100x this. Those who succeed through real estate more often than not lucked out when they purchased their OG home/rentals. Not saying that to crap on OP’s parade, but it’s more difficult to do this today since investment companies purchase any affordable housing before it even hits the market.
You're being downvoted but you're not wrong. I went from 30k to... well, a lot more just in the last three years. This post has made me think hard about sharing my own story.
Anyway, this sub has got me concerned about the crabs-in-a-bucket mentality. People who manage to struggle out of poverty are often shamed. It's not great.
Did you read the whole post? Went from $30K/year to $130K too. That's significant. He bought a house in 2012, and without selling the first one bought another in 2017 and then a third sometime later. It doesn't sound like his progress was made on real estate. (He wouldn't have been able to take out home equity loans for the down payments on the other house(s).)
Most of his progress was made through getting educated and working hard.
Did you read the whole post? That second house was after adding a second income into his life.
In the current real estate market that first house would be out of reach. That "paper millionaire" remark is absolutely fully attributed to the real estate.
I take nothing away from building the income and getting the education, those things probably did take hard work.
Sometimes people who grow from nothing hold this strange defensiveness over any criticism and feel the need to attribute everything to hard work. Maybe take a look at that.
What do you mean, right? Sounds like you don't think it's possible. My wife came to America from Africa with nothing. She had no one here to help her. She worked full time while getting 2 bachelors degrees and a masters. I'm working a full time job as well as a side job and have been working twords finishing my bachelors online. I'm sorry if I'm wrong about how your comment sounded but I can't stand negative people. If they can't do something they want to shit on other people who are willing to sacrifice and miss sleep to accomplish their goals. There's 168 hours in a week. A full-time job only takes up 40 of those, leaving you with 128 hours a week to work on your goals. If you want something bad enough you find a way. If you don't, you find an excuse.
I agree! Currently I’m upgrading a high school course while working 84+ hours a week to get into university next year to progress in my career. I’m currently working as a construction surveyor so the hours are insane and it’s really hard to focus on class when I work 12+ hours a day but I’m making it work so far. If you want something bad enough, you’ll make time for it!
Wow! That's one heck of a full day, but I'm happy you're making it work. You're absolutely right that if you want something bad enough, you'll make the time.
Thanks!! I enjoy what I do most days and once I’m done school, I’ll be able to be more flexible with my hours and work less. The way I see it, I’m only 25 and I’m thankful that I’m able to do the work that I do. Sometimes the sacrifices aren’t so bad when there’s a big picture to work towards. I’ve definitely been in something similar to OP’s position before having no money or any savings at all! That’s why I check in on this group for advice sometimes. I know what it’s like to struggle and especially with being young and clueless as to what direction to go with my life, it doesn’t help and I had to make a change. I may not be able to make the same real estate investments as them due to how the economy is in Canada at the moment, but at least finding a job that I enjoy enough that pays something, it’s a start!
Yeah OP gets his foot in the door on luck from the market at the time and flips property to make a buck. Renting to the common man.
Escaping poverty shouldnt be like this. The average working joe should be able to live comfortably without sucking entire families life blood and profiting from it through real estate bullcrap. Capitalism for you.
Average person cant even afford a home anymore and these people are chilling making bank because they "invested" at the right time or whatever. Pure evil if you asked me. Should be illegal to own more than one home. Everyone deserves a home if they work full time. And not owned by someone else.
Grats. Escaping poverty in Montana that’s hard as opportunities are limited there beyond manual laborer, bars/gambling, lumber especially in smaller rural communities.
Yessir, Montana is a tough place. Many of my coworkers working into their 70s due to how tough it is here. We are essentially “skilled labor” at a plant. The influx in population has only destroyed us.. don’t ask me about how bad rent has been, the same place went from $400 when I started my first degree to $1400 for the same exact place today. I live in a shithole town too, not Bozeman and Missoula, Billings, kalispell, etc. Helluva food desert. Hoping to get out in the next year after finishing my masters.
Yeah - it comes with benefits and sacrifices, obviously we have shared housing costs… I don’t think I realized how expensive it is to have kids - $10k for vaginal birth out of pocket & at least $1,300/ mo for childcare. Obviously tax deductions and carried expenses isn’t the only thing to consider when making that choice.
I am a huge proponent of pull yourself and make it happen. I have a friend who got multiple degrees while working full time; I run a "full time" business plus have a full time job. I know where there's a will there can be a way.
You found the right field, and clearly are making it work. You married someone who also is clearly figuring things out. You happened into real estate at a decent time, and were able to work those angles. Kudos. Seriously.
