To say that it’s been a rough and tumble 2018 so far would be a pretty accurate assessment of how things have been going for me… As readers may recall, I’ve thrown out multiple hints in recent posts about some of the struggles (beyond aggravating frustration) that I’ve been dealing with in regards to my out-of-state turnkey properties gone horribly wrong…
Such is life…
Really, you can’t win em all, and in the Game of Life, there are going to be plenty of ups and downs (this is something that I’m working to come to grips with)…
With that said, I’m going to do my best to not dwell too much on the catastrophe(s), and if anything, I’m looking forward to sharing my learnings with readers so that hopefully nobody else, particularly newbie investors, ever has to blow themselves up chasing after fool’s gold… like I did.
All in due time…
For now, I can say that my own personal situation trying to get out of dodge (that’s putting it nicely) finds me in a much better spot now than where I was just a few months ago…
Point blank — My life has been a total nightmare (pretty much) since I returned from the Philippines in the beginning of March.
You know, it’s ironic, sad, crazy… and maybe even a bit funny at the same time…
Early FI is supposed to be all about COMPLETE FREEDOM… To be able to do what you want, when you want… without many of the stresses and burdens that we normally have to struggle with when we’re working the 9-5 grind for a demanding employer…
So, when I walked away from the corporate life in 2016, a part of me believed it was, “onto better days…”
Although subconsciously, I guess you could also say I saw the “writing on the wall”… which would explain why in the middle of 2014, I did a complete 180 reversal, stopped buying out-of-state turnkey properties junkers and instead re-dedicated my focus towards accumulating tier 1 rental properties in the Bay Area (in hindsight a really brilliant move on my part that is saving my ass at the moment!)…
But really, having to stress out day and night, pretty much 24/7 about non-performing rental properties disasters is no fun task… especially when you don’t have a job!
What I thought were “assets”, over time, revealed to me to be the complete opposite — Insane “money pits”, or “liabilities” would be a much more accurate description of the crap that I owned out-of-state…
Prior to having to “firesale” away two of my turnkey turkey rental properties, I honestly would have given them away if I could have found someone crazy enough to assume my mortgages…
Sadly I could not…
Well, I guess you could say it serves me right…
Logically speaking, I mean c’mon… just what in the world was I really thinking? Did I really think I could succeed owning junk assets in shitty locations, all the while relying 100% on somebody else to take care of my investments for me?
Not family…
Not close friends…
But complete strangers?
Sure, there are plenty of good people out there, but let’s be real here — Unless we are talking about people who really care about your financial well being, everything’s gonna come at a price… an exorbitant one, probably…
You want HIGH QUALITY service?
Sure, you might luck out and find it… but it’s likely gonna cost you a pretty penny (or an arm and a leg if you’re not so lucky)…
And if you instead elect to pinch pennies and employ LOW QUALITY staff?
YOU’RE GONNA GET FKIN REKT!!!
Look, I’m not a very smart guy, but even I caught on pretty quick to the reality and future prospects of my dogshit properties… They were doomed to fail!
I had to jump ship and bail out now…
I had to sell at a MASSIVE loss, in hopes of minimizing even more potential future damage…
For anyone who says that property appreciation is not that important/a big deal, doesn’t know what the fuck they are talking about!
Appreciation is the most wonderful exit strategy you could ever ask for in real estate!!!
My out-of-state rentals all haven’t appreciated jack shit since I bought them, which is why I greatly regret my decision to ever get involved with them in the first place! My worst investments…. EVER! Especially those shitty duplexes from hell…
To say all this drama has been a HUGE energy drain, immense mental anguish (and suffering) to my overall health would be an understatement… which all explains why I’ve been so erratic and unpredictable this year, especially with my writing schedule and routine…
I’m telling you, again, early FI is supposed to be about freedom and peace of mind! What I had going on (especially since March) was the complete opposite of all that!
Instead of cherishing and savoring each and every day, oftentimes, really, I wish I had a fast-forward button so I could speed up the whole process of selling off two of my rental properties lemons…
It was that bad…
I was that miserable…
I felt trapped in purgatory…
Working a typical 9-5 job seemed like bliss in comparison to the shit that I was going through…
I got tired of having to deal with more problems, each and everyday… oftentimes, the only “remedy” would be to throw more money at the never-ending problem…
On many occasions, I felt sick to my stomach, knowing that I was literally lighting a match to my hard-earned $$$…
Of course, because the situation I found myself in was so precarious, there wasn’t always an easy way out… and minimizing the damage, it wasn’t always so straight-forward…
Again, I apologize for not being able to elaborate on more specific details at this time, but eventually, I do hope to share with readers my journey to (near) financial ruin…
I’ve always believed that my failures are 1,000,000x more valuable to readers than my successes…
Someone told me long ago, “The true measure of intelligence is being able and willing to learn from someone else’s mistakes so you don’t have to repeat them yourself.”
I’m very passionate/adamant about the path to early FI… I’ve tried many things along the way there, and there are certain things I really believe work well… and many things that I now know are nothing more than bullshit, lies, deceit, shadiness, and marketing hype designed to reel in and dupe unsuspecting newb investors… like myself.
Live and learn.
I could be: bitter, broken, defeated, jaded, angry, insane, wallowing in self-pity, etc.
Not gonna do that…
Right now, quite honestly, I’m just so grateful (and happy) to be alive.
I’ve been through hell… and back… I wouldn’t wish what happened to me onto ANYONE ELSE, even my worst enemy (I actually don’t have one, but you get the idea)!
Being GENUINE and AUTHENTIC isn’t gonna make you popular or win you many followers… but I’ll take the honest and lonely approach over the alternative, anyday of the week! There’s enough despicable scum and vermin out there, and they need to be eradicated from this earth! Well, at least their bullshit tactics need to be called out! These fuckers shouldn’t be allowed to get away with their heinous ways and total disservice to the early FI community!
It’s up to folks like myself (who have direct first-hand experience) to spread the word truth to the people…
I will be back and emerge from this carnage better than ever before!
And I want to help out as many people as I can (even more people after this fiasco!) so that they too can get to early FI… I have a newfound purpose in life! If I was motivated before, you ain’t seen nothing yet!
Thanks for all the support!
Fight On!