What Else Do You Do Besides REI?
A while back we all shared what our 9-5 jobs are. We found out that some of us are in REI full time. But most are not. It ended up being a pretty interesting discussion. This time, my question is a little different.
Regardless of whether you're in REI full time or not, do you have any other businesses in which you are an owner/ investor? If so, what are they? We don't need names or anything. I'm just curious how many people get involved in different lines of businesses at the same time, and how much diversification there is among these businesses. Anotherwords, if you're involved in REI, do you then stick with only REI related businesses or are you involved in other things as well?
[addsig]
Here is a list:
1987 to present
Financing in one form or another: Underwriter, Processor, Loan Originator, Loan Broker, Title, coordinator, Branch manager, Branch Owner
1988 to present: Real Estate Rentals, mostly multifamily properties
1991 to present: 3rd party paper, Home Improvent Company
1991 to 2000 Owner of a Tanning Salon
1994 to 1999 Owner of a Car Wash
2000 to present: Real Estate Wholesaling, Flipping, Assigning SFR to owner occupied buyers
I do work a full time job where I am just an employee and get a W2 at the end of the year.
Lori
[addsig]
Lori's post is quite impressive. I applaud her but have no idea where she finds the time in the day to do all those tasks. She might consider writing a "How To Book" on Time Management. Probably would make a bundle.
My JOB is as a District Manager for a San Diego based insurance and financial institution services that markets to automobile dealerships nationwide. I was in mainstream management of automobile dealerships for approximately 25 years. That takes all your time with no time to do anything else and have any kind of a life. My JOB now allows me enough freedom to do my REI that I love and the only reason that I keep the JOB is that I love the business relationships that I have built and it provides leads for my REI.
Dave
_________________
"Opportunity is missed by most people because it is dressed in overalls and looks like work." (Thomas A. Edison)[ Edited by dealfinder on Date 06/12/2004 ]
Full Time REI
Own A Commercial Cleaning Franchise
Quote:
On 2004-06-12 19:10, dealfinder wrote:
Lori's post is quite impressive. I applaud her but have no idea where she finds the time in the day to do all those tasks. She might consider writing a "How To Book" on Time Management. Probably would make a bundle.
My JOB is as a District Manager for a San Diego based insurance and financial institution services that markets to automobile dealerships nationwide. I was in mainstream management of automobile dealerships for approximately 25 years. That takes all your time with no time to do anything else and have any kind of a life. My JOB now allows me enough freedom to do my REI that I love and the only reason that I keep the JOB is that I love the business relationships that I have built and it provides leads for my REI.
Dave
_________________
"Opportunity is missed by most people because it is dressed in overalls and looks like work." (Thomas A. Edison)
<font size=-1>[ Edited by dealfinder on Date 06/12/2004 ]</font>
Dave,
I have to pick and choice my battles. Some weeks I'll work between 70 and 84 hours a week. Some times I'll work between 40and 60 hours a week.
But when I go on vacation I work NO HOURS. And I can do that more often than most.
Lori
[addsig]
I work as a network geek at mci during the day, rehab houses by night. Sell phone systems on the side, and am trying to start a CLEC with some coworkers.
Been a scavenger and bottom feeder all my life, learned it from my Mother. I've sold books, collectibles, clothers, sports equipment, anything of value on www.Half.com and Ebay since the beginning of online commerce. Still maintain an inventory on the former, still scavenging goodies for the latter. Find em in thrift stores, alleys & Dumpsters at the end of the month (moving time), yard sales, etc. Kind of an obsession. Sure is fun.
REI is just my latest incarnation of my bottom feeding passion. But now the bargains involve a bit more paperwork and a few more zeroes. The pay is better, but I'm not sure I like it any more.
