Here is my success story as it has unraveled. I hope with this article people can see that so much can be achieved at a young age and limited resources. Just like the other young gentleman, Zack Wiest, who posted a success story, I am 25 and enjoying real estate investing and life to their fullest.
I have been visiting this web site since 1996. That is when there were a total of three articles out there. After graduating from college and making a few dollars, I decided to take what I learned from CRE Online and apply it.
I started with four properties with a total of eleven units. At this point I had never owned real estate investments and had no idea about landlording. I closed on September 12, 2001 and let’s just say my checks from my bank in lower-Manhattan bounced the next day.
Over the past year I have purchased eight more properties, giving me a total of twelve properties consisting of thirty-four units. I am getting to the point where I need a spreadsheet to just remember all the places I own.
My main goal is to amass $500,000 a year investing in real estate. In thirteen months I have $691,500 in assets; my net worth has gone from $10,000 to almost $250,000; my net income from real estate investing is around $50K per year. Everything I have achieved has been during this depression we are experiencing.
I would like to thank Terry Vaughan and Ed Garcia for their insight. I attended their How to Get Lenders Fighting to Give You Money workshop in Atlanta and gained so much knowledge about what banks want to see and hear.
This crucial information has allowed me to present myself to my local bank where I have no relationships and obtain a line of credit for $60K. This is small compared to others, but I look at it as a start.
If anybody plans to be serious about real estate investing you need to form a team to help you out. The person on that team that will make you the richest will be your banker and his/her money. Ed’s and Terry’s workshop taught me how get your banker to want to do business with you.
Read as much as you can, reward the people that help you out, never take no for an answer, and listen. Anybody can make money investing in real estate. Coincidence or not, Zack and I are both 25 years old, and we only live 30 minutes away from each other. If we can build something from nothing, so can you.