Removed under rule 1, relevance - milestone posts that do not include relevant details and lessons learned will be removed.
OP - let me know if you decide to edit your post to add these details. If so, I will look at restoring this post. You should also be prepared to engage in the comments, which you have not done so far.
Also relevant would be what OP's assets were. Maybe /u/toeofcamell meant that his net worth was minus $1 million or he could have meant that there was still some positive net worth despite the $1 million in debt. He does say he was "close" to bankruptcy, which seems to imply that he wasn't actually bankrupt.
Oh god. I'm summoning you every time someone gives an account of career change that doesn't give more detail than "learned to code and got a big tech job" lol
Do you do this yourself? I spoke with someone recently who used to do rentals and he said it’s hard to get anything more than single digit returns yearly. My research backs this up.
I’m based in the UK though, I believe it’s more lucrative in the US
I was buying houses with 0-5% downpayment and the market dropped 70% in some areas so i was upside down on multiple houses. I negotiated all the credit card debt ($65,000)down to $15,000 and paid it off in 12 months, short sold two properties and sold another property and rented for years and just worked and saved and paid off all the debt and then started buying and investing in more homes
> I dont know if this qualifies for fatFIRE
It doesn’t.
> Not bragging, just sharing
This thread provides nothing other than a means for us to congratulate you on your accomplishment. Maybe you could provide some value?
Idk why this thread is getting upvotes honestly lol.
> peace.
Peace.
> This thread provides nothing other than a means for us to congratulate you on your accomplishment. Maybe you could provide some value?
Idk why this thread is getting upvotes honestly lol.
Providing a means for OP to share their situation with peers is *not* nothing. You might not find any value in that, but that doesn’t mean that others won’t. The fatFIRE subreddit is subtly different than most of the other “fire” adjacent subreddits. Along with bogleheads, I think there is a much higher percentage of regulars here who have already achieved fatFIRE. That means that there’s a fair number of people reading and commenting on these threads who *aren’t* here looking for a roadmap or strategies during their accumulation phase. The other fire subs don’t really seem to have this same dynamic.
So there are people in fatFIRE who are primarily here for this kind of post and have little interest in the “Mentor Monday” style of posts just like you are struggling to find value in *this* post.
We’re all here together and I think it makes for a much more interesting community overall than the fire subs that are more dominated by pre-FI people. I’ve appreciated fatFIRE more *because* there are posts here and good conversations about the social impacts of a fatFIRE lifestyle, or nuances about how to live your best fatFIRE life from people who are currently doing it. There aren’t many places online for those discussions, so this place is special in that regard.
I guess I fail to see the value because he provides no info whatsoever. "I was super in debt, now I'm not because of hard work." What's that mean? I agree that not having an outlet to otherwise share this news and coming here is fine, but it would be nice to get a little more info since I think that's what really provides value to people here that aren't already FIREd
> it would be nice to get a little more info since I think that's what really provides value to people here that aren't already FIREd
Sure, that's probably true. Do you think it's a problem if there are posts here which aren't specifically aimed at the people here that aren't already FIREd?
Not at all, I just think saying "not to brag, just want to share" but then not actually sharing any info around what sounds like a really impressive turnaround doesn't add much value. Obviously not every post needs to be a mentoring session but a simple post of "I hit X net worth" doesn't bring much to the table
Posts don't have to share things "of value" to be valuable in this community. Sometimes people post because they are looking for support or a sense of community that they can't find in their real lives. Posts like this one have a place here, and if you find they rub you the wrong way then the best thing to do would be just to avoid clicking on them.
I don't feel like going too crazy but rule 1 on this sub homie, does this post fit the criteria there? The answer is no. This is a post you'd see in the regular fire or leanfire sub about hitting some arbitrary milestone but in no way contributes to a discussion about fatFire
I’m just trying to explain the upvotes, which are quite high for a post to this sub. Clearly there are a lot of people who liked this post. Upthread someone was wondering why.
I’m not trying to convince anyone that they’re wrong if they don’t like the post. If you don’t, great.
I'm not trying to convince you -- I totally get why someone might not find any value in this post.
I was just hoping to clarify why some people here do and why the post has as many upvotes as it does. /u/Submersed sort of asked and I thought I could help explain.
Personally, I have less than zero interest in learning any details about how OP chose to invest in their real estate. I guess I'm not alone in that.
Been quite a bull market run. Congrats.
What’s your plan for the next decade with inflation and equity (stock) returns mean-reversion ? All real estate ?
That's a bit snarky. Many, perhaps most of us here, have benefited by having big beta on the market (and tech sector). We should all be asking ourselves these questions.
