FreedomFighter7
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- Dec 28, 2019
- 12
- 3
Hello everyone!
I’m trying to keep this as short as I can and thanks for your time….
Been on the forum for years, never read any of MJ's books yet but have been a fan of him and know the crux of MFL. I’ve been on the forums for a long time and post very little.
I'm close to 50 years old and assessing where I've been, where I'm at, and where I'm going, like never before. I really would like some advice from those of you who feel can steer me successfully.
I've been self-employed for 16 years as a real estate investor specializing in wholesaling (buying property at a discount and selling it at a higher price.
Though I’ve been doing wholesaling for 16 years, it has not been contiguous as I chased other business opportunities during this time. I always came back to real estate because it always made me decent money and must say that I do love it, at times.
However, four years ago, I really committed to make real estate “work”. I'm a big believer in R&D but my version is "rip-off and duplicate". So I reversed engineered a very successful competitor who I knew was making really big money. I then took his operation and perfected it. The results have been pretty incredible to where I am averaging $82,500 net per transaction even in a competitive market with low inventory.
My business only costs me $300/mo to run. So you can see the cash cow this is. I have a very needy/sick mother where I am the sole caretaker for, and it has been emotionally draining and time consuming. I finally got her care so that I can commit to the business. I can finally work fulltime from here out, for the most part. Now even though it may seem like I'm making a lot of money, I can't say I am. I have only been able to do 1 or 2 deals per year due to me being consumed by my mother’s situation and some of my own personal life issues I need to take care of but I realize it's killing my dream of being financially free. This HAS to end because I’m looking at the clock and I know that I’m SEVERLY behind in life. The distractions weather legit or not need to be eliminated. As soon as I can, I am going to hire a personal assistant even if it’s part time.
In 2015, I had a health scare where I was on my death bed, my wife lost her job, and had a child. Financially, it was a perfect storm. We lost all our credit and went through hell. However, I never filed BK like I was so tempted to do.
After the hospital, I took care of my health and was determined to fight for my family by recovering from this blow. No credit, no money, no pipeline of business, and wife out of work, I had to fight through depression like hell. I wanted to restore my credit because it was mentally and financially hurting me for moves, I wanted to make in the future and one of them being buying a house. After having perfect credit my whole life to mid-500 scores, I studied everything about credit and 7 years later now, my credit is in the mid 700’s again with a strong credit profile. So got that back and avoided filing BK!!!
I retired my wife 7 years ago so she can stay home with our child, and she has been very happy with her life. I’m elated I have been able to keep my wife home with our child.
So yeah, I’ve come a long way and “getting there” but still very behind.
I’m still fighting depression because there are so many things we still need/want in life. We are living in a condo just over 20 years now. We own it and it’s nice, but it needs to be fully remodeled at this point and is way too small for our needs. It’s falling apart due to age. I want to get the hell out of here and finally move into a nice house. My wife and I share a vehicle because she don’t work. I’m dying to get my own car but I’m playing safe and being frugal. I have no retirement nor does my wife. So you can see almost pushing 50 and being here is not the greatest spot. Hence the depression. I say depression because there is more to this story than what I’m mentioning. In short, I humbly say that I’m too savvy and smart and can’t believe I am only where I’m at in life that it’s simply ridiculous. I should be way beyond where I’m at.
In 2022, I did the largest deal in my life, netting me just over 180k. Now, I am pretty optimistic that I can do 1-2 deals per month, but this has yet to be proven. This year I am going fulltime at it, and I will know by end of year.
This is my issue..............Solopreneur vs business owner. I have colleagues in this business that are doing probably 7 figures a year net but run this as a business where I'm running this like a high paid job. I never wanted a job but a business. I also don't want to manage employees so do I really want a business?
I self-sabotage myself because I feel guilty operating "my job" because it's not working as a business and as a result end up not working. I feel I should be spending my time building a business not being an operator.
I’m also a bit burnt-out because of the taxing situation from my mother. Not so much the real estate business.
So as you can see there is a lot to this but where do I go from here?!
I think to myself that since I finally figured this business out and now making the most money I ever made, that I owe it to myself to follow through on this incredible algorithm I discovered and developed. It would almost be a sin to abandon it at this point and go into another business.
I am now working on turning my current model into a business but fear to teach anyone my secret sauce because I want to avoid breeding competition since this this has a low barrier of entry. I am hiring out certain parts of the business that I know are non-threatening.
If after this year I don’t feel I can turn this into a “business” per se, then perhaps I just need to grind it out and make enough money to then dump the money into buying an existing business like I’ve seen a lot of people in this forum do and/or buy rentals.
I do believe that making 500-1mm+ per year is very possible. I’m just not crazy that it all hinges on me and that it does not work on its own running as a business. I also realize that perhaps it’s not the end of the world making 500k-1mm per year as a solopreneur like many engineers and health care professionals that I know. They too clock into a job every week. If I can finally break 300-500k annually by myself, it may not bother me as much because then I’ll be able to make some moves into other ventures, finally get a car, a house, etc. I’m just sick and tired of being where I’ve been for so long and being “teased” with wealth a bit by these “big scores” I’m hitting every 6-12 months.
Another factor that has demoralized me is the state of our economy. Now that I’m making the most money I ever made, inflation and sky rocketing rates have diminished my buying power. Even when I make 200k, I still can’t break my situation. It’s like “what’s the point?”. Even when I make it, it’s still not enough. I’m venting as you can see but I know that I simply need to make more money but how at this point?
I’m not sure and therefore am finally posting for some input from you all that I trust here at MFL.
