Addicted To These Forums & Real Estate Investing
It seems like Real Estate investing & Real Estate in general is very interesting & always changing...
I am always browsing this sight & craigslist to find good deals and usually spend alot of time calling real estate brokers, reading books on RE investment & trying to pay down debt so I can buy something...
I probably spend a total of half the day on the internet reading these forums, craigslist housing forum, checking out www.realtor.com, talking to mortgage brokers, looking at properties after work, etc.....
I have $60,000 in cash & I wish I could do it full time...
Right now, I am in a job in an industry that is insanely boring & that I have been floundering in since 2001 (Hedge fund administration)... The job sucks & wall street is populated with 23 year old homophobic frat boys from the suburbs...
I am 29 single from the NYC area... I wish I could quit my dead end 12 hour a day job & do it full time.
many people share your frustration about their jobs.
if you think you've found your passion in life in real estate, congratulations. i feel the same way
.
but dont quit your day job just yet. i'm using my day job to provide
living expenses while i build my portfolio and more importantly to
QUALIFY FOR LOANS. if you dont have a job you wont qualify for
a loan.
in case you didnt know, a mortgage is a loan against your income
with the house as collateral.
you can definitely do this business part-time. i started out with
20k last year and increased my net worth 10 times since then.
after you buy a few houses, you wont feel trapped in your job anymore.
just remember to do your homework and read A LOT. i've probably
read 5000+ pages on real estete in the past 3 years.
NickL - After reading your post, it looks like we are leading exactly similar lives except that I am married and I am in NJ. I go through the exact same websites every day passionately looking for deals. My wife often wonders how I could spend so much time on RE. There are days when I feel high and days when I feel low. But during the low days, I somehow try to keep my chin up and remind myself that I am in for the long haul. RE is a slow moving business. It takes time to buy and sell houses. We are not selling socks
I try not to get frustrated by how others are doing as every case is different. Remember every great business was started part time in a Garage (eg: Ford, Gates) and it takes time to build a business. I have been doing RE for the past 3 years and I plan on quitting my day job when I feel I wouldn't miss my salary.
Hang in there!
NickL,
After all the browsing and searching, have you made any offers?
I am in the same boat as you. Hate my job and doing it just for the paycheck.
With 60k cash, you can do a lot. Have you looked into buying condo units for rental in the journal square area? or perhaps something in south slope brooklyn?
i like jersey city a lot since i think it still allows you to have a decent positive cash flow and its proximity to manhattan. i've also looked into union city as well.. but that city has strict tenant laws.. much worst than nyc.
don't get stuck thinking you can make big bucks within a few months.. some of the deals that you see on this site are just unheard of in NYC.
good luck.
Having $60,000 to invest with means buying 1 house with $60,000 down or 10 houses with $6,000 down or 60 houses with $1,000 down.
The difference is how creative do you want to be?
John (LV)