room into another room which would have meant I could have been making a good profit each month but at the time I was just happy for the amazing opportunity. Maybe next year I can make those changes as it would be unfair on the existing renters to spring a move like that midway through the tenancy.

All this was great and I went back to college very happy with myself. I had decent savings built up so I cut down the amount of copywriting I was doing as I no longer enjoyed it, it didn’t make enough money, my living costs are extremely cheap now (I have also figured out ways to cut other expenses which I can explain in more detail if people are interested) and I had been really sick during college the previous two years and it hadn’t resolved itself.

For the past two weeks I have been in bed after a two hour surgery (While I was awake) on my jaw, I have lost nearly 10 pounds (I’m very skinny anyways) and I have to go back sometime next year to do the same surgery on the other side on my mouth. It is something that has to be done as I have been fighting low level infections in my mouth for nearly two years causing me to sleep over 12 hours some days, getting sick once a month and being bed bound at times. This has been disrupting both college and my entrepreneurial path as I fight my own body at times just to live normally. Hopefully this will resolve the issue.

In the meantime Real Estate mentor has contacted me saying that his daughter who manages all his properties in this city (He lives over an hour and a half away where he manages the bulk of his units) has moved out of the area for a new job. He wants me to manage four of his properties that go empty during the summer when students move out. I can AirBnB them and rent them out to tourists as the city is a hotbed of activity during the summer while paying him a small chunk of the profit. He doesn’t want the hassle of managing them on a short term basis as he has some MAJOR projects in the works that require all of his attention so this is a small fish kinda issue he needs resolved. If I execute on this correctly I should be able to bring in anywhere from 20-40k over the course of the 3 months. It will be hard work and it’ll be almost like a full time job but damn for a 20 year old like myself it’s one of the best opportunities available. It’ll allow me to build my own capital extremely fast and along with the 200k private funding I have negotiated if a good deal comes along I’ll be ready to pounce and start building my own empire.

Why not start now I hear you ask? The market is small here in Ireland and while rents are extremely high also I think it’s better for me to wait until the right opportunity presents itself not to just jump into a purchase stupidly for the sake of it. Also, I don’t qualify for traditional loans as a college student so If I can hold on till graduation then I can use the capital available to me when I have a fulltime job and borrow multiples of it instead. I also have been learning more about transitioning eventually from personal borrowings and RE investments into business/commercial loans as they are easier to acquire for what I want to achieve in this country anyways.

If anyone has any experience or anything to add I’d love to hear it as I’m always open to new angles.

** Getting a degree may also allow me in the future to legally immigrate into the US as our two countries are currently negotiating a new people movement treaty literally as we speak.

Irish workers could get access to thousands of US visas as bill passes House of Representatives
I like your go get it attitude, initiative and willingness to learn. I also think the most valuable aspect of your whole story is that you managed to befriend a mentor who is already doing what you want to do. That is a huge source of value. If you study successful people the majority had a mentor who helped them. BTW mentors can come in many forms (people, books, FORUMS, YouTube etc.). I am looking forward to hearing more about your journey. "Victory goes to those who take ACTION!" ~ Me. All the best!
 
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JordanK

JordanK

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You are very innovative at developing opportunities for yourself. It sounds like the summer property management would also allow you to learn more about the business, and you could become good at that aspect, so when you eventually get your own properties you can farm that job out just like he's doing but you would know enough about it to be able to keep an eye on things.
Thanks, yes I believe that by doing this I'll learn about putting structures and processes in place to make things easier for myself in the future. Also, if it goes well then there is the potential to start a Property Management Company as my Fastlane business. I know a lot of property owners in the area and a few that are currently unhappy with the companies they use or they have reluctantly started managing things themselves due to previous companies messing things up all too frequently. I have managed properties before for family members so it's not completely new.. but running an operation of this scale for the summer will be a new challenge.

I like your go get it attitude, initiative and willingness to learn. I also think the most valuable aspect of your whole story is that you managed to befriend a mentor who is already doing what you want to do. That is a huge source of value. If you study successful people the majority had a mentor who helped them. BTW mentors can come in many forms (people, books, FORUMS, YouTube etc.). I am looking forward to hearing more about your journey. "Victory goes to those who take ACTION!" ~ Me. All the best!
Yes, it definitely has been the biggest turning point for me. I have for years been seeking advice firstly from people in my life who talk but haven't walked the walk and secondly online 'gurus' who really don't care about your personal situation, aren't your friend, aren't involved in exactly what you want to become, are self help people with no other business experience and you always feel like they are holding back information if only you purchase the $xxxxx platinum package supreme millionaire gainz edition. It's a transactional relationship not a real one.
 
