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Becoming A Millionaire By Investing In Real Estate

Discuss issues related to business, finance, taxes, investments, cost of living in different countries, etc.

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jamesbond
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Becoming A Millionaire By Investing In Real Estate

Post by jamesbond » May 6th, 2018, 2:49 pm

This guy explains how he became a millionaire by age 26 by investing in real estate.

"When I think about the idea of getting involved with an American woman, I don't know if I should laugh .............. or vomit!"

"Trying to meet women in America is like trying to decipher Egyptian hieroglyphics."

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Cornfed
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Re: Becoming A Millionaire By Investing In Real Estate

Post by Cornfed » May 7th, 2018, 3:40 am

Good on this guy, but he did catch a few lucky breaks. Kind of a Forrest Gump type of story. Not something the average person could likely duplicate.

MrMan
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Re: Becoming A Millionaire By Investing In Real Estate

Post by MrMan » May 7th, 2018, 10:03 am

It sounds like he started about the time the market hit rock bottom.

He made some bad choices when he was young, but he did seem to plan and have goals and direction, and he was probably a hard worker in his youth.

MrMan
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Re: Becoming A Millionaire By Investing In Real Estate

Post by MrMan » May 7th, 2018, 10:24 am

Cornfed wrote:
May 7th, 2018, 3:40 am
Good on this guy, but he did catch a few lucky breaks. Kind of a Forrest Gump type of story. Not something the average person could likely duplicate.
I don't see that. This guy is apparently a hard worker. He stuck with what he was doing, selling real estate even when people discouraged him. He learned about the business. He also had a sense of optimism, and probably an internal locus of control. He saved his money. He also learned enough about real estate to see that some properties were undervalued.

Even when he was in high school, if what he said was true, he was thinking about how he was going to provide for himself. He gave up the band because he thought staying in was a bad financial move.

Can the average person do this? A lot of real estate agents are probably average people. But the successful ones probably have certain personality characteristics that allow them to take risks, be persistent, and deal with rejection.

Forrest Gump basically got lucky in the movie by investing in the shrimp business before a storm and happening to have a boat that wasn't destroyed when it hit. This other guy planned and worked hard at his real estate deals for a long time. So, no, I'd say this is not a Forrest Gump story. I'd say this young man's story is about hard work, determination, frugality, investment choices, and goal-setting. I would not agree with his rationale about education, but he does show that someone doesn't have to go to college to do well, even if he did not do well in high school.

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Cornfed
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Re: Becoming A Millionaire By Investing In Real Estate

Post by Cornfed » May 12th, 2018, 7:46 am

MrMan wrote:
May 7th, 2018, 10:24 am
Cornfed wrote:
May 7th, 2018, 3:40 am
Good on this guy, but he did catch a few lucky breaks. Kind of a Forrest Gump type of story. Not something the average person could likely duplicate.
I don't see that. This guy is apparently a hard worker. He stuck with what he was doing, selling real estate even when people discouraged him. He learned about the business. He also had a sense of optimism, and probably an internal locus of control. He saved his money. He also learned enough about real estate to see that some properties were undervalued.

Even when he was in high school, if what he said was true, he was thinking about how he was going to provide for himself.
Didn't we all do stuff like that when we were his age? It just doesn't always work out. For example, he met a mentor character who took him on. This didn't have to happen. His company was apparently large and prosperous with leasehold work going spare. Not all are. His leasehold clients later became purchasers. This may have been a brilliant insight on his part, but seems more like luck. He himself indicated that his first sale was luck in that he reminded the purchaser of a younger version of himself, and as the purchase was for millions it gave him a huge payday and much credibility. In the circumstances, it wouldn't have been hard to see the properties mentioned that he purchased were undervalued. Once again, good for him, but not everyone gets to slide from one break to another.

MrMan
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Re: Becoming A Millionaire By Investing In Real Estate

Post by MrMan » May 18th, 2018, 1:17 am

Cornfed,

We are all dependent on God to make opportunities for us. But we have to work hard, too. Not every young person really works hard to be successful or takes advantage of opportunities that comes his way. That is true of older folks, too.

CannedHam
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Re: Becoming A Millionaire By Investing In Real Estate

Post by CannedHam » May 19th, 2018, 3:10 am

Some people totally luck out. Take my brother, who bought his first house at the absolute bottom of the market at a super low interest rate, and in an area that recently became "hot". Lots of people go bust by speculating, flipping, etc. when in reality they don't know what the f**k they are doing.

And lots of people make a ton of money in real estate the old fashioned, slow, tried and true way: buy a duplex, live in one half, rent out the other half. Once you have enough cash, buy more units, rent them out, and repeat.

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MrLee4u
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Re: Becoming A Millionaire By Investing In Real Estate

Post by MrLee4u » May 20th, 2018, 1:10 am

If you're smart, open-minded and willing to work, you can make a ton of money in America. It's just a formula. You don't need to met a mentor to show you every step. Just read a f***ing book on how someone successful made it. Learn how shit works. Seriously, Most WHITE poor people are just stupid.

NOW GET BACK TO WORK!

cornfed at work
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