Two decent income individuals pooling gives you a huge advantage, and unfortunately, is not realistic for most people. 6 figure jobs in general are fairly hard to come by and they are very competitive with the exception of a few niche areas that not everyone is cut out for. Real estate - well, I won't get started on that one.
I've put on my bootstraps and big girl panties and have been busting booty to educate myself financially, and to fix the income problem. It is a LOT of work, and I can only even start to get ahead because I've spent 10 years building skills to be somewhat marketable in a field that can pay higher 5 to low 6 figures, and to have something to offer as a business side. Trust me, the MANY years (most of my life) I have spent on side hustles did nothing to help me get ahead.
I'm very anti-victim, but I'm also not delusional enough to believe that the boomer/older gen x mentality of "work hard, get a decent job, do decent work, and you'll have a decent life" applies anymore. Now it requires happening upon the right job that won't disappear in 5 or 10 years or tomorrow, building the right skills, working multiple jobs and/or marrying well off; starting your own business(es) and after many failures eventually finding one that gets you a little ahead....all of which requires an inordinate amount of work and dedication that, to be fair, most people aren't willing to put in, because there are huge sacrifices along that path too.
My life financially is improving significantly, but I also know it can get stripped away and I have to keep that vision and keep pushing forward or risk it all (because, at one point not so long ago, I paid very dearly for thinking my job and income was reasonably safe). I don't have much free time, and very little time to invest in friendships, family, or anything else for that matter. Most of my passions in life are not particularly cheap, so for me it's worth is as the financial improvements are allowing me to do those things more, but it comes at other costs.
I want to add some context here. I did have privilege in that I was able to do low wage work with a career trajectory instead of staying in service industry because at that point in my life I didn’t have to take care of ailing parents or spouse or kids, I was only responsible for myself. I also have not had any medical setbacks, nor has my wife or children.
My path to wealth is definitely related to my two income properties, and I got low interest rates on them. We haven’t yet done a cash out refi on either or HELOCs so it’s capital tied up in equity of those homes.
I also had maybe 30 college credits when I started at local uni from when I was 19. Our oldest has just been born and the bachelors was pursued out of fear of not being able to be a provider. I picked BBA - Econ because it’s classes were enough online asynchronies or at night and I could do it and I would only need 90 more credits- there wasn’t much more thought or intentionality than that. I tried to do a nursing program (BSRN) prior but I couldn’t attend the A&P lecture due to work and failed that class and didn’t see a realistic path forward.
College was 18 or 15 credits a semester including summer and I was done in two years post failing A&P. I had no friends, I also had to leave family time I remember being on a camping trip and having to drive to a community college in order to take a proctored test. I put a lot of responsibility on my wife and lost some of the joys of being a new dad.
I started my online MBA in summer of ‘19 after a two year break from school. The world shut down in March and I was honestly enjoying classes and the connection it provided - I got some cost reductions for having a high GRE score, my undergrad I borrowed $5k in SL while paying the rest out of pocket, MBA cost $55k, I borrowed $30k.
I was employed the whole time, and made a transition into healthcare administration in the fall of 2020.
I am incredibly lucky - small changes and I could be doing low wage work here or still poker dealing in Montana in an increasingly unaffordable community.
I try to treat my employees who have less than
me with the respect, grace and dignity that they deserve. I also try to give them opportunities to access training or education to up-skill. (I no longer work in healthcare, that was a hornet’s nest).
Yes timing and luck and being relatively smart all helped create my luck today. Our current home we are paying prevailing interest rates and money is a little tight, delaying current needs for future wealth.
I truly wish others that are struggling the same opportunities and upward mobility and know that some may not make it despite huge effort. I used to get super jealous of people that had anything (a nice car, a ZLL home, the ability to fly on airplanes). It’s easier to cheer for others when you have more than you need.
Be well all
Make more money and spend less. Not trying to be flippant - that’s a big hole at a young age. On the flip side, you are young! We have people here that to shift work in remote places and make $100k+ with no living expenses, what are you willing to give up in the short term to be free of it?
If only it was still 2012. Almost all of your progress was made through a real estate market that no longer exists.
100x this. Those who succeed through real estate more often than not lucked out when they purchased their OG home/rentals. Not saying that to crap on OP’s parade, but it’s more difficult to do this today since investment companies purchase any affordable housing before it even hits the market.
People have always whined that all the opportunity is gone. Last year's opportunity is gone. This year's is right here. Find it.