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JordanK

JordanK

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You’ve come a long way since we first met! And I’m sure lots more to go.

Cool to see this thread, tag me if you need anything dude.
Thanks Rob!

-------------------

In terms of progress updates I have been talking to my mentor and together we're getting a list done up of changes/additions that need to be completed to some of the properties including the one I'm staying in before they can be rented out successfully on AirBnB. Things like fixing the front door and installing new sound proof windows as the property lies on a very busy street corner where traffic stops during periods of the day and drunken students (myself included some nights) stumble past until 3am in the morning. I have been reading reviews left on similar properties for short term rentals in the area and this is the No.1 complaint so something will have to be done.

I also have been looking at two different apartments in various areas outside of the city that have Buy & Hold potential for a year or two to capitalize on the high rent situation that's plaguing my city at the moment. They both make sense financially but I'm worried if the market turns in the next 6 months that I may be stuck holding onto it for longer than I want. This could trap me and force me to miss out on some great opportunities as the market crashes. I have begun to hear grumblings from various different Real Estate Agents that they are finding it more and more difficult to find buyers.. also a friend of mine just recently sold a property he had listed for a few months at only a slight profit whereas before these were being snapped up extremely quickly.

Managed to secure a high paying job over the Christmas which will allow me to stack some more cash but for now I'm stuck studying for exams and building college projects.

That's all for now!
 
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JordanK

JordanK

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New Year Update Incoming!

Below is a list of things that I want to achieve within the next year and how I am going to go about it.

  • Leave College To Focus on Business (Completed.. I have deferred my studies and still graduate with a two year Higher Certificate.. If I do go back into education it will be to do one more year to get an Ordinary Degree)
  • MFCEO Powerlist Accountability for 365 Days (Day 5.. most I did last year was 4 months in a row)
  • Delete Facebook (Completed.. As I was wasting way too much time reading pointless click bait articles and looking at very negative news.. I instead want to focus on growing my Instagram this year as a 21 year old its a lot more valuable tool/socially for me)
  • Company Formed (If it begins to make sense for tax reasons I want to have a real estate company formed by the end of the year. At this exact moment in time I have been professionally advised against it, until I am running a bigger operation)
  • Own 2 Properties In My Own Name (This is a very ambitious goal and I would be happy with just the one but I believe that if I do manage to deliver on purchasing one that a second one will come easier than the first. It's all about building up a track record for investors to look at)
  • Consistent 2K from Non-RE Means and another 2K from Real Estate (I have been advised to take a day job at a RE Agents Office and to do Bar Work at night. This will build up my knowledge of the local area and contacts within the industry. It'll also allow me to save more money to put back into RE + help qualify for loans. As for the second part of this goal I can add another bedroom to my house downstairs to add 500 monthly and if I can purchase another property it'll add to this)
  • Complete Summer Months RE Management Contract and Make 40k (Since the beginning of the new year I have been working again with my mentor on some of his new properties getting them ready to rent out and he now has offered me a 5th one to manage in the city during the summer. Preparation begins now as this will be a massive operation with 5 different sets of holidaymakers living in the properties at any time with move ins, cleaning, move outs, booking sites (airbnb), general maintenance to handle.
  • 2000 Engaged Instagram Followers
  • 8am Daily Wake Up Time
  • Start Learning Portuguese
  • Release 1 Track on Youtube While Learning to DJ
  • Complete 2nd Jaw Surgery
  • Score 10 Goals for my Soccer Team this Season
  • Become A More Comfortable Public Speaker
  • Go On More Dates & Attend More Social Events
  • Attend More Business Specific Events/Networking
  • Consistent MMA Training & One Amateur Fight
  • 175lbs (Up from 150 currently) and Gym 3/4 Times Weekly All Year
  • Own A Car Instead Of Using Family Ones
  • 4 Trips Abroad including at least 1 Month Consistent Travel
 
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JordanK

JordanK

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Monthly Update:

THE BAD
I had been feeling really bad and pessimistic the last few weeks. It took coming back to this thread and reviewing where I am and what needs to be done that has gotten me mentally back on track. I had been sick for nearly two months over the winter with a skin rash.. I ignored it at first as I was away in another city working and making money but eventually it caught up with me, went to the doctors and it has taken ages to clear. On the bright side I haven't suffered one cold/flu symptom this winter which is a big change from the last three years where I was permanently sick.

In other bad news my house in the city was vandalized during New Years Eve celebrations when the neighbor's had a party that went out of control and bottles/plates were thrown through our front window.. Police called and all that but nothing changed and we had to get it repaired.

