I am very new to this, and very curious to know what kind of cash flow full time investors a earning a year. And, how long did it take to get to where you guys are right now.
Well I hate to tell you this PSU but its not a question that means a lot.
Last three years I made almost no money. Course I also pretty much did no work. Spent one year settling a partnership lawsuit. Took one year off to homeschool with my son. Took one year off to go sailing and otherwise be a boat bum.
This year, if the stuff in the pipeline now closes I could make half a mill and its only June. The point is: its is not relevant. You make what you are worth in the deals. You make good deals you make a lot of money. You make bad deals you loose money. This ain't no nine-to-five where they pay you for showing up.
My impression is that most of the people I meet in this business who are motivated solely by the money don't, in fact, make much money. There is a certain excitement in doing a deal, a certain love of negotiating that makes it worth doing. Thats why they call us deal junkies.
The other day a newbie asked a broker buddy of mine whether a certain kind of transaction was hard to do. "YES", says my friend "EVERYTHING in real estate is hard to do. Unless you compare it to actually having a real job."
I don't do real estate for the money. I do it because the idea of being chained to a desk doing somebody else's bidding for half my waking hours each day is just incredibly intolerable.
PSU
Check your email. It is Good to hear from a former Vancouverite from America's Vancouver. I wonder if there are any other folks from Vancouver around.
Thanks
Welcome aboard. A lot depends on what type of investing you hope to do. I personally made some deals that show profit on paper. My goal though is to buy and hold and rent out properties. I get the tax benefits they pay the mortgage, I get the appreciation (so long as there is any) and when I sell I see $$$$$. If you are looking to make Money now to live off of I wouldnt go this route. I know your area somewhat and there is money to be made there. I even lived there back in the 80's when I was at the Conservatory at UOP. Wish I had known then what I know now I would have changed Majors...
The harder you work at it, the more you study up on the different techniques the MORE chance you have to make money at it......
Good Luck and remember no one likes to brag in Public... The IRS might be watching.......
Brian
RTFG
By the nature of your question you are obviously looking to make money immediately and are not one that is looking to build long term wealth.
The answer lies within yourself. If you have the motivation, the drive, and the passion for this business you will write your own ticket. You must first be willing to get an education in REI and then do what is necessary to meet your short term and long term goals.
If you do not have alot of capital or your credit score is lacking, you will probably have to start off birddogging for another investor while making money and learning the ropes. Then you will probably graduate to making your own deals.
We can't begin to have a clue what you will make. You also will probably not get anyone on this site to give you their financials. I do, however, know of some investors that are very comfortable financially from their REI efforts if that helps you. Good Luck.
Welcome PSU-
I still consider my husband and myself to be new investors (less than 2 years). While we understand cashflow will be our ultimate long-term money making strategy, we definitely needed some NOW money. We found that negotiating short sales on preforeclosure properties, and then wholesaleing them to other investors (or retailing them)would get us some nice chunks of cash now. We did this while picking up houses Subject To to build our monthly cash flow.
Good luck!
Well I hate to tell you this PSU but its not a question that means a lot.
Last three years I made almost no money. Course I also pretty much did no work. Spent one year settling a partnership lawsuit. Took one year off to homeschool with my son. Took one year off to go sailing and otherwise be a boat bum.
This year, if the stuff in the pipeline now closes I could make half a mill and its only June. The point is: its is not relevant. You make what you are worth in the deals. You make good deals you make a lot of money. You make bad deals you loose money. This ain't no nine-to-five where they pay you for showing up.
My impression is that most of the people I meet in this business who are motivated solely by the money don't, in fact, make much money. There is a certain excitement in doing a deal, a certain love of negotiating that makes it worth doing. Thats why they call us deal junkies.
The other day a newbie asked a broker buddy of mine whether a certain kind of transaction was hard to do. "YES", says my friend "EVERYTHING in real estate is hard to do. Unless you compare it to actually having a real job."
I don't do real estate for the money. I do it because the idea of being chained to a desk doing somebody else's bidding for half my waking hours each day is just incredibly intolerable.
I don't think you are going to get a good answer. Some people lose money and some make millions even billions.(Donald Trump)
Thank you guys for your reply.
Oh..I used to live in Vancouver also. Went to PSU (my user name).
PSU
Check your email. It is Good to hear from a former Vancouverite from America's Vancouver. I wonder if there are any other folks from Vancouver around.
Thanks
One of the things that long term RE investors tend to learn is not not discuss what they make. It attracts the wrong type of interest.
You also manage what you make to make you look good to lenders while not creating too much income for the IRS.
PSU is about 4 Max stops from where I live. Another Metro Portland REI.
John
[addsig]
Welcome aboard. A lot depends on what type of investing you hope to do. I personally made some deals that show profit on paper. My goal though is to buy and hold and rent out properties. I get the tax benefits they pay the mortgage, I get the appreciation (so long as there is any) and when I sell I see $$$$$. If you are looking to make Money now to live off of I wouldnt go this route. I know your area somewhat and there is money to be made there. I even lived there back in the 80's when I was at the Conservatory at UOP. Wish I had known then what I know now I would have changed Majors...
The harder you work at it, the more you study up on the different techniques the MORE chance you have to make money at it......
Good Luck and remember no one likes to brag in Public... The IRS might be watching.......
Brian
RTFG
Welcome PSU,
By the nature of your question you are obviously looking to make money immediately and are not one that is looking to build long term wealth.
The answer lies within yourself. If you have the motivation, the drive, and the passion for this business you will write your own ticket. You must first be willing to get an education in REI and then do what is necessary to meet your short term and long term goals.
If you do not have alot of capital or your credit score is lacking, you will probably have to start off birddogging for another investor while making money and learning the ropes. Then you will probably graduate to making your own deals.
We can't begin to have a clue what you will make. You also will probably not get anyone on this site to give you their financials. I do, however, know of some investors that are very comfortable financially from their REI efforts if that helps you. Good Luck.
Dave
[addsig]
Welcome PSU-
I still consider my husband and myself to be new investors (less than 2 years). While we understand cashflow will be our ultimate long-term money making strategy, we definitely needed some NOW money. We found that negotiating short sales on preforeclosure properties, and then wholesaleing them to other investors (or retailing them)would get us some nice chunks of cash now. We did this while picking up houses Subject To to build our monthly cash flow.
Good luck!