My Name is John Hickey I grew mostly in NYS/NYC. Born 1973. My dad was a construction worker, often laid off we always got by. I was mostly a poor student in school, got by on being a good test taker. Last grade completed was 8th. I started working at 12 on various jobs. Moved out a few times between 15-17 and left for good three weeks after my 17th birthday. My dad gave me $40 and wished good luck. Looking back he always did the right thing, I was a screw up.
I had hundreds of jobs in the next few years telephone sales, door to door sales, stockbroker, real estate, sandhogging(working on NYC water tunnel) window cleaning(38 stories highest I ever went) chimney sweep. I opened my first business at 18 selling dictionaries door to door. Lasted about 3 months I quit when I couldn’t seem to get out of bed for myself anymore. I went to work for company making about the same money but working 60 hours a week. Makes no sense I know.
At 22 I opened my second business selling vintage clothing wholesale. My partner and i did so well we opened a retail store and partied our selves into closing the whole thing. We had borrowed money from a nightclub manager and he was pissed. Wanted his cash back, he offered me a job working in his club...so I could make payments.
At 23 I stumbled into the bar business of NYC and found my place.....for a few years. I worked in the clubs for a few famous club owners, now these guys own Light Group and TAO. In a few years I was making 6 figures. I became known as a hard worker and problem solver. I became sought after as a guy to be on a crew to open a hot nightclub. I worked in NYC, Miami, Hampton’s, Nassau(Bahamas), Khabarosk(Russia).
I became an FDNY firefighter in 2006. Still working.
In 2006 my girlfriend and I were fighting daily. She got tired of my BS and threw me out. So at 33 I was a homeless firefighter. I moved into the basement at work. While still homeless and cat sitting I tried to turn on a friends TV. Only I never watch TV and at the time couldn’t figure out how to use the remote(I’m an idiot) so I goto her DVD player and press play. I watched the movie in her player every day for the next few days. It’s “the secret”.
As much as I think it’s BS today I can tell you that I followed the suggestions to the letter. I took a picture of a house, I burned it into mind. Six months later I bought a multifamily home in Bed Stuy brooklyn. When I looked at the house I had 1500 in the bank. I made an offer. Got accepted. I went back to bartending. I worked at three clubs, Home, Guest House and Pink Elephant. I saved and borrowed the other 35k over the next 6 months. Closed on the house 6/2007.
A few months later things started to go south. I had begun a rehab. I underestimated the rehab. I ran out of money. I should have read J Scott’s book on estimating rehabs...I later did. The economy was tanking, tenants weren’t paying rent I was living on joists with no toilet or shower. I held on. I hurt my shoulder/elbow and couldn’t bartend. I borrowed money from dad. Bills piled up. My accountant suggested a bankruptcy attorney(no way). I had 80k in CC debt from rehabbing house. My mortgage was 4K a month and tenants weren’t paying rent.
I was taking home 1200 every two weeks from fire Dept. I started to default on CC, then the house.
I needed to make more money fast.
I found a NYC commercial landlord with tons of vacant space. I sold him on the idea of me starting a short term rental business, using his vacant space. We called it 82Mercer, I was there for three years. Made great money. I knocked this one out of the park, for them. I had nothing on paper...meaning title. They owned the property and one day we parted ways. I had managed to pay down all the CC. At first (2009-2011)My credit was shot from late payments and write offs. I had gone back and paid them all...except one that refused payment. But later it returned just a little dinged from the late payments.
I was able to hold onto my house. I got married bought another house (2009) tried flipping houses(2014). Failed then did well and lost more money got sued. Later had thieves for partners but kept on. Eventually I rehabbed the Bed Stuy house and had it producing more than my Fire Dept pay.
Last year I sold the Bed Stuy house for million dollar plus profit. Did a 1031 bought more failied properties in Upstate NY. I went to a small city known for drugs, prostitution, gangs.
Once known as the murder capital of NYS. I looked for the worst area in that city(with old beautiful brick buildings) and bought there. When I went to the police station before buying my places. I asked if I could speak with a veteran cop. I gave the cop a few addresses. Buildings I wanted to buy. He laughed. He said my buildings were #1 & #2 worst building in the city.
Cop said there are drug dealers, drug addicts and prostitutes rampant in my buildings. They go 4-5 times a day average to my places. Fights, drunken disorderly, overdoses? Check. Shootings, stabbings, and murder? Check. FBI terror sting involving 5 terrorists planning to bomb NYC? Check.
BTW that’s an old trick for investors. Find a firehouse/police station and ask about the address of a building....if they don’t know adress that’s a good sign. To most investors anyway. I like problem buildings.
My plan is to fix the problems, provide security raise rents, renovate, raise rents and encourage hipsters to come live here.
That’s a simplified version of a process that I’ve done once before on a much smaller scale(the house in Bed Stuy) but that about sums it up. I plan to work on my skills and learn my trade a bit better.
Thanks to SteveO for the book tips.
Very glad I found this forum. MFL is awesome I’m reading Unscripted now. I’ve read a lot of success books. Pretty sure they are why I have made it as far as I have.
