When it comes to real estate investing, many folks think it’s a game for those with deep pockets or cushy salaries. But take a look at Jordan Scroggins’ journey, and you’ll see a different story—one that proves that grit, creativity, and a hunger for knowledge can lead to impressive successes. Not too long ago, Jordan was hustling as a grocery delivery driver for Instacart and mounting TVs for Geek Squad.
Fast forward to today, and he’s acquired multiple seven-figure properties, showing that anyone can break into the real estate market, no matter where they start.
Table of Contents:
The Catalyst for Change
Jordan’s adventure kicked off in the unremarkable confines of a delivery van. He was feeling stuck, realizing that his job wasn’t going to cut it if he wanted to start a family. Reflecting on his time at Geek Squad, he shared, “I didn’t know what to do. I was a waiter in Woodbridge. I wanted to level up, and that’s when I started researching real estate investing.” His interest ignited by family ties to property ownership, he felt a growing urge to carve out a better life for himself and his future family.
This pivotal moment pushed him to explore platforms like BiggerPockets, where he dove deep into the world of real estate knowledge. It was here he discovered various investment strategies, including the importance of creative financing. Eventually, he landed a job in real estate, gaining invaluable insights into the market that would set the foundation for his future endeavors.
Challenges and Lessons Learned
But Jordan’s path wasn’t without its bumps. He faced a hefty $200,000 loss on a mixed-use property, which taught him vital lessons about due diligence and the need to comprehend liens. “I learned the hard way that every deal comes with its complications,” he admits. This experience highlighted the necessity of thorough research and the willingness to adapt strategies when unexpected challenges arise.
Jordan’s first deal was particularly complex, involving a subject-to purchase—where the buyer takes over the seller’s existing mortgage. The intricacies of this approach, paired with a judgment lien on the property, eventually led him to walk away. Looking back, he acknowledges that grasping the subtleties of such arrangements is essential for any budding investor. “I wouldn’t have backed out of that deal if I knew what I know now,” he reflects. “The numbers were favorable, and I should have navigated the complications with more confidence.”
Navigating the Commercial Real Estate Landscape
As Jordan delved deeper into commercial real estate, he faced a fresh set of hurdles. One notable challenge was a significant budget overrun during a $1.09 million acquisition of two adjacent buildings. What began as a $155,000 renovation budget quickly spiraled due to unforeseen structural issues, underscoring the need for a solid contingency plan. “We allocated $15,000 for contingencies, but that was nowhere near enough for a project of this scale,” he admits. This experience reinforced the critical lesson of ensuring that adequate reserves are in place to handle unexpected costs.
Even after navigating these setbacks, the road wasn’t always smooth. Yet, Jordan managed to secure a tenant, which helped mitigate the financial strain of ongoing expenses. He learned that maintaining transparency and communication with partners is crucial in the intricate world of real estate investing. “When things go wrong, keeping everyone informed alleviates a lot of the stress,” he noted.
Conclusion: The Road Ahead
Jordan’s journey is a vivid illustration of the unpredictable landscape of real estate investing—filled with highs and lows, valuable lessons, and moments of resilience. Looking back, he sees every setback as a stepping stone to growth and refinement. While he experienced a significant loss in one of his ventures, he remains optimistic about the future, stating, “I’m excited to apply everything I’ve learned to future deals. Those experiences have been my education in commercial real estate.” As he gears up for his next project, his story stands as a beacon for aspiring investors, proving that success in real estate is within reach with the right mindset and approach.
