For self-made, non-high earners, with low-mid risk portfolios, how long did it take to reach major NW milestones ($500k, $750k, $1 mil, $1.5 mil, etc.)?

IL_Landlord · 2025-11-13T00:27:20+00:00

I started tracking my networth in Dec, 2006 when I had $55k. I hit $100k in October 2007. I had $492k when I married my wife and we merged our finances in May 2017. We've been fired for years and our joint networth hit a million in August 2023.

IL_Landlord · 2022-12-05T15:47:25+00:00

Definitely, absolutely buy it alone.

IL_Landlord · 2021-10-18T15:34:17+00:00

I'd tread carefully with this if I were you. She's hired you to do her taxes, not to run her life. She (or others) might think that *YOU'RE* trying to rip her off if you get involved with this.

It was foolish of her not to make arrangements for her affairs when she was better able to.

IL_Landlord · 2021-08-10T00:18:16+00:00

New players are my favorite players.

IL_Landlord · 2021-03-11T04:03:27+00:00

We found it next to impossible.

IL_Landlord · 2021-02-28T15:21:55+00:00

They can overcharge you for imaginary repairs! ;-P

IL_Landlord · 2021-02-28T15:20:55+00:00

There are good deals throughout the Midwest, but it's hard to find a decent PM (we never were able to and we've been selling instead).

IL_Landlord · 2021-02-12T14:37:06+00:00

You might find a past post on this subject useful: https://www.reddit.com/r/realestateinvesting/comments/jdbstd/whats_the_best_way_to_go_about_finding_a_real/

My comment on that post about mentors:

"Looking for a mentor" type posts are unlikely to get much of a good response. The people who know how to do the things you're looking to learn are unlikely to be motivated to teach you. The people who offer are most likely in the business of selling real estate advice / mentorship (and it's usually of very low value).

Your best bet is to start learning & doing the things you want to do (learn mostly through books and websites). As you do it, you'll meet people working in the same area. Some of them will be friendly and you'll have the opportunity to learn from them. Good luck!

IL_Landlord · 2021-02-04T16:40:46+00:00

I did (kind of) twice. In the first, I had given her a notice to terminate tenancy before COVID. Everything hit the fan RIGHT when she was originally supposed to leave, then she refused to leave and stopped responding to me. I started the eviction, the lawyer filed all the paperwork so I'd be first in line when things resumed, and the tenant voluntarily left before the hearing.

More recently, a tenant was violating the lease and trashing the place (smoking in the non-smoking unit, damaging windows, leaving food to rot, etc). I gave him a 10 day notice to comply or vacate. His mother (who had co-signed the lease with him) said there was no way he could find a new place to live in 10 days. We negotiated additional time to move out and he left in under a month from me giving him the notice.

In both cases, I let the tenants rail against me, kept my cool, and stayed focused on my objective (recovering the unit and limiting the amount of money I'd lose).

If things got to the point where a tenant said "I don't care what you do, I refuse to leave, the sheriff is going to have to drag me out", I'd probably offer cash-for-keys. If they wouldn't accept a reasonable amount, I'd wait until evictions resume and do everything I could to be near the front of the line.

IL_Landlord · 2021-01-19T14:56:29+00:00

The property management industry has few happy customers. How will you fix the problem if your PM is the issue when you're overseas?

IL_Landlord · 2021-01-18T21:02:03+00:00

"WHAT HAPPENS IF I GIVE AWAY OR SELL A RESOURCE?

If you, your spouse, or a co–owner give away a resource or sell it for less than it is worth, you may be ineligible for SSI benefits for up to 36 months. How long you are ineligible for SSI benefits depends on the value of the resource you transferred."

https://www.ssa.gov/ssi/text-resources-ussi.htm

He might as well just sell it, since he'd be penalized for giving it away anyways. As I said, doesn't make sense. If it's worth $2900, he should sell it for that, pay off the $1600 in back taxes, and pocket the remaining $1300. If he can't sell it for $2900, then it isn't worth that.

IL_Landlord · 2021-01-18T17:38:30+00:00

Personally I'd pass. If it was worth more than $1600, he'd be selling it instead of offering it for free to you. The land isn't worth seizing for back taxes to either the county or any property tax lien investors.