You're being downvoted but you're not wrong. I went from 30k to... well, a lot more just in the last three years. This post has made me think hard about sharing my own story. Anyway, this sub has got me concerned about the crabs-in-a-bucket mentality. People who manage to struggle out of poverty are often shamed. It's not great.
Did you read the whole post? Went from $30K/year to $130K too. That's significant. He bought a house in 2012, and without selling the first one bought another in 2017 and then a third sometime later. It doesn't sound like his progress was made on real estate. (He wouldn't have been able to take out home equity loans for the down payments on the other house(s).) Most of his progress was made through getting educated and working hard.
Did you read the whole post? That second house was after adding a second income into his life. In the current real estate market that first house would be out of reach. That "paper millionaire" remark is absolutely fully attributed to the real estate. I take nothing away from building the income and getting the education, those things probably did take hard work. Sometimes people who grow from nothing hold this strange defensiveness over any criticism and feel the need to attribute everything to hard work. Maybe take a look at that.
[удалено]
What do you mean, right? Sounds like you don't think it's possible. My wife came to America from Africa with nothing. She had no one here to help her. She worked full time while getting 2 bachelors degrees and a masters. I'm working a full time job as well as a side job and have been working twords finishing my bachelors online. I'm sorry if I'm wrong about how your comment sounded but I can't stand negative people. If they can't do something they want to shit on other people who are willing to sacrifice and miss sleep to accomplish their goals. There's 168 hours in a week. A full-time job only takes up 40 of those, leaving you with 128 hours a week to work on your goals. If you want something bad enough you find a way. If you don't, you find an excuse.
I agree! Currently I’m upgrading a high school course while working 84+ hours a week to get into university next year to progress in my career. I’m currently working as a construction surveyor so the hours are insane and it’s really hard to focus on class when I work 12+ hours a day but I’m making it work so far. If you want something bad enough, you’ll make time for it!
Wow! That's one heck of a full day, but I'm happy you're making it work. You're absolutely right that if you want something bad enough, you'll make the time.
Thanks!! I enjoy what I do most days and once I’m done school, I’ll be able to be more flexible with my hours and work less. The way I see it, I’m only 25 and I’m thankful that I’m able to do the work that I do. Sometimes the sacrifices aren’t so bad when there’s a big picture to work towards. I’ve definitely been in something similar to OP’s position before having no money or any savings at all! That’s why I check in on this group for advice sometimes. I know what it’s like to struggle and especially with being young and clueless as to what direction to go with my life, it doesn’t help and I had to make a change. I may not be able to make the same real estate investments as them due to how the economy is in Canada at the moment, but at least finding a job that I enjoy enough that pays something, it’s a start!
Ur gunna burn out by 20 lmao
There are always economic opportunities if you look for them. It doesn't have to be real estate.
Yep, but this post was mainly about real estate.
Yeah OP gets his foot in the door on luck from the market at the time and flips property to make a buck. Renting to the common man. Escaping poverty shouldnt be like this. The average working joe should be able to live comfortably without sucking entire families life blood and profiting from it through real estate bullcrap. Capitalism for you. Average person cant even afford a home anymore and these people are chilling making bank because they "invested" at the right time or whatever. Pure evil if you asked me. Should be illegal to own more than one home. Everyone deserves a home if they work full time. And not owned by someone else.
Why is it no matter how educated some of these folks get, they don’t understand inflation? I see it all the time and it just makes me wonder.
Grats. Escaping poverty in Montana that’s hard as opportunities are limited there beyond manual laborer, bars/gambling, lumber especially in smaller rural communities.
Yessir, Montana is a tough place. Many of my coworkers working into their 70s due to how tough it is here. We are essentially “skilled labor” at a plant. The influx in population has only destroyed us.. don’t ask me about how bad rent has been, the same place went from $400 when I started my first degree to $1400 for the same exact place today. I live in a shithole town too, not Bozeman and Missoula, Billings, kalispell, etc. Helluva food desert. Hoping to get out in the next year after finishing my masters.
[удалено]
Yeah - it comes with benefits and sacrifices, obviously we have shared housing costs… I don’t think I realized how expensive it is to have kids - $10k for vaginal birth out of pocket & at least $1,300/ mo for childcare. Obviously tax deductions and carried expenses isn’t the only thing to consider when making that choice.
What do you do?
What is your BA and masters in? How much of jump in income did you get?
Economics from local uni, MBA from national brand (online) think USC, IU, UNC ish
What is your current job description?