Thanks in advance and sorry for being long-winded.
I’m trying to keep this as short as I can and thanks for your time….
Been on the forum for years, never read any of MJ's books yet but have been a fan of him and know the crux of MFL. I’ve been on the forums for a long time and post very little.
I'm close to 50 years old and assessing where I've been, where I'm at, and where I'm going, like never before. I really would like some advice from those of you who feel can steer me successfully.
I've been self-employed for 16 years as a real estate investor specializing in wholesaling (buying property at a discount and selling it at a higher price.
Though I’ve been doing wholesaling for 16 years, it has not been contiguous as I chased other business opportunities during this time. I always came back to real estate because it always made me decent money and must say that I do love it, at times.
However, four years ago, I really committed to make real estate “work”. I'm a big believer in R&D but my version is "rip-off and duplicate". So I reversed engineered a very successful competitor who I knew was making really big money. I then took his operation and perfected it. The results have been pretty incredible to where I am averaging $82,500 net per transaction even in a competitive market with low inventory.
My business only costs me $300/mo to run. So you can see the cash cow this is. I have a very needy/sick mother where I am the sole caretaker for, and it has been emotionally draining and time consuming. I finally got her care so that I can commit to the business. I can finally work fulltime from here out, for the most part. Now even though it may seem like I'm making a lot of money, I can't say I am. I have only been able to do 1 or 2 deals per year due to me being consumed by my mother’s situation and some of my own personal life issues I need to take care of but I realize it's killing my dream of being financially free. This HAS to end because I’m looking at the clock and I know that I’m SEVERLY behind in life. The distractions weather legit or not need to be eliminated. As soon as I can, I am going to hire a personal assistant even if it’s part time.
In 2015, I had a health scare where I was on my death bed, my wife lost her job, and had a child. Financially, it was a perfect storm. We lost all our credit and went through hell. However, I never filed BK like I was so tempted to do.
After the hospital, I took care of my health and was determined to fight for my family by recovering from this blow. No credit, no money, no pipeline of business, and wife out of work, I had to fight through depression like hell. I wanted to restore my credit because it was mentally and financially hurting me for moves, I wanted to make in the future and one of them being buying a house. After having perfect credit my whole life to mid-500 scores, I studied everything about credit and 7 years later now, my credit is in the mid 700’s again with a strong credit profile. So got that back and avoided filing BK!!!
I retired my wife 7 years ago so she can stay home with our child, and she has been very happy with her life. I’m elated I have been able to keep my wife home with our child.
So yeah, I’ve come a long way and “getting there” but still very behind.
I’m still fighting depression because there are so many things we still need/want in life. We are living in a condo just over 20 years now. We own it and it’s nice, but it needs to be fully remodeled at this point and is way too small for our needs. It’s falling apart due to age. I want to get the hell out of here and finally move into a nice house. My wife and I share a vehicle because she don’t work. I’m dying to get my own car but I’m playing safe and being frugal. I have no retirement nor does my wife. So you can see almost pushing 50 and being here is not the greatest spot. Hence the depression. I say depression because there is more to this story than what I’m mentioning. In short, I humbly say that I’m too savvy and smart and can’t believe I am only where I’m at in life that it’s simply ridiculous. I should be way beyond where I’m at.
In 2022, I did the largest deal in my life, netting me just over 180k. Now, I am pretty optimistic that I can do 1-2 deals per month, but this has yet to be proven. This year I am going fulltime at it, and I will know by end of year.
This is my issue..............Solopreneur vs business owner. I have colleagues in this business that are doing probably 7 figures a year net but run this as a business where I'm running this like a high paid job. I never wanted a job but a business. I also don't want to manage employees so do I really want a business?
I self-sabotage myself because I feel guilty operating "my job" because it's not working as a business and as a result end up not working. I feel I should be spending my time building a business not being an operator.
I’m also a bit burnt-out because of the taxing situation from my mother. Not so much the real estate business.
So as you can see there is a lot to this but where do I go from here?!
I think to myself that since I finally figured this business out and now making the most money I ever made, that I owe it to myself to follow through on this incredible algorithm I discovered and developed. It would almost be a sin to abandon it at this point and go into another business.
I am now working on turning my current model into a business but fear to teach anyone my secret sauce because I want to avoid breeding competition since this this has a low barrier of entry. I am hiring out certain parts of the business that I know are non-threatening.
If after this year I don’t feel I can turn this into a “business” per se, then perhaps I just need to grind it out and make enough money to then dump the money into buying an existing business like I’ve seen a lot of people in this forum do and/or buy rentals.
I do believe that making 500-1mm+ per year is very possible. I’m just not crazy that it all hinges on me and that it does not work on its own running as a business. I also realize that perhaps it’s not the end of the world making 500k-1mm per year as a solopreneur like many engineers and health care professionals that I know. They too clock into a job every week. If I can finally break 300-500k annually by myself, it may not bother me as much because then I’ll be able to make some moves into other ventures, finally get a car, a house, etc. I’m just sick and tired of being where I’ve been for so long and being “teased” with wealth a bit by these “big scores” I’m hitting every 6-12 months.
Another factor that has demoralized me is the state of our economy. Now that I’m making the most money I ever made, inflation and sky rocketing rates have diminished my buying power. Even when I make 200k, I still can’t break my situation. It’s like “what’s the point?”. Even when I make it, it’s still not enough. I’m venting as you can see but I know that I simply need to make more money but how at this point?
I’m not sure and therefore am finally posting for some input from you all that I trust here at MFL.
Thanks in advance and sorry for being long-winded.
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