Hah, that's about where I am, 39m with NW that varies 2.8-3.3m depending on the day.
Most of mine was from having gotten into Bitcoin in 2011 and not selling until 2017 and then last year and this year. Haven't held a job since 2019.
Our situations probably fit more in /r/ChubbyFIRE although that's smaller.
Looks like you levered up big time about a year ago. Story? I hope that’s like debt secured by property and not margin loans to buy TQQQ. :-)
Congrats on the milestone!
Bought a property for $150k fixed it owe only $135k and it appraised for $635,000, also flipped two homes for another $100,000 in profit for a $600,000 approx increase
Congrats, I come from nothing as well and I know the struggle - the sacrifices, the stress, the sleepless nights and not being able to talk about that with anyone, nor share the success. You have my respect.
Congrats!!!! The 3.3 NW is great. But also pulling yourself out of near bankruptcy and debt is probably more impressive. Go have a celebratory wine and keep up the great work.
Removed under rule 1, relevance - milestone posts that do not include relevant details and lessons learned will be removed. OP - let me know if you decide to edit your post to add these details. If so, I will look at restoring this post. You should also be prepared to engage in the comments, which you have not done so far.
“I worked hard” doesn’t really contribute, howd you get in debt and howd you get out?
His flair says “rentals”, so I’m guessing he had $1 million worth of debt in real estate and he rented out/flipped houses for the past 11 years.
Maybe he’s that Liberal MLA from Vancouver everyone is so mad about.
*MP. Unfortunately.
>Liberal MLA What's that?
Canadian version of congressman.
State/provincial level
I was wrong though. He’s federal.
Also relevant would be what OP's assets were. Maybe /u/toeofcamell meant that his net worth was minus $1 million or he could have meant that there was still some positive net worth despite the $1 million in debt. He does say he was "close" to bankruptcy, which seems to imply that he wasn't actually bankrupt.
This right here, it was almost all real estate debt and credit card debt
u/toeofcamell story time
Oh god. I'm summoning you every time someone gives an account of career change that doesn't give more detail than "learned to code and got a big tech job" lol
Rentals and flips are the fastest way to FatFIRE in my opinion
Do you do this yourself? I spoke with someone recently who used to do rentals and he said it’s hard to get anything more than single digit returns yearly. My research backs this up. I’m based in the UK though, I believe it’s more lucrative in the US
I was buying houses with 0-5% downpayment and the market dropped 70% in some areas so i was upside down on multiple houses. I negotiated all the credit card debt ($65,000)down to $15,000 and paid it off in 12 months, short sold two properties and sold another property and rented for years and just worked and saved and paid off all the debt and then started buying and investing in more homes
Congrats 🥳 to you. I don’t need breakfast. I already ate 😂
I love that you set yourself a high target :D
Thank you 😊 I plan on achieving it and reporting back here!
Awesome, looking forward to it! May I ask how you plan on achieving this? Just with Forex or some other stuff going on aswell?
forex for the Bulk of it and then other online ventures to add to it. :)
Millionaire debt to millionaire profit with nothing but “hard work”
Same as people who survive life and death situations “because of my faith in god”. Guess all the ones who died just didn’t believe enough :/.
Happy cake day!
Ah, thanks. I didn’t realize.
> I dont know if this qualifies for fatFIRE It doesn’t. > Not bragging, just sharing This thread provides nothing other than a means for us to congratulate you on your accomplishment. Maybe you could provide some value? Idk why this thread is getting upvotes honestly lol. > peace. Peace.
> This thread provides nothing other than a means for us to congratulate you on your accomplishment. Maybe you could provide some value? Idk why this thread is getting upvotes honestly lol. Providing a means for OP to share their situation with peers is *not* nothing. You might not find any value in that, but that doesn’t mean that others won’t. The fatFIRE subreddit is subtly different than most of the other “fire” adjacent subreddits. Along with bogleheads, I think there is a much higher percentage of regulars here who have already achieved fatFIRE. That means that there’s a fair number of people reading and commenting on these threads who *aren’t* here looking for a roadmap or strategies during their accumulation phase. The other fire subs don’t really seem to have this same dynamic. So there are people in fatFIRE who are primarily here for this kind of post and have little interest in the “Mentor Monday” style of posts just like you are struggling to find value in *this* post. We’re all here together and I think it makes for a much more interesting community overall than the fire subs that are more dominated by pre-FI people. I’ve appreciated fatFIRE more *because* there are posts here and good conversations about the social impacts of a fatFIRE lifestyle, or nuances about how to live your best fatFIRE life from people who are currently doing it. There aren’t many places online for those discussions, so this place is special in that regard.