THE GOOD
I took a solo one night trip to Liverpool in England to watch my team play against Leicester City in the Premier League. It was a great trip and although I spent a lot of money I met some great people and had a lot of fun. 1/4 Foreign Trips complete.

Since I have came back I have been applying for jobs to start building up more savings and a track record so I can get loans based on my income. I'm trying to become a Sales Executive for one of a number of different Digital Media agencies within the city as I believe this allows me to utilize my already developed skill set in copywriting and client relationships.. it also gives me an uncapped income. I also called in a few contacts to try and get a night job in a bar like I said in a previous post. I had an Interview for one of the biggest, exclusive bar/nightclubs in the city today and it went really well, I start on Saturday. Part one of the plan is in action, all focus is on landing a daytime job now. If all of this comes together I hope to be making about 4k Euro monthly and I can begin to start looking at getting a Real Estate income coming in before the summer even begins.

- I have been off Facebook for over a month and it hasn't affected me that much.
- I have grown my Instagram to 650 engaged followers, Goal: 750 followers by end of month.
- College Refund hit my account and I transferred it entirely into savings so it's given me a nice boost.
- Worked for a week on more renovation projects with my mentor in another city.
 
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JordanK

JordanK

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March Update
------------------

It's been three weeks since I checked in here. In that time I have been working like crazy in the nightclub making a small amount of cash that I have been putting away into savings. The job has been really helpful as I'm a very social person so I have a big new group of work friends and I'm out most nights working & interacting with the socialites of my city instead of spending money myself and waking up hungover.

I also had a call with forum member '458' who stressed the importance of building a skill that I can get paid a lot for. Then I can channel this money into Real Estate. He also explained the need to work 12 hour days minimum to learn my industry inside out. I decided to apply for a big sales job with a Digital Marketing Agency here in my city as I have over two years experience running my own copywriting business. I got an interview and it went really well but ultimately they decided to go with another more experienced candidate although they did mention that if things don't work out they would come back to me or possibly in the next month or two during their next hiring round. I'm not going to wait.. the job hunt continues.. I'm going to contact the top ten real estate dudes in the city and see if any of them would be willing to take me on as an intern.

On the self-employed front I went back into copywriting and landed a big 4k contract that'll take me just over a month to complete. It's amazing that I landed this just a day after my call with 458.

Finally, it's getting close to May when the Real Estate management contract for my mentor begins. Next week I have a contractor coming to do more work on the city townhouse to get it up to scratch for short term rentals. Can't wait to get started on this.

If anyone has any questions or suggestions I'd love to hear them!
 
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JordanK

JordanK

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End of May Update:

* It's been a while but I'm still working on my Real Estate goals. Last night at 3am I got my first 'sale' as part of my management contract for apartments in a tourist location in my city. It's only 150 euro for use of one double bedroom for three nights but its a start. Over the last two weeks I have been repairing, cleaning and listing two different properties that had leases that finished early. The next two properties will come free tomorrow but I won't be investing time/money into them until I start getting a sizable return from the current two of which I only have 1 of 5 total bedrooms listed at the moment.

* The first goal is to have those 5 listed and making at least 50 euro a night per room (That's extremely low end for my city but I prefer to have conservative figures especially in the beginning). That should bring in about at least 250 total per night every night depending on occupancy.

* The second goal is to then list the other two properties which could add another 200 per night between them to the total. I'll also be editing the prices around big events etc which should drive my profits up further.

ITS ACTION TIME.
 
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JordanK

JordanK

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Week One of Bookings Update:

* I have hosted two separate groups of guests and made 300 euro. With four more bookings confirmed it brings the total sales this week to 1000 euro. I'm really happy building up 5 star reviews now! Even going as far as having to sneak away from my cousins after wedding party for a few minutes to do a check in for guests tomorrow.

* Hired a few family members to help me in cleaning & repairing the third property which I hope to have listed for booking early next week it still needs at least a full days work & money spent kitting it out with bedding, toiletries etc..

* Once everything gets up and running it'll be easier to manage with just a few little cleanups and changing linens/towels after guests.

* Biggest thing that has been annoying me so far is the properties are in different parts of the city so I'm getting plenty of time to myself in the car listening to podcasts while going between them or running to grab supplies. My car has been transformed into a moving storage unit for furniture, sheets, cleaning products and keys to all these houses & rooms.

* RE Mentor is very happy with me as I'm solving all his problems with pipes, lights and other issues within the properties as I can't short term let them with these issues so when I hand him back the properties in September they will be in great condition.