My 24/7 job is enlisted in the Air Force as an electrician. In my spare time I buy and sell cars, fitness model, amatuer bodybuilder and have two rentals all while working on my business management degree. I don't know where I find the time though; 4-5 hours of sleep helps me squeeze more work in a day.
foreverago- April 2004: high tech sales (Dell, etc)for money, REI as a pipedream. Hopes for something more= 60+ hours/week for someone else = not worth it.
April 2004: Laid off for the LAST time
April 2004 - present: REI full time for money, financial freedom as a pipedream. A better life for me and mine = 60+ hours/week = worth it.
Oh yeah. Forgot... I'm also a baby-chaser (1 and 3)
[ Edited by crazyfnmama on Date 06/20/2004 ][ Edited by crazyfnmama on Date 06/20/2004 ]
Insurance Agency owner
Own 5 training aircraft on leaseback (long story...BIG tax benefit)...
Help Mom with 2 girls (4.5 and 22 months)
Commercial Real Estate Appraiser for local firm. RE investing on the side.
Rei for 5 years started when the home we bought for our family had a beat up mother in law unit....rehabbed and rented for 4.5 years to same family.......up to 7 units and still buying but finding pos cash flow in CA is next to impossible....
Work as a Loan Agent so I can be closer to the $$ and stay on top of things........
I also like helping people make their dreams a reality.......
I have a tree and landscape service. I am either freezing in the winter or suffering from the high temps and humidity in the summer. Spring and fall are really nice times, and I really enjoy being outdoors during those months. I am hoping to someday make a transition to full time investor. This heat is killing me man. Oh well, at least I am in much better physical shape than the average Joe. My credit is very good, I have an investor who is willing to spend up to 500k, and the motivation to stay cool and make lots of $$$ will change my future forever.
I started off as a classical musician and teacher, then became a crusty newspaper reporter.<g> Later, I taught creative writing and literature courses on and off in universities while I freelanced.
Then I started a marketing, event planning and administrative support business, while I continued doing my own writing.
Now, I have a completed novel and poetry manuscript. The manuscripts aren't published (yet), but I've published some individual poems and other writings. I'm now working on Novel #2.
So you can see that my right brain has been busy most of my life. REI keeps my left brain out of trouble.<g>
Amelia
im pretty much in re full time i own a masnary company i do commercial work mostly new construction, dont want to deal with home owners , i also join in on a family business building houses, and do sum flips about 8 per year which is my personal fav and at the current time im looking for owner financed properties small or large
I have done every task there is in Real Estate, Broker, Appraiser, Mortgage Co.
Escrow Officer (oh god was I bad). Builder, General Contractor, lent the license to a relative and lost it. Built for my own account all over the hollywood hills, had lots of fun designing just what I wanted. I speculate on occasion. Advise on occasion mostly REIT's who do not take the advice they pay me for but wot the hell. I am now tied up in Container
into houses.
Oh yes on occasion I write. Did a couple of really bad pictures. One made in Hong Kong holds the record of the worst picture ever made. I also help many highly untalented persons clean up their scripts prior to presentation. Some of them replace Nux Vomica as a medication.
On occasion I advise on corrections of classic boo boos in the political and military occasions. My last piece of advice was on Iraq. My advice was. "Repeat after me, Our Father who art ,,etc www.etc.etc"
I find life interesting and stay busy. Leaned CAD the other day just so I can do variations on designs of houses made out of ISO shipping containers. Keeps me busy.
Cheers. Lucius 8-) 8-)
I've been involved in IT for the past 13 years. One of the original Microsoft Certified System Engineers, flew around the country and taught certification courses for those wanted Microsoft certification.
Currently I build and maintain websites similar to this one for Kelly Services.
Being a left brained person, I over analyze and do tons of research before I do anything. Hoping to live off of REI income by the end of 3 years.
For hobbies I like to fly fish in the Sierras.
Robert
Great topic. I am on the road during most of the week as a road warrior doing consulting for a California software company.
I also own a pool cleaning service. I handle the billing and the banking, along with the marketing material. I have a guy who actually performs the service.