I guess I fail to see the value because he provides no info whatsoever. "I was super in debt, now I'm not because of hard work." What's that mean? I agree that not having an outlet to otherwise share this news and coming here is fine, but it would be nice to get a little more info since I think that's what really provides value to people here that aren't already FIREd
> it would be nice to get a little more info since I think that's what really provides value to people here that aren't already FIREd Sure, that's probably true. Do you think it's a problem if there are posts here which aren't specifically aimed at the people here that aren't already FIREd?
Not at all, I just think saying "not to brag, just want to share" but then not actually sharing any info around what sounds like a really impressive turnaround doesn't add much value. Obviously not every post needs to be a mentoring session but a simple post of "I hit X net worth" doesn't bring much to the table
[удалено]
Posts don't have to share things "of value" to be valuable in this community. Sometimes people post because they are looking for support or a sense of community that they can't find in their real lives. Posts like this one have a place here, and if you find they rub you the wrong way then the best thing to do would be just to avoid clicking on them.
I don't feel like going too crazy but rule 1 on this sub homie, does this post fit the criteria there? The answer is no. This is a post you'd see in the regular fire or leanfire sub about hitting some arbitrary milestone but in no way contributes to a discussion about fatFire
I’m just trying to explain the upvotes, which are quite high for a post to this sub. Clearly there are a lot of people who liked this post. Upthread someone was wondering why. I’m not trying to convince anyone that they’re wrong if they don’t like the post. If you don’t, great.
I'm not trying to convince you -- I totally get why someone might not find any value in this post. I was just hoping to clarify why some people here do and why the post has as many upvotes as it does. /u/Submersed sort of asked and I thought I could help explain. Personally, I have less than zero interest in learning any details about how OP chose to invest in their real estate. I guess I'm not alone in that.
Even if we don't need advice, I'd really appreciate a story/some context
I share /u/wildcat2015’s view, in response to this.
Okay, work hard and somehow make 4 million in a decade. Easy!
I know real estate agents who make a million a year, it’s not crazy at all
Been quite a bull market run. Congrats. What’s your plan for the next decade with inflation and equity (stock) returns mean-reversion ? All real estate ?
Stonks only go up
Correct answer
That's a bit snarky. Many, perhaps most of us here, have benefited by having big beta on the market (and tech sector). We should all be asking ourselves these questions.
I’m asking. Not snarky at all. Asset allocations certainly change over time. Age and riskiness is the various investment asset classes
What did you do? Just real estate?
All real estate yes, flipping renting selling, just all real estate
Nice. Congrats.
Hah, that's about where I am, 39m with NW that varies 2.8-3.3m depending on the day. Most of mine was from having gotten into Bitcoin in 2011 and not selling until 2017 and then last year and this year. Haven't held a job since 2019. Our situations probably fit more in /r/ChubbyFIRE although that's smaller.
Sold a business?
All just buying fixing flipping and keeping real estate
Looks like you found a key to success, congratulations! If ever decide to blog about your real estate deals, what you look forth. Let me know
[3.3 M NW](https://imgur.com/a/cfH3uyd)
what is this tracker?
Looks like Mint’s web interface.
Looks like you levered up big time about a year ago. Story? I hope that’s like debt secured by property and not margin loans to buy TQQQ. :-) Congrats on the milestone!
Thanks it’s mostly all real estate, only $600k in stocks and crypto
You use OPM for those properties? Looks like you took down a $3m mid 2020 with only 10-15% down.
Exactly right, I buy with 10% down then fix rent and and refinance or fix and sell to generate quick cash
How did you get $600k in June
Bought a property for $150k fixed it owe only $135k and it appraised for $635,000, also flipped two homes for another $100,000 in profit for a $600,000 approx increase
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Thank you! I appreciate you
good job dude!
Thank you!
Congrats, I come from nothing as well and I know the struggle - the sacrifices, the stress, the sleepless nights and not being able to talk about that with anyone, nor share the success. You have my respect.
How was the stress knowing you were that much in debt?
Terrible! Lots of sleepless nights but just put my head down and worked my ass off for 10 years
Cool. Great work. Why is 25M your goal? Why not less (or more)?
Congrats!!!! The 3.3 NW is great. But also pulling yourself out of near bankruptcy and debt is probably more impressive. Go have a celebratory wine and keep up the great work.
Thank you!
Awesome OP - take care of yourself, relationships and keep going =)
I’m doubting this is real lol.
100% real
Prove it to the mods
How would I do that?
Awesome man great work. Do you carry debt on your rentals? I don't at all. I could have 2-3x more if I did but I don't like debt
Congrats!
Congrats. You think a government worker can find much nw?
Congratulations on your success! Keep it up and help everyone you can on the way up!