* I'm still attending meetings and talking with other players in the real estate game in the city. One of them offered me 10-15 of his properties to manage but I had to disappoint him and turn down the offer as I felt it would be biting off more than I could chew at this moment in time. A second developer has offered me 3 more places to manage so I'll go check them out sometime this week and see if we can strike a deal.

* Working 12 hour days on your own business is draining but ultimately you feel amazing going to sleep knowing you did everything possible to push things forward.
 
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JordanK

JordanK

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Week 2 Update:

* Busy busy busy.. my current goal is to achieve Superhost status by July 1st. To do that I need consistently high reviews and a minimum of 10 stays before that date. Currently I'm at 6 so it shouldn't be too hard to get four more by the end of June. The main tourist season here is July-August so it feels like a gradual build up to that.

* I'm now at around 1750 euro in sales. I had hoped it would have been slightly higher but I'm not worried as there is still plenty of time. I'm going to edit my property listings and photos in more detail now to see if that boosts the conversion rate.

* Third property is now live on AirBnB, I have put a reduced rate for the next two weeks to attract bookings and build up reviews on it. From then on it should be a serious money maker for me. Next week I'll start getting the fourth property ready to be listed.
 
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TheProcess

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March Update
------------------

It's been three weeks since I checked in here. In that time I have been working like crazy in the nightclub making a small amount of cash that I have been putting away into savings. The job has been really helpful as I'm a very social person so I have a big new group of work friends and I'm out most nights working & interacting with the socialites of my city instead of spending money myself and waking up hungover.

I also had a call with forum member '458' who stressed the importance of building a skill that I can get paid a lot for. Then I can channel this money into Real Estate. He also explained the need to work 12 hour days minimum to learn my industry inside out. I decided to apply for a big sales job with a Digital Marketing Agency here in my city as I have over two years experience running my own copywriting business. I got an interview and it went really well but ultimately they decided to go with another more experienced candidate although they did mention that if things don't work out they would come back to me or possibly in the next month or two during their next hiring round. I'm not going to wait.. the job hunt continues.. I'm going to contact the top ten real estate dudes in the city and see if any of them would be willing to take me on as an intern.

On the self-employed front I went back into copywriting and landed a big 4k contract that'll take me just over a month to complete. It's amazing that I landed this just a day after my call with 458.

Finally, it's getting close to May when the Real Estate management contract for my mentor begins. Next week I have a contractor coming to do more work on the city townhouse to get it up to scratch for short term rentals. Can't wait to get started on this.

If anyone has any questions or suggestions I'd love to hear them!
Hey, from someone who is 19 years old, your attitude and hustle is truly inspiring. You are a hundred times ahead of me. Thanks man. I have two questions.
How do you manage to organize all the things going on in your life, from real estate, to copywriting, to working at a bar, to waking up at 8 am, to school work? Does it not get overwhelming?
How did you decide that real estate was the industry that you wanted to go into? Right now, my biggest struggle is trying to find what industry/business to focus on.
Thanks again.
 

apollo_web

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Jun 10, 2019
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Hey Jordan, great thread!

Awesome to hear how you maneuvered opportunities for yourself.

You mentioned looking to eventually purchase real estate, most house hacking advice is very US centric. Being based in the UK also I've done some research and it seems more difficult to house hack legally on a personal mortgage without a consent to let. Out of interest have you looked into this? If I'm wrong on that would be great to know.

Better way at least from what I've seen, is to keep renting and set up a LTD company, then purchase buy to let's through that.

Anyway, keep up the great work!
 
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JordanK

JordanK

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Hey, from someone who is 19 years old, your attitude and hustle is truly inspiring. You are a hundred times ahead of me. Thanks man. I have two questions.
How do you manage to organize all the things going on in your life, from real estate, to copywriting, to working at a bar, to waking up at 8 am, to school work? Does it not get overwhelming?
How did you decide that real estate was the industry that you wanted to go into? Right now, my biggest struggle is trying to find what industry/business to focus on.
Thanks again.
Hey man, thanks for reaching out here on the thread. I'm not actually juggling as much in my life now as I was previously. Things got really busy and I decided to take a gap year in the middle of college to pursue these opportunities. I have also only been writing for copy clients who I have already worked with, I don't take on any new clients. My advice would be to start exploring opportunities while still going along with the usual school-college-job path in the background. If things pick up and you get really busy you can always put that other stuff on hold to take your fastlane stuff to the next level.

I decided on Real Estate as it was always something I was interested in as my Dad was very active in the scene before he got burned in the recession. I saw both the rich jetting around the world lifestyle it could offer and the bank trying to repossess properties while struggling to put food on the table side of things. He was able to point me in the right direction and I already had built up a lot of knowledge over my teenage years just from listening to him and his friends. My originally plan was to go to college and get a STEM degree so I could earn a lot at a 9-5 then channel it into Real Estate but over the course of last year I started getting more involved in the scene working for a developer and things just started moving. I didn't pick Real Estate it chose me!

