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Hi - my story, i'd like to hear yours
Old 11-29-2011, 10:16 AM   #1
gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
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Hi - my story, i'd like to hear yours

hello, i think im a gen X or something being 42?

i'd just like to share my story and hear how you other retiree's got to the promise land

i did not start working for a corporation untill 1997 when i was 27 years old. prior to this i was doing landscaping, getting work out of the local newspaper and not working steady. home depot hired me because of the landscaping background at $9 an hour. i quickly made dept manager in 5 months and could not climb out of that position for the next 3 years.

i ended up leaving HD making $16.75/hr but i had stock. i aggressivly bought into the company stock plan and go through 3 stock splits with the dot com runnup netting 80K.

i sold off the stock and bought a triplex in las vegas where it flatlines and finally loosing money so i sold after holding it for 3 years with no gain.

a friend of mine from home depot went to united technologies to build rockets for the us air force, he pulled me from home depot and got me in there. it was an entry level manufacturing process job that was unionized. i walked in making $26/hour with as much OT as i could handle. i became a workaholic but the job only lasted 4 years before they yanked the contract. i saved alot of money in that period making 5% interest at the time. united technologies sent me to vocational schooling and i chose truck driving. i collected unemployment for the next 16 months while taking the class.

my brother works in grocery so he hooks me up with the local budweiser distributer and they take a chance with me. worked there for another 4 years before they lay off in late 2009.

but i had never really planned on working much longer, ive always said that my goal was to retire at 40. several months before getting laid off i started looking at rental properties again, i knew that if i wanted to retire early it would have to be through this avenue. my dream was to keep adding on to the las vegas property but that did not work out.

i began looking at my local area and found a market that was 60 miles away from the big cities and work. i bought 4 single family homes there for an average of 85K a piece financing 2 of them. i closed on the last house 2 weeks before the distributer gives me walking papers and it was a good thing because the finance company wanted a copy of the latest check on the day of closing.

the 4 properties are grossing me $3900/month which nets me around 3K. i throw all my reserve funds into pyhsical precious metals, gold and silver and have doubled up my net worthin 2 years through this application.

i was basicly a high school drop out without dropping out. i graduated high school with a D- average and was really partying all the way up to 27 years old. well thats my story, a tale of how a partying dropout with no further eduaction can make it. like i said earlier i'd like to hear some of your stories of how you got here.
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Old 11-30-2011, 02:59 PM   #2
Confused about dryer sheets
Join Date: Nov 2011
Location: Pasadena
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I like your style. You make the most of what options are in front of you. Good job accumulating the real estate.
Good luck and take care!
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Old 12-02-2011, 06:33 AM   #3
Confused about dryer sheets
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Location: Palo Alto
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Wow, your story is truly inspiring. I'm half your age, a highschool graduate and didn't go to college. It just shows that if you're motivated and you really want to succeed, you can do it. Thanks a lot for sharing your story, really appreciate it.
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Old 12-02-2011, 06:01 PM   #4
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I'm impressed with your story of surviving several down turns (economy and your personal situation). Sounds like you have plenty of ambition to get what you want. My suggestion would be to find a way to diversify your portfolio of investments. Nothing wrong with rental properties, but you probably need other investments as well. Personally, I too like precious metals (in a lock box) but don't go all in. Most "experts" (and we've got a bunch of 'em here, heh, heh) would suggest keeping precious metals at 5% or less.

Probably not a great time to invest in the market - but, hey! WHen is? Just sayin' you probably need something to round out your sources of Early-Retirement income. Also, nothing wrong with PT w*rk if you LIKE it. My only PT work was a crappy drive-beaters-to-the-auction, but I loved it for the few months I did it - very part time.

Good luck. Check back often. This group has a huge knowledge and experience base. Never forgt: YMMV
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Old 12-03-2011, 09:48 AM   #5
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Originally Posted by 97guns
the 4 properties are grossing me $3900/month which nets me around 3K. i throw all my reserve funds into pyhsical precious metals, gold and silver and have doubled up my net worthin 2 years through this application.
These two lines really concern me. But while most here would be more concerned with the latter, I am with the former.

As a real estate investor, I know you can't be netting 3k/mo off of 3900 gross. Especially since two of them are financed!

You are only counting gross rent - PITI to get your net, meaning you aren't calculating vacancy (one of them empty for a month? You lose 1K), repairs, leaving a reserve for capital expenditures, etc. You will net that 3k in the short run, but then a big repair will happen, a property will sit empty for a bit between renters, etc. and you'll be in a real tight spot. Over the long run you'll likely net about 1500/mo off those properties, plus a few hundred for your job as the property manager of them, so maybe 1800-2k/mo, not 3k.

Sounds like you may be able to weather any downturns with your scrappy spirit, but watch out on spending all that money you get from rent, and then being in a tough spot when something happens.

Good luck!
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