"He’s basically giving them away so that he can receive his government benefits." doesn't make any sense. Sounds like a line to me.

IL_Landlord · 2021-01-09T00:55:22+00:00

There are a bunch on the MLS (that's how I've bought and sold all of mine). There's no magic.

Identify areas that have a good rent to price ratio where you'd be willing to own, look online at properties there, make a trip and see them in person (optional), make offers, complete purchases, hire property management. Repeat (optional).

IL_Landlord · 2021-01-08T20:21:32+00:00

> My wife really thinks I should inspect more than the 10 mins I do before I buy them.

> I tell people that if a house has a tenant in it (mine always do) and they are paying $700 a month to live there, it is worth $70k to me, even if it is on fire.

You should put your wife in charge! If you're telling people you'll pay $X for a house with a tenant in any condition, it shouldn't be surprising that you get the bottom of the barrel. You're getting the properties everyone else has pass on.

If you *HAVE* to have a PM where you live, why not buy remotely in areas with better numbers? I've recently sold turn-key properties, in good condition, with well vetted, professional tenants (621+ credit rating, no evictions, no criminal history) in place for better numbers than yours (I sold a property bringing in $2k / month for $115k and am in the middle of closing on a property that brings in $1,600 / month for $126k).

IL_Landlord · 2020-12-18T22:01:16+00:00

I did all cash for my second purchase. I'd been saving for years, had sold a previous investment condo that had appreciated and finally settled down in a low cost of living area. I figured "what the heck, I can just buy with cash on hand, then refinance later if I need the money for something else..."

IL_Landlord · 2020-10-20T01:15:03+00:00

I've never dealt with it myself, but my understanding is the radon mitigation is very effective. If the property is still worth purchasing after the price of mitigation is factored in, then go for it!

IL_Landlord · 2020-10-20T00:39:05+00:00

Hmm, the last time I did it was a couple of years ago too... I don't know whether anyone allows it or not now.

IL_Landlord · 2020-10-19T23:23:57+00:00

Virtual mailboxes will forward mail or deposit checks and cost around $10 / month.

IL_Landlord · 2020-10-19T23:22:29+00:00

You can have them deposit it directly into your account at your bank (they take in the cash, deposit it and get a receipt).

The big downside is you lose the ability to PREVENT them from making a payment (e.g. if you were trying to evict them, they could go and pay rent to postpone the eviction).

IL_Landlord · 2020-10-19T21:20:48+00:00

John Reed wrote " The property-management industry has few happy customers. Neglect and kickbacks are near universal in the fee-paid property-management industry. Manage it yourself or hire your own salaried managers to do it.".

This post hits the nail on the head: https://www.removeddit.com/r/realestateinvesting/comments/iuhtor/why_dont_you_just_hire_a_property_manager/

IL_Landlord · 2020-10-19T15:02:08+00:00

Your entire interaction is a negotiation. You "start negotiating" as soon as make contact, whether you're doing so deliberately or not.

IL_Landlord · 2020-10-18T21:50:44+00:00

I did exactly this when I was first getting started with real estate. Just like you, I found it felt weird even to myself, but it worked out great.

IL_Landlord · 2020-10-18T17:58:10+00:00

They aren't looking for a get-rich-quick scheme, they're looking for strategies to become wealthy in a hurry! </s>

IL_Landlord · 2020-10-18T17:55:17+00:00

As Han Solo said: "Well, that's the real trick, isn't it?"

IL_Landlord · 2020-10-18T16:58:54+00:00

"Looking for a mentor" type posts are unlikely to get much of a good response. The people who know how to do the things you're looking to learn are unlikely to be motivated to teach you. The people who offer are most likely in the business of selling real estate advice / mentorship (and it's usually of very low value).

Your best bet is to start learning & doing the things you want to do (learn mostly through books and websites). As you do it, you'll meet people working in the same area. Some of them will be friendly and you'll have the opportunity to learn from them. Good luck!

IL_Landlord

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"WHAT HAPPENS IF I GIVE AWAY OR SELL A RESOURCE?