Hey Jordan, great thread!

Awesome to hear how you maneuvered opportunities for yourself.

You mentioned looking to eventually purchase real estate, most house hacking advice is very US centric. Being based in the UK also I've done some research and it seems more difficult to house hack legally on a personal mortgage without a consent to let. Out of interest have you looked into this? If I'm wrong on that would be great to know.

Better way at least from what I've seen, is to keep renting and set up a LTD company, then purchase buy to let's through that.

Anyway, keep up the great work!
Hey Apollo, I'm pretty sure the law here in Ireland is similar to the UK but it may not be exactly the same. I know it's definitely a lot closer than the US system anyways because Irish law is based upon UK law from when we were occupied. Don't take any of what I say as legal advice you should get it checked out by a professional but as far as I know when you go to get a personal mortgage they will determine your ability to borrow based on your income and they can't include projected rents etc in that calculation. If you were house hacking then it should be a simple case of qualifying for the personal loan then renting out spare bedrooms/units in your house to students or other people who don't mind living with you. In Ireland you can rent rooms up to 14k euro tax free in your principal private residence (i.e Your home address only). If you were to set-up a company you'd probably need to fund 50%+ of the purchase price upfront as you'd have no trading history. I have ran into difficulties with this already where banks requested 2 years commercial accounts history.

My plan is to build up 2-3 properties under my personal name then use the cashflow to invest into my newly formed company and start purchasing more properties under that. Once you have a cashflowing company with a trading history its easier to secure further funding. The hardest part is the first one or two deals then things start to snowball (Or so I have been told by my dad & mentor). In the meantime, if you can't find something similar to what I have in a mentor then maybe the best option would be to rent a house and sublet individual rooms (With the permission of your landlord) so that you can live for free or make a small profit allowing you to save the money you would have spent on rent to fund your first purchase.
 

fishgodeep

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Really enjoyed reading this. Very inspiring to see a young man from my own neck of the woods so driven. Well not technically my neck of the woods, I prefer to stay west of the Shannon ;) .

I have a few mates in the property and construction game in and around Dublin right now. I'm surprised your even able to travel between multiple properties. Dublin traffic is no joke, I've lived in Canada and the states. Boom days Dublin still takes the title :rofl: .

Keep posting, loving reading your progress
 
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Really enjoyed reading this. Very inspiring to see a young man from my own neck of the woods so driven. Well not technically my neck of the woods, I prefer to stay west of the Shannon ;) .

I have a few mates in the property and construction game in and around Dublin right now. I'm surprised your even able to travel between multiple properties. Dublin traffic is no joke, I've lived in Canada and the states. Boom days Dublin still takes the title :rofl: .

Keep posting, loving reading your progress
Hey fishgodeep, thanks for your response. It's nice to see another fellow Irishman on here. We are beginning to build a small community of Fastlaners here and maybe it's time to organize some sort of meetup or group chat for a start anyways.

I'm actually based in the west, not Dublin! (yet)

* Made another 700 euro in sales since my last update two days ago. Total is now at 2400.
 

apollo_web

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Hey man, thanks for reaching out here on the thread. I'm not actually juggling as much in my life now as I was previously. Things got really busy and I decided to take a gap year in the middle of college to pursue these opportunities. I have also only been writing for copy clients who I have already worked with, I don't take on any new clients. My advice would be to start exploring opportunities while still going along with the usual school-college-job path in the background. If things pick up and you get really busy you can always put that other stuff on hold to take your fastlane stuff to the next level.

I decided on Real Estate as it was always something I was interested in as my Dad was very active in the scene before he got burned in the recession. I saw both the rich jetting around the world lifestyle it could offer and the bank trying to repossess properties while struggling to put food on the table side of things. He was able to point me in the right direction and I already had built up a lot of knowledge over my teenage years just from listening to him and his friends. My originally plan was to go to college and get a STEM degree so I could earn a lot at a 9-5 then channel it into Real Estate but over the course of last year I started getting more involved in the scene working for a developer and things just started moving. I didn't pick Real Estate it chose me!



