The first time I felt drawn to the world of investing/real estate was when I:
Getting my first large commission check from sales, and when I opened up the pay stub, I was gutted at how much had been withheld for federal income tax. Basically half my large check, never even made it into my hands. Because ordinary income is taxed at the highest bracket, it was withheld and I had to figure out how I could keep more of what I earned. There had to be a better way. So I started researching how I can minimize my tax liability, which led me to researching different ways to make money. I found real estate, which is a very broad industry, with lots of ways to get involved and create and keep wealth.
I didn’t want another job (at the time), so fix and flip, or wholesaling didn’t make sense.
I didn’t want to buy single family homes for renting, the risk was too great.
Note investing sounded cool, but I couldn’t find anyone to teach me and it didn’t seem scalable.
But apartments, that made sense. It made 100% crystal clear sense.
But then, I hit this hurdle that felt nearly impossible to overcome:
I started reading as much as I could about apartment investing, listening to podcasts, trying to get as much information as I could into my very curious and motivated mind. As much as I tried to build a baseline of what I need to know about the industry and how it makes money. I didn’t know HOW to do it. How do you learn to underwrite? What software do I use? Where do I get the money to buy large apartment complexes? How do you buy a large apartment complex? Who can teach me this? How am I going to find time to do this? What market do I pick? How do I select a market? What is the right “niche” for me? 25 to 50 units? 75 to 100? What do I ask a broker? How do I sound credible?
I also had a big hang up about money, about asking people to join me in a venture to buy real estate, to take on that responsibility of ownership for their capital. There was a lot of personal growth moments and opportunities that I had to work through, but at the time, was very difficult and difficult to see past.
I was emotionally devastated because I wasn’t sure if I could
Working two jobs as Technology Value-add Reseller (VAR) sales executive with an engineering background, it was still hard work winning deals, growing my book of business and learning how to successfully buy multifamily apartments, all while growing a family.
6 years later, after many books, lots of coaches and mentors, lots of cash invested in my education. I am grateful to say than I have found tremendous success in both aspects of my life.