Current Income $13,200. P/yr.
Is it feasible to believe that I could easily surpase my yearly part time income of $13,200 with only a few wholesale or sub2 deals a year? And in probably fewer hours each week? I can't stand sitting in a office 24 hours a each week when I could be out looking at properties (not to mention doing something that I would enjoy). Is this a correct assumption? My time may be better spent in RE? Any help would be appreciated. I understand I would actually have to work it but I am willing.
[ Edited by iamhappy on Date 05/25/2004 ][ Edited by iamhappy on Date 05/25/2004 ]
Yep, very feasible.
Well the first set of houses I bought I got back $8000 and the profit from my first rehab is calculated to be around $6000 so I would say definately YES!!
Good Luck!
On another note, once you make the money...remember it's not how much you make, it's how much you keep.
I was living off of my rental income last year and it was tough (the old adage equity rich cash poor was my slogan last year...lol!). But I lived simply and it worked. You just have to be able to really distinguish between what you need versus what you want....good luck
iamhappy,
Glad to meet you.
I like you nickname and believe you have a very good attitude from your post.
If you really would like to become involved in this wonderful industry, I would contact some investors and bird dog for them until you get your feet wet.
You have the time available and don't give up your nickname or attitude. I think you will do just fine. If you are ever down Florida way you can Bird Dog for me anytime.
John $Cash$ Locke[ Edited by JohnLocke on Date 05/25/2004 ]
I thoroughly agree with JohnLocke!! Don't scrimp on your REI education, keep your passion for REI, and bird dog for an investor in the area of REI that you wish to explore and make money on finder's fees first. As you gain experience, partner with your investor on some deals which will eventually lead to you doing your own deals and having people bird dog for you! Good Luck!
Thanks for all your posts, I'm ready to start my REI career
find something that you enjoy doing and you will never work another day. thats how r/e is for me. its something i love doing. good luck with your new future...kenmax
I am also in a situation like iamhappy. A student ready to get my feet wet, but unsure of the best way to do that. I have very little money coming out of college and am currently working with a foreclosure investor. Things are quite clicking for me yet. Is this the best way to start. What are good educational tools to help? Good post iamhappy!
Any suggestions on finding a REI club in my area? Also, what is the best form of advertising has anyone used to find motivated sellers. Once I find them I know what to do with them. I'm just in a rut about finding them. thanks
I'm working on less hours at work so that I have even more time to work on REI. I know 24 hrs a week is not much but when I have 2 kids (3 if you count the hubby), work, a step son, my husband's business that I do all billing and paperwork for, the house, too many animals one extra day a week will be a blessing. Thanks all. Wish me luck and prosperity in my REI adventure!!!
Start with friends, family and neighbors. Let everyone that you know that you are looking to buy a property. Tell everybody that if they know someone who is going through divorce, foreclosure, behind on taxes, or their home has been on the market for 6 months or a year, that they need to call you.
That might get the phone ringing. I know that I have gotten quite a few referrals from friends and family.
Keep Smiling
Rick
How best to request investor info from a rei club in my local area? I need to birddog until I get more knowledge and feel more comfortable, but I don't know if they are allowed to give me numbers to call or how that works. I can't attend meetings because of my job currently, so it would have to start over the phone or email. Thanks guys.
Love the name, the posts and the enthusiasm. I would say to you what a successful investor said to me "Don't count on money you don't have in the bank". Don't get off on the deal that will make you a fortune, stay where you are and when you make the deal and put the money in the bank then you think about changing your hours.
A lot of investors don't spend that much time acquiring real estate. In your case I imagine a very limited number of deals would fit your investment criterions. Keep at it. Take the kids when you go driving looking for property and make it fun.
Heres to positive cashflow!
JohnLocke,
I will be getting out of the service in 8 months, and I'm thinking of moving to FL. I'd like to bird dog for you, and was wondering what area you're in; I am considering moving to or near Crestview since I have friends there. Is this near you?
Thanks.
Micah
MicahM,
Glad to meet you.
I am in the Tampa area currently, it would be an honor to meet you, anyone who serves their country should be treated with respect and anything that I can do to help you would be my pleasure.
I am not sure where Crestview is but I certainly will check it out.
John $Cash$ Locke
[ Edited by MicahM on Date 06/09/2004 ]