Hey Apollo, I'm pretty sure the law here in Ireland is similar to the UK but it may not be exactly the same. I know it's definitely a lot closer than the US system anyways because Irish law is based upon UK law from when we were occupied. Don't take any of what I say as legal advice you should get it checked out by a professional but as far as I know when you go to get a personal mortgage they will determine your ability to borrow based on your income and they can't include projected rents etc in that calculation. If you were house hacking then it should be a simple case of qualifying for the personal loan then renting out spare bedrooms/units in your house to students or other people who don't mind living with you. In Ireland you can rent rooms up to 14k euro tax free in your principal private residence (i.e Your home address only). If you were to set-up a company you'd probably need to fund 50%+ of the purchase price upfront as you'd have no trading history. I have ran into difficulties with this already where banks requested 2 years commercial accounts history.

My plan is to build up 2-3 properties under my personal name then use the cashflow to invest into my newly formed company and start purchasing more properties under that. Once you have a cashflowing company with a trading history its easier to secure further funding. The hardest part is the first one or two deals then things start to snowball (Or so I have been told by my dad & mentor). In the meantime, if you can't find something similar to what I have in a mentor then maybe the best option would be to rent a house and sublet individual rooms (With the permission of your landlord) so that you can live for free or make a small profit allowing you to save the money you would have spent on rent to fund your first purchase.
Thanks for the heads up man! Really inspiring to see you making big moves. I have 2 years of trading history running a separate business (not in property), have been told there's a few lenders that will lend to first time buyers having created a brand new company as long as they have proof of cash flow. So will have to check into that to see if indeed that is the case.

Had a look into house hacking a personal residence, indeed seems alot more complex here in the UK than in the US, again of course need to consult a professional but from what I've heard, at the moment the system has changed whereby in the UK you're unable to deduct interest payments of the mortgage as an expense against the income. Also of course you're unable to deduct repairs etc as an expense as would be living there personally rather than running as a business. All seems bizarre but again need to check into it all to make sure.

Thanks again for the inspiration man and looking forward to following your progress.
 
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JordanK

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Thanks for the heads up man! Really inspiring to see you making big moves. I have 2 years of trading history running a separate business (not in property), have been told there's a few lenders that will lend to first time buyers having created a brand new company as long as they have proof of cash flow. So will have to check into that to see if indeed that is the case.

Had a look into house hacking a personal residence, indeed seems alot more complex here in the UK than in the US, again of course need to consult a professional but from what I've heard, at the moment the system has changed whereby in the UK you're unable to deduct interest payments of the mortgage as an expense against the income. Also of course you're unable to deduct repairs etc as an expense as would be living there personally rather than running as a business. All seems bizarre but again need to check into it all to make sure.

Thanks again for the inspiration man and looking forward to following your progress.
Yeah, a quick google search reveals that they are phasing out the deductibles in the UK. They will be gone entirely by next year. So, yes you probably will work out a lot better going down the business route. Here in Ireland we still have 80% mortgage interest relief on rented properties. However, if I was to purchase a house and live in it while renting other rooms within my 'principal private residence' then I'm entitled to earn up to 14k euro tax free. It's a special incentive that the government introduced a few years ago to try and combat the renting crisis here by incentivizing people with extra rooms to let students use them. I see that the UK has a similar scheme in place but it only amounts to 7,500 gbp tax free. You should use this as a comparison to what you would save by going down the business route.
 

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Hey fishgodeep, thanks for your response. It's nice to see another fellow Irishman on here.
I don't reside in Ireland anymore, but come back periodically. I'll be home in August, would be nice to orfanise a meet up.

One of the reasons I'm coming back is to look into potentially purchasing a rental property in my home town. There's a serious housing shortage in my area especially for rentals. Seems to be the same story all over.
 

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It’s been another week since I posted an update.

  • Things have been getting really busy. I had four different groups of guests staying on Saturday night. It’s becoming more difficult to manage keys, communications, cleaning/washing etc I’ll have to start putting systems in place.

  • The new floor has been installed into the fourth house so now it just needs to be cleaned, stocked, photographed and listed.

  • I’m up to €4000 in sales. Which is a €1250 increase from last week! Long may it continue.
 

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I'd say it must be fairly head-wrecking trying to manage so many different groups checking in to different properties. Sounds like you're doing well, though - good to hear!

My experience with property is more limited than yours, but I've had some exposure via friends/family renting out their places via AirBnB.

A few things you might want to consider, just in case they haven't crossed your mind...

First: what system do you have for handling check-ins/handing over the keys?

I've seen some AirBnB's do well with a combination safe mounted on the door of the residence with the keys inside, like the below image.

25308

Now, it's possible they wouldn't be so good if you're located in the city (maybe more risk of theft if you weren't rotating combinations regularly?), but worth a look at least.

For cleaners: it hardly bears saying, but try to outsource that stuff as quickly as possible. Just search up "AirBnB cleaners (your city)" and look at the businesses offering laundry, full cleans etc.
Run the numbers: if you can afford to have someone else do it, pass this stuff off ASAP.