I’m active on BP. I see a few other familiar names that are well known.
I hope that if anyone wants to buy the worst scariest ghetto real estate I can be a resource.
I had hundreds of jobs in the next few years telephone sales, door to door sales, stockbroker, real estate, sandhogging(working on NYC water tunnel) window cleaning(38 stories highest I ever went) chimney sweep. I opened my first business at 18 selling dictionaries door to door. Lasted about 3 months I quit when I couldn’t seem to get out of bed for myself anymore. I went to work for company making about the same money but working 60 hours a week. Makes no sense I know.
At 22 I opened my second business selling vintage clothing wholesale. My partner and i did so well we opened a retail store and partied our selves into closing the whole thing. We had borrowed money from a nightclub manager and he was pissed. Wanted his cash back, he offered me a job working in his club...so I could make payments.
At 23 I stumbled into the bar business of NYC and found my place.....for a few years. I worked in the clubs for a few famous club owners, now these guys own Light Group and TAO. In a few years I was making 6 figures. I became known as a hard worker and problem solver. I became sought after as a guy to be on a crew to open a hot nightclub. I worked in NYC, Miami, Hampton’s, Nassau(Bahamas), Khabarosk(Russia).
I became an FDNY firefighter in 2006. Still working.
In 2006 my girlfriend and I were fighting daily. She got tired of my BS and threw me out. So at 33 I was a homeless firefighter. I moved into the basement at work. While still homeless and cat sitting I tried to turn on a friends TV. Only I never watch TV and at the time couldn’t figure out how to use the remote(I’m an idiot) so I goto her DVD player and press play. I watched the movie in her player every day for the next few days. It’s “the secret”.
As much as I think it’s BS today I can tell you that I followed the suggestions to the letter. I took a picture of a house, I burned it into mind. Six months later I bought a multifamily home in Bed Stuy brooklyn. When I looked at the house I had 1500 in the bank. I made an offer. Got accepted. I went back to bartending. I worked at three clubs, Home, Guest House and Pink Elephant. I saved and borrowed the other 35k over the next 6 months. Closed on the house 6/2007.
A few months later things started to go south. I had begun a rehab. I underestimated the rehab. I ran out of money. I should have read J Scott’s book on estimating rehabs...I later did. The economy was tanking, tenants weren’t paying rent I was living on joists with no toilet or shower. I held on. I hurt my shoulder/elbow and couldn’t bartend. I borrowed money from dad. Bills piled up. My accountant suggested a bankruptcy attorney(no way). I had 80k in CC debt from rehabbing house. My mortgage was 4K a month and tenants weren’t paying rent.
I was taking home 1200 every two weeks from fire Dept. I started to default on CC, then the house.
I needed to make more money fast.
I found a NYC commercial landlord with tons of vacant space. I sold him on the idea of me starting a short term rental business, using his vacant space. We called it 82Mercer, I was there for three years. Made great money. I knocked this one out of the park, for them. I had nothing on paper...meaning title. They owned the property and one day we parted ways. I had managed to pay down all the CC. At first (2009-2011)My credit was shot from late payments and write offs. I had gone back and paid them all...except one that refused payment. But later it returned just a little dinged from the late payments.
I was able to hold onto my house. I got married bought another house (2009) tried flipping houses(2014). Failed then did well and lost more money got sued. Later had thieves for partners but kept on. Eventually I rehabbed the Bed Stuy house and had it producing more than my Fire Dept pay.
Last year I sold the Bed Stuy house for million dollar plus profit. Did a 1031 bought more failied properties in Upstate NY. I went to a small city known for drugs, prostitution, gangs.
Once known as the murder capital of NYS. I looked for the worst area in that city(with old beautiful brick buildings) and bought there. When I went to the police station before buying my places. I asked if I could speak with a veteran cop. I gave the cop a few addresses. Buildings I wanted to buy. He laughed. He said my buildings were #1 & #2 worst building in the city.
Cop said there are drug dealers, drug addicts and prostitutes rampant in my buildings. They go 4-5 times a day average to my places. Fights, drunken disorderly, overdoses? Check. Shootings, stabbings, and murder? Check. FBI terror sting involving 5 terrorists planning to bomb NYC? Check.
BTW that’s an old trick for investors. Find a firehouse/police station and ask about the address of a building....if they don’t know adress that’s a good sign. To most investors anyway. I like problem buildings.
My plan is to fix the problems, provide security raise rents, renovate, raise rents and encourage hipsters to come live here.
That’s a simplified version of a process that I’ve done once before on a much smaller scale(the house in Bed Stuy) but that about sums it up. I plan to work on my skills and learn my trade a bit better.
Thanks to SteveO for the book tips.
Very glad I found this forum. MFL is awesome I’m reading Unscripted now. I’ve read a lot of success books. Pretty sure they are why I have made it as far as I have.
I’m active on BP. I see a few other familiar names that are well known.
I hope that if anyone wants to buy the worst scariest ghetto real estate I can be a resource.
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