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Real Estate "I'm Not Here To Take Part, I'm Here To Take Over"

Discussion in 'Real Estate Investing' started by JordanK, Dec 9, 2018.

  1. JordanK
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    JordanK Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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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
     
  2. Suzanne Bazemore
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    Suzanne Bazemore Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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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 and JordanK like this.
  3. Lionhearted
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    Lionhearted Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    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!
     
    Suzanne Bazemore and JordanK like this.
  4. JordanK
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    JordanK Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    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.

    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.
     
    Suzanne Bazemore and Lionhearted like this.
  5. Fox
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    Fox Moderator Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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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.
     
  6. JordanK
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    JordanK Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    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!
     
    Suzanne Bazemore and Dre2001 like this.
  7. JordanK
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    JordanK Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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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
     
    Mr.C, Kingmaker and Suzanne Bazemore like this.
  8. JordanK
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    JordanK Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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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.
     
    Mr.C likes this.
  9. JordanK
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    JordanK Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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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!
     
    NateTheGreat, Kybalion and Mr.C like this.

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