Worst comes to worst, you can probably find a few people to clean at 10 euro an hour. The trouble with going that route is that you may have problems getting them on short notice... but I suppose it's a trade-off either way.

Hope some of that helps. Best of luck with the property management moving forward - I'm sure you'll keep killing it!
 
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At the moment I still like to meet all my guests when they arrive as I believe it turns a faceless business transaction into a personal one. It also encourages them to keep the place clean and leave it in a nice condition as after all you wouldn't mess somebody over that was friendly and kind to you (In most cases)

I have a big key rack with hooks labeled for all the different properties. When guests check in the specific hook remains empty and when the guests checkout they simply lock the door and put the key in the letterbox. I haven't been meeting for check outs. I do have key-box's on the outside of the properties and have used them when I'm stuck and can't meet the person at a specific time but I usually follow up with them in person a few hours later anyways.

As for laundry & cleaning. I live right in the middle of the city center so all services are on my door. There is a 24-7 laundromat facility nearby so I use that once or twice a week to get everything washed. I typically keep a lot of fresh sheets and linens anyways so I'm not under pressure to wash and dry quickly. Cleaning hasn't been a big problem for me yet, while it took a monumental effort with help to get the properties into shape it usually only takes 15-20mins to clean room a room and bathroom if a guest has only stayed for 3-4 days.

If anyone is interested I do occasionally post pictures and stories about what I'm doing on Instagram.

 
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Really cool story incoming!

This week I decided to take a day out on Wednesday as the weather was really good for the first time this year. Drove three hours south and climbed the tallest mountain in Ireland with a friend of mine. It took about 5-6 hours to climb up and down.

As we were leaving the car park at the bottom I noticed two french tourists hitchhiking and offered them a ride into the nearest town which we were going to stop and get food in. After a short car journey and a meal in a small restaurant they asked if they could continue on with us for the 3 hour journey back to my home city as the way I had talked about it made them want to visit.

I offered to host them for free in one of my spare airbnb rooms, but they insisted on paying so it was a really random moment but it shows that sometimes kindness and karma can strike at random!

  • In other news my sales have now reached just over 4500 euro and the previous deal I was negotiating to add a further 3 houses to my renting portfolio just took a massive leap forward. I'm meeting the owner who is around my age at the properties on Tuesday.
 
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JordanK

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5 Days Since My Last Update

  • I usually like waiting at least a week to post updates but it's been a crazy few days and I'm really excited. My sales have gone from €4500 to €5800 ( €1300 increase ) in this period.

  • In consultation with my mentor I decided to consolidate one of the properties with 3 bedrooms which I was individually letting into a whole place let instead. It wasn't working out as I wasn't getting anywhere near as many bookings.. people prefer having a whole place to themselves especially a luxury apartment overlooking the sea. Failed experiment.. pivot and fix the mistake before it affects me too much. It will also have the benefit of reducing how many guests I need to communicate with, meet and clean/wash after.

  • The second point is crucial as I had a great meeting and lunch with the other property investor I was talking about in my most recent update. We have agreed terms and I will be managing two of his properties, taking my total to 6 properties in the city.

  • Had two family members working with me today to clean, repair and kit out my fourth property. While they worked away inside the house all day I was outside trying to tame the garden which had been left to overgrow and was filled with rubbish. We got most of the work done but we're back at it tomorrow for another half day so that it will be ready for pictures and listing this weekend.
All systems go! (P.S I have also started negotiating smaller contracts for September onwards when this current work will dry up.. more on that later)

image1(4).jpeg 25563 25565
 
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Santiaggo

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Hey Jordan, your thread has been very inspiring, especially since I feel I'm on a journey similar to yours (just a few years younger lol). I'm studying Software Development at College while also learning Copywriting and doing some freelancing on my free time (haven't started working on Copy gigs yet but I plan on doing so as soon as I'm done with exams in the next few days).

Your progress, but most importantly your work ethic is really motivating to say the least. I've also followed you on Instagram, so let's connect there!
 
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Hey Jordan, your thread has been very inspiring, especially since I feel I'm on a journey similar to yours (just a few years younger lol). I'm studying Software Development at College while also learning Copywriting and doing some freelancing on my free time (haven't started working on Copy gigs yet but I plan on doing so as soon as I'm done with exams in the next few days).

