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Discussion in 'Education, Learning, Books' started by PureA, Jun 1, 2015.

  1. PureA
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    PureA Winners never quit Speedway Pass

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    This forum truly holds a wealth of knowledge. I ask you to kindly post your favourite post so others may reap the benefits.

    Mine:
     
    Last edited by a moderator: Jun 7, 2018
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  2. GSF
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    GSF Silver Contributor Speedway Pass

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  3. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Here are just a few I've bookmarked... surely flying low under the radar from most...


     
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  4. IceCreamKid
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    IceCreamKid With Great Power Comes Great Electricity Bill Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    This post by SteveO 7 years ago literally altered the direction of my life because it was the first time that I was exposed to a process that I knew could be replicated over and over again. It was the first thing that planted the seed in my mind that a regular guy like myself could one day become free. That's truly all I ever wanted. Freedom.

    I actually never told him how much that post impacted me. I know of one other guy who got into real estate because of that post, but I'm sure there are others also who never spoke about it.

    It's a story of planning, perseverance, guts, and grit. Process. Process. Process.

    I did not have an understanding of what was needed to succeed for most of my life. The eye-opener for me was a subordinate at work. About 11 years ago, I was sitting down with him to talk about how to improve his work performance. He mentioned to me that he would quit if I took the fun out of his job.

    The conversation quickly changed.

    It turned out that he owned some apartment buildings and did not need his work income. I asked him numerous times over the next few months about how to get started. His answer was always the same, "Just go buy them". Not helpful but I got the idea.

    I went to the local bookstore and purchased the book "How to Buy and Sell Apartment Buildings". It was full of all the information that I needed to get started. I would go home from work and work understanding demographics, pulling census data, digging deep into all the financials associated with apartments.

    In 1997, I pulled the trigger!

    My early life was not one that had any kind of direction. Our family moved a lot and I went to many different schools. My parents divorced when I was early in high school and our family was delegated to the welfare roles. My mother had fairly severe mental conditions and had no idea what any of children were doing. I ran wild and left high school after the 10th grade.

    The future seemed so clear to me. I joined the Marines at the age of 17 which my parents were happy to sign for. My thoughts were focused on a big career in construction when I got out. The $6/hour on a jack hammer sounded good to me.

    I did get a job as a landscaper and after a failed run at starting my own company, switched to plumbing. It seemed like a decent car was always out of my reach so I took a job as a mechanic in order to learn how to keep my own vehicle running.

    I was married at the age of 19 and had my first daughter shortly after. [​IMG] My mother-in-law worked at Hewlett-Packard and helped land me a job in the assembly department on the graveyard shift. The pay was half of what I made in construction but I viewed it as a better future. I started an education in the technical field so I could work up the ladder.

    I eventually landed a job as a technician in the research and development department and then moved on to management. After 16 years of service at HP, my eyes were opened.

    I still did my job but no longer put in extra hours. Nor did I give work my full attention anymore. I would get home and work on my plan for hours.

    The plan was simple enough; determine the location that fit the criteria as outlined in the book that was poised for appreciation. I concluded at the time that my location in San Diego fit the profile!

    My quest was frequently tempered as most of the agents that I talked to said that I wasn't ready. Lack of funds will give that impression.

    I found an agent that said she wanted to work in the apartment field but had no experience. She offered that we could learn together.

    I got a long list of 3-8 unit buildings together and ran all around the city looking. I found a nice 5 unit that was walking distance from the beach with an ocean view. My wife (now ex), would not come on board with the purchase and I had to let it go. I told her soon after that I was going to invest with, or without her. Soon after, I found a 4-plex in Carlsbad, CA. that fit my criteria. After a lengthy negotiation I purchased it for 180K with a 10% seller carryback on a note. In order to get the money I had to max out a credit line, and take a 3rd mortgage on my house.

    Within a year I refinanced and paid off the credit line and 3rd. So I was basically had all my initial investment back. At year 2, I sold the property and exchanged it into another property with some other investors. I had 30% of a 46 unit property in Riverside, CA.

    It was at this time that the plan for exiting my job came in to view. The plan was centered around how much money was needed to live on. The stock market was fairly high at this time and I had some money in my retirement account. I got a 21 unit property under contract in Palm Springs but needed to cash out my retirement to get it.

    It only took 2.5 years of investing in apartments for me to exit my job for good. What a day that was. I walked in and looked at my BOSS and asked "How much time do you need to replace me?". [​IMG] I stayed around until one week before the apartment deal closed.

    I was now spending my days doing whatever was desired. My wife was still resistant to the whole idea but decided she wanted to quit her job too. We lived near the beach but decided to sell the home and move to Arizona. It was the only way we could reduce the expenses to a livable level.

    I spent the next few years wheeling and dealing and refining my process. One of the biggest changes that I made was to start buying poor perfoming assets to get a better deal. This would frequently put us into negative cashflow situations although the networth was rising rapidly. All of this proved to be too much for my wife and we parted company. Although she had an extreme distaste for the apartments, she was happy to take half of them. [​IMG]

    My process is still very similar in that I look for locations that are set to have improving apartment fundamentals and still look for the mismanaged properties. With the help of some great connections and aggressive moves on my part, I now have over 600 units. Each of my buildings are over 100 units in size as I feel that is the way to have some efficiency in management.

    For many years, I would hire managers to work on the properties. This was a difficult undertaking and absorbed too much time. I now use professional management for everything and my quality of life has improved as a result. It has also allowed me to focus on the purchase and disposition side of the business.

    I am married again and my wife is a real estate contract attorney.[​IMG] We actually work together on deals at this point. It really helps to have a supportive spouse that is in allignment with your objectives.

