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

[JordanK]

My latest update is that all properties are now listed and while I'm still doing some work on each of the final 3 of them they are of good enough standard to rent.

I also passed 10k in total sales! Been crazy busy even pulling off a 20 hour work day on Saturday as the nightclub I work at needed some help as they were short staffed. Typical days are 10-14 hours but I'm on call 24-7 to guests and their needs so there have been some odd requests at odd times.

Edit: Today the 17th of July I handed in my resignation to the nightclub I have been working in. This time last month I had two "real" jobs. Now I have none! Excited but sad to be leaving behind a lot of friends that I made.

 

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[JordanK]

9 Days Later Update

• Sales have reached just over 13k euro and I'm busy everyday with cleanings, washings and check-ins.

• The opportunity has arisen to spend around 6-8k on an extension of my city center house to add an extra room that will generate 700 euro a month from September-May and then it will also be available as an extra room to rent again next summer with Airbnb. My mentor is still very busy with his own projects but he has agreed if I go ahead with it he can supply all the materials from the extras on his existing projects so I'll only have to pay the labor costs to get it built. I will then have an agreement in place to pay him a certain fixed amount each month and I can profit greatly for a few years from the property. I can then in time hand him back the place as a nice income earner fully renovated etc and use the profits I have made to put down a deposit or a good chunk along with a mortgage into my own project. Basically he is helping give me a start in the property scene allowing me to build up experience managing a project and making money so I'm more likely to be approved for loans, be headhunted for a well paid job and/or prove to hard money lenders that I know what I'm doing. There are risks to the project obviously but I'm doing my due diligence at the moment, meeting with contractors etc.. I also got a skip hired and cleared out the back garden and ripped out the existing kitchen. Mentor came and replaced the sewer pipes that were old and cracking. Exciting times ahead!

 

[JordanK]

Well over 20k in sales now. Beginning to feel the effects of burnout now from being on a constant 7 day a week grind since the middle of May. I also have to be responsive 24-7 to guests messages which is quite stressful when I have so many different groups.

I have booked a 10 day trip in Mid-September so now I have some extra motivation to finish out these last intensive 3 weeks. From then on it’ll be more passive management activities.

Still can’t believe what I have done in the space of two months. Its nice to be earning good sums of money consistently for the first time in my life. No job could reach this level especially with me being 21 living in Ireland. Thank you BiggerPockets for sparking my curiosity in scaling Airbnb a few months back which lead to a conversation that made this a reality!

@JScott currently reading through your recession proof investing book at the moment in what little downtime I have before going to bed. Really insightful and I have adjusted my plans based on what is outlined in the book.

Would love to know if Biggerpockets has a european counterpart as I can’t find any meetups or groups throughout my entire country even on google/meetup.com etc Its disheartening... I’m seriously considering flying out to Nashville in October but I don’t know how beneficial it would be to me seeing as the markets, laws, lending situations.. practically everything is different to here in Ireland.

 

[JordanK]

Its been three months since I posted here. Just wanted to pop by and post an update on whats been happening.

@JScott I decided against going to the BP conference this year as I haven't been active in that community but I'm finally taking the time to learn how the forums work and make use of their different tools. A lot of the information I'm getting from the podcasts doesn't apply to my situation here in Ireland but its worth listening as I always manage to pick up a nugget or two that I use to teak and squeak my strategy. I really wish Biggerpockets had an Irish/European element to it. Maybe this is an opportunity I can take advantage of as there are no public role models in Real Estate here with the closest thing to it being Samuel Leeds in the UK who comes across more like a Grant Cardone. Maybe I should start a Real Estate Meetup and forum here in my country.

None the less I will be attending the FLF Summit in Phoenix so I can't wait to meet everyone there!

As for my business. I have pumped about 12k into an extension (Doing a bigger extension than previously estimated) so I can have an extra room on the city house for renting. Right now I'm cash strapped in the run up to Christmas but I'm due some big rent payments & management fees for places I'm minding for friends. This is a long term play with the house so I have to take the temporary pain for the eventual gain. I have been considering getting a full time job for the time being as I could do all of this work around it. It would allow me to save more money on top of my monthly RE earnings.

 

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[JordanK]

Been a long time since I updated the thread. Going to just bullet point all of my updates as there would be way too much to talk about if I went into detail.

• Attended The Fastlane Summit in February met some really awesome people and learned so much during my first week ever in the US.
• Finished Extension and Renovation of the city center property.
• Agreed a new management deal on the properties from September to May next. Will bring me in 2k+ passive(ish). Possibility for this number to be higher due to renegotiation with this whole coronavirus stuff and a lot more properties might be going into long term rental.
• Possibly the entire loss of the summer tourist season on short term letting AirBnB. Might pivot my strategy and do 12 month lease instead of the 3 month short term and 9 month students. Will decide on this in the first week or two of May depending on how this fluid situation evolves.
• Studying for CompTIA Security+ certificate on top of the Associates Degree in Software Development I already have. Will either go back to college in September to finish this or go straight into employment in the Cyber Security field with a local company. Now that I have automated the management and finished the reno's I can get a full time job. This will allow me to boost my savings and take advantage of bank financing to acquire a fully owned property in my name. I have already built up the deposit savings but struggling to get an audience being self employed.

Massive opportunities to be had when all this craziness ends.