The REI thing is something that fills the rest of the time and I am hoping to have it take more of my time.
GA_John
Hmm, a tanning salon, car wash, insurance agency, landscaping service, masonry company. All really interesting stuff.
What about the rest of you? For those of you who are self-employed, what other sorts of businesses do you have? And have any of you been involved in running a franchised business?
Purchasing agent for a custom bike and trike shop.
also grow hot peppers and make hot sauce.
Marv
Hmm... there are some really interesting people out there
Nice to know about the personal side if CRE.
and am trying like heck to go full time (it is taking me longer than I thought, always getting sucked into another project). SO many irons to let cool...
I have passed the state and national brokers tests, run/own a construction company, and have been a UPS driver (10 years) and Chairman of the Board of a financial institution, Union Rep. options trader, Candidate for the House of Representatives, Sec. Treasurer of political org. etc. IN my spare time I travel, do some export deals, and read a ton! I do some consulting for CRE on the side for commercial and multiple rehab properties.
I have done RE part time (20 hours a week
_________________
"Chance favors the prepared mind..."[ Edited by Stockpro99 on Date 07/12/2004 ]
Hmm, here's my thinking and an explanation of why I keep asking questions in this un-REI sort of topic.
At what point does property management become a full time job? Not from the standpoint of money, but rather from the standpoint of time. It's definitely not at 30 units. And I have a feeling that it also won't be at 50. So I'm thinking that there needs to be something else in the day to stop me from going crazy of boredom. My thinking was, hey, why not buy a franchise of some sort. It'll help pass the time, possibly be a financially rewarding venture, and it's an opportunity to diversify even more.
And that's why I'm asking. I wanted to see what other business people had while they were also involved in REI. Are these businesses compatible with REI. Or are they completely unrelated. Etc.
What do you all think? Does any of this thinking make sense?
Been doing computer programming for 27 years. Always made real good money but doing REI now for the change and excitement. Run my own web server, mail server, news server +. REI is my new hobby like I've always viewed everything I do. I've always done things more diligently as a hobby that work so made sure everything I do is a hobby. Setting forth do do REI with the same diligence.
Currently I am an internal auditor for a very large Reinsurance company where I work about a 40 hour work week.
I invest in multi family rentals, and would like to start getting into big multis soon and be able to quit this JOB (Just Over Broke)...
I will not be able to quick having a job for a couple years now, but I would like to get into Real Estate Appraising, commercial and/or residential!
[addsig]
My background includes being a music ed major (piano), ending up with a journalism degree. Got into the advertising/marketing/PR field for a few years. Have been an admin. assistant, a customer service rep, a private piano teacher, and a tutor.
I received my master's degree in counseling and am completing my internship while teaching ESL (English as a Second Language) at a special ed school.
REI is the only field I know of that creates wealth without a lot of risk and is so much fun at the same time. By fall, I'll just be teaching weekdays until 3 p.m., then spending late afternoons, evenings, weekends and summers on finding real estate deals. I hope to do REI full time within five years or less, but even part time has been a blast for me!
- Bonni
Just wanted to put in my two cents.
I work as a fine chemical distributor most of the week. I also manage the real estate investment software site for our IP Ware program. I am also working on developing a few new web sites; trying to find my next :subject to," and trying to finish up an MBA.
Last week my parents asked me when I sleep. I couldn't give them a good answer.
Residential Appraisal Comp. Full Time/owner
Realtor/mainly for investors/friends
Mortgage Banker/exempt
REI Full most of the time!
Since I am always in the mix I am always hunting. Looking to get more partner/apprentice investors though. (I am starting on my first mentor trial thingy and really like it so far.) My credit can't keep up with all the hits and high balances. How do the rest of you keep your credit scores in check?
Based on our responses, one might wonder... how do we have time to sleep!?! As for myself... I am a Sales Manager for a large Auto Dealer, a Husband, and father to 4 young children. I finally purchased my first investment property (Mobile Home Park) at the age