    My networth is approaching the big 10M. Most of the cashflow still ends up back into new deals (it is a disease [​IMG]).

    I have been on RE forums for a number of years giving advice freely. My objectives are not as noble as that sounds though. I have made many connections as a result and have helped myself and others to profit nicely. It is a good trade off for me. [​IMG] I have recently begun putting investor money into deals with a strong team of professionals at the helm. It is a great opportunity to leverage off of years of experience.

    In summary, It took a lot of years to get on the right road. I wish that I had started a lot sooner. The saving grace was having a plan and process for success. I am sometimes amazed with the slowlane approach that many people take without looking deep into the future, especially with all the information that is before them. Or, the fact that they are willing to settle for retirement with a few houses to rent. Planning....
     
    Last edited by a moderator: May 6, 2018
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  5. DeletedUser394
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    DeletedUser394 Bronze Contributor

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  6. GuestUser113
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    GuestUser113 Guest

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    Anything by @RHL
     
  7. Vigilante
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    Vigilante Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    You'll have to be an insider to view mine. It's the introductory thread from @Likwid24 and the start of the progress thread on The Paintbrush Cover, which is part of the true forum history. A success story, birthed and born with a front row seat to all forum insiders.

    https://www.thefastlaneforum.com/co...-progress-thread-the-paint-brush-cover.30969/

    If you don't have an insider subscription, do yourself a favor and invest in your future by accessing this life changing thread.
     
    Last edited by a moderator: May 6, 2018
  8. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Thanks ICK. This is coming from the guy with hundreds of epic and motivational posts. :hurray:
     
  9. JoeB
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    JoeB Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Mine is from a thread by @JasonR - I don't have the link but I do have the text saved.

     
  10. Mohammed Hamza
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    Mohammed Hamza Contributor Read Millionaire Fastlane

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    Love it!
     
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  11. Phones
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    Phones Break your boundaries Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    @JasonR
     
  12. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Another nice cautionary tale from the archives...

    https://www.thefastlaneforum.com/community/threads/CENTS-a-tale-about-control.48682/

     
    Last edited: Jun 7, 2018
  13. P3HSB
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    P3HSB Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Here are my favorite posts.The stars align for me after reading these and the money started rolling in :)

     
    Last edited: Jun 3, 2015
  14. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    Another recent one...

    https://www.thefastlaneforum.com/co...eal-with-fear-of-criticism.60637/#post-463713
     
    Last edited: May 6, 2018
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  15. William
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    William J Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Soooooo many. Too many to pick a favorite.

    Anything by anyone with high rep.

    Here's two though:

    One from @Vigilante

    One from JackEdwards

     
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  16. Dwight Schrute
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    Dwight Schrute Ludicrous Speed Read Millionaire Fastlane Speedway Pass

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    Last edited by a moderator: May 6, 2018
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  17. Tristan2k0
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    Tristan2k0 Contributor Read Millionaire Fastlane Speedway Pass

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    These posts truly are priceless for a young dumb kid like me. College/School seems ridiculous when you can easily access invaluable knowledge such as this thread. I can't thank you guys enough for participating and posting

    Sent from my SCH-I545 using Tapatalk
     
  18. PureA
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    PureA Winners never quit Speedway Pass

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    don't call yourself dumb, identity is a self fulfilling prophecy
     
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  19. Tristan2k0
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    Tristan2k0 Contributor Read Millionaire Fastlane Speedway Pass

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    Well I know I'm not "dumb", but compared to most of the fastlaners on this forum I am Haha. That is why I read and learn all that I can so I can attain all the wisdom that is shared.
     
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  20. Dwight Schrute
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    Dwight Schrute Ludicrous Speed Read Millionaire Fastlane Speedway Pass

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    So you admit that you don't know everything and you still have to learn.

    That's pretty smart in my eyes.
     
  21. JAJT
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    JAJT Ha Ha! Business Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I can't point to a single post, but I will point to these two threads and individuals:

    Vigilante - https://www.thefastlaneforum.com/co...rs-addicted-to-passive-income-deposits.35694/
    Biophase - https://www.thefastlaneforum.com/community/threads/ask-me-about-ecommerce.38312/

    Something in the way they spoke got me off my a$$ after spending the 10+ years after high school pretending I would 'one day' get something done. Something in those threads did something that consuming years of motivational blogs, entrepreneurship stories, testimonials, books, etc... never did for me. Something they said, or how they said it, sparked something inside me that made me say "f*ck this, why not me too?"

    I can't even pinpoint what it was, so I have no specific post, but those first steps I took lead to me quitting my job 1.5 years ago and I'm still happily self employed today. I'm still learning, still growing, and maybe it's a little slower than I could be, but my two children certainly aren't complaining about all the extra time they get to spend with dad.
     
    Last edited by a moderator: May 6, 2018
  22. Tristan2k0
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    Tristan2k0 Contributor Read Millionaire Fastlane Speedway Pass

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    I appreciate it, the way I see it most of guys have years and years of failures and successes (Experience) and I have very little. So it would be absolutely foolish of me to not learn from all of the experience you guys have gained through the years. Saves me a lot of stress and headache! I still have so much to learn, I can't wait to finally start living on the fast lane.
    - Anyways I wont pollute this thread anymore, Ill share with you guys one of my favorite forum posts. It practically describes what I have exactly done with my life, and to read it coming from someone else gave me chills! Post by Roli - Thank you!
     
    Last edited: Jun 25, 2015
  23. tycoon7
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    tycoon7 Contributor

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  24. IrishSpring600
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    IrishSpring600 Bronze Contributor Speedway Pass

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    Quite frankly, any post on this website. There is always something to contribute in every post, and that's what's great about this place.
     
  25. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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