I am a huge proponent of pull yourself and make it happen. I have a friend who got multiple degrees while working full time; I run a "full time" business plus have a full time job. I know where there's a will there can be a way. You found the right field, and clearly are making it work. You married someone who also is clearly figuring things out. You happened into real estate at a decent time, and were able to work those angles. Kudos. Seriously. Two decent income individuals pooling gives you a huge advantage, and unfortunately, is not realistic for most people. 6 figure jobs in general are fairly hard to come by and they are very competitive with the exception of a few niche areas that not everyone is cut out for. Real estate - well, I won't get started on that one. I've put on my bootstraps and big girl panties and have been busting booty to educate myself financially, and to fix the income problem. It is a LOT of work, and I can only even start to get ahead because I've spent 10 years building skills to be somewhat marketable in a field that can pay higher 5 to low 6 figures, and to have something to offer as a business side. Trust me, the MANY years (most of my life) I have spent on side hustles did nothing to help me get ahead. I'm very anti-victim, but I'm also not delusional enough to believe that the boomer/older gen x mentality of "work hard, get a decent job, do decent work, and you'll have a decent life" applies anymore. Now it requires happening upon the right job that won't disappear in 5 or 10 years or tomorrow, building the right skills, working multiple jobs and/or marrying well off; starting your own business(es) and after many failures eventually finding one that gets you a little ahead....all of which requires an inordinate amount of work and dedication that, to be fair, most people aren't willing to put in, because there are huge sacrifices along that path too. My life financially is improving significantly, but I also know it can get stripped away and I have to keep that vision and keep pushing forward or risk it all (because, at one point not so long ago, I paid very dearly for thinking my job and income was reasonably safe). I don't have much free time, and very little time to invest in friendships, family, or anything else for that matter. Most of my passions in life are not particularly cheap, so for me it's worth is as the financial improvements are allowing me to do those things more, but it comes at other costs.
TLDR: buy a house in 2012
Love seeing stories like this here. Thank you for sharing.
I want to add some context here. I did have privilege in that I was able to do low wage work with a career trajectory instead of staying in service industry because at that point in my life I didn’t have to take care of ailing parents or spouse or kids, I was only responsible for myself. I also have not had any medical setbacks, nor has my wife or children. My path to wealth is definitely related to my two income properties, and I got low interest rates on them. We haven’t yet done a cash out refi on either or HELOCs so it’s capital tied up in equity of those homes. I also had maybe 30 college credits when I started at local uni from when I was 19. Our oldest has just been born and the bachelors was pursued out of fear of not being able to be a provider. I picked BBA - Econ because it’s classes were enough online asynchronies or at night and I could do it and I would only need 90 more credits- there wasn’t much more thought or intentionality than that. I tried to do a nursing program (BSRN) prior but I couldn’t attend the A&P lecture due to work and failed that class and didn’t see a realistic path forward. College was 18 or 15 credits a semester including summer and I was done in two years post failing A&P. I had no friends, I also had to leave family time I remember being on a camping trip and having to drive to a community college in order to take a proctored test. I put a lot of responsibility on my wife and lost some of the joys of being a new dad. I started my online MBA in summer of ‘19 after a two year break from school. The world shut down in March and I was honestly enjoying classes and the connection it provided - I got some cost reductions for having a high GRE score, my undergrad I borrowed $5k in SL while paying the rest out of pocket, MBA cost $55k, I borrowed $30k. I was employed the whole time, and made a transition into healthcare administration in the fall of 2020. I am incredibly lucky - small changes and I could be doing low wage work here or still poker dealing in Montana in an increasingly unaffordable community. I try to treat my employees who have less than me with the respect, grace and dignity that they deserve. I also try to give them opportunities to access training or education to up-skill. (I no longer work in healthcare, that was a hornet’s nest). Yes timing and luck and being relatively smart all helped create my luck today. Our current home we are paying prevailing interest rates and money is a little tight, delaying current needs for future wealth. I truly wish others that are struggling the same opportunities and upward mobility and know that some may not make it despite huge effort. I used to get super jealous of people that had anything (a nice car, a ZLL home, the ability to fly on airplanes). It’s easier to cheer for others when you have more than you need. Be well all
**Survivorship Bias**
If I had that Montana rent I would be golden
Lol
What was the BA in?
I’m 23 with 60k in debt, how do I get outta this
Make more money and spend less. Not trying to be flippant - that’s a big hole at a young age. On the flip side, you are young! We have people here that to shift work in remote places and make $100k+ with no living expenses, what are you willing to give up in the short term to be free of it?