Your progress, but most importantly your work ethic is really motivating to say the least. I've also followed you on Instagram, so let's connect there!
Thanks for reaching out. Apologies that it took me a while to get back to you. This week has been the busiest ever. Facing some tough challenges but overcoming every obstacle as it hits so far. I also want to mention that I'm still disappointed with my own work ethic and it's definitely not where it needs to be. While I might be doing a lot more than the average person I have been comparing myself to some of the top guys in my field and I'm miles off the mark. It's a constant struggle to keep going but I know I'm in a grind period in my business which will slow down again in September.

How are you liking Software Development? Where do you see yourself in 5 years time?
 

Santiaggo

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Thanks for reaching out. Apologies that it took me a while to get back to you. This week has been the busiest ever. Facing some tough challenges but overcoming every obstacle as it hits so far. I also want to mention that I'm still disappointed with my own work ethic and it's definitely not where it needs to be. While I might be doing a lot more than the average person I have been comparing myself to some of the top guys in my field and I'm miles off the mark. It's a constant struggle to keep going but I know I'm in a grind period in my business which will slow down again in September.

How are you liking Software Development? Where do you see yourself in 5 years time?
No problem! And I'm glad that you're grinding hard and trying to overcome every challenge that comes your way. Keep getting after it!

About Software development... I like it so far, but being honest I'm still not sure this is the path I want to pursue, so it's more like a plan B now for me. As I'm young, I'm still experimenting and trying to figure out the ideal path I want to pursue. If I continue this way, I see myself as more of a web developer or UX/UI designer in five years, though.

I think that selecting a career comes down to finding something you like which also comes easier to you than most people. That's how you know you have the potential to be one of the best in that particular field, and Software Development isn't a field that meets that criteria for me. I mean, it's not that I'm horrible at it, but I don't see the potential to be one of the best.

I find myself to be more of a creative person too, which is why I like things such as filmmaking, designing, photography, etc. But I also like other things related to entrepreneurship like marketing, sales, team management, etc.

So, what I will do now is to continue experimenting and to learn about new skills, while generating & maintaining good habits (such as waking up early, reading books, exercising, etc) and getting rid of bad ones. This will set a good foundation so when I decide to choose a path I want to pursue, I can focus 100% on it.

But well, that's enough talking about me lol. Where do you see yourself in 5 years?
 
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That's good to hear man that you know what you are good at and like. When I went into college all I knew was that I wanted to be an entrepreneur, that tech was the easiest way to do it (I thought at the time) and that learning to code was a good thing that paid lots of money. After two and a half years I left because I found something I liked a lot more. It became more and more difficult to focus on study when my heart wasn't in it AND it was getting progressively more difficult. I think you should continue with college while building up a business on the side similar to what I did and leave if it works out. Otherwise stay the course.

As for the five years question. I'd like to be living abroad investing in real estate in a new location while having my existing portfolio managed and expanded continually by a team I have in place here in Ireland. Obviously I'd be visiting Ireland (home) a lot but I would see my time split between the two locations. I would like to have over 100 property units total and be driving a very nice looking Mustang. As for other things I would like to be able to employ some of my family members and completely pay off my parents debt and any medical stuff. I would like to be in a serious relationship or married and maybe have a kid or be thinking about it hahah. The woman I'd be with must be completely supportive of my goals & ambitions and I would be supportive of her positive life choices. I would also like to have climbed the highest mountain in one of the seven continents. I have more far reaching life goals and ambitions but I feel the time-frame of 5 years would even be too short for them.

That's a lot about me in one big paragraph and it was actually a very thought provoking exercise that took me some time. I know I asked you the question but it shook me up thinking about everything myself.
 
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7 Days Since My Last Update

  • Sales have gone from €5800 to €8650 (Increase of €2850 within the week - Made €200 of cash sales hence the difference in this number from the AirBnB screenshot).. Crazy crazy stuff! And I still only have three properties fully listed.. tomorrow I'm going mad and getting the other three listed even if they aren't fully finished cosmetically.. my desire for perfection is holding me back. I can't continue to wait and miss the high season. I have been spending a lot on kitting out the places, repair work and I also sent some money to my mentor as things have been going well I want to keep him happy too.

  • Got 4 changeovers of guests on Friday its going to be my first day of utter madness but I'm prepared and have put a plan in place and got one of my family members to help me. Washing, cleaning and communicating with guests is my life now.. I even wake up in the middle of the night checking my phone scared that someone has called me and I have missed it.

  • I am now a AirBnB Superhost this was one of my original goals last month I am really happy to have achieved it. All of my reviews so far have been full 5 stars and I want to continue providing a quality experience for my guests and showcasing the best of my city & Ireland. Even if it includes driving halfway across the city four times in one day to show guests how to operate certain appliances and deliver stuff they want (i.e clothes drying rack, extra blankets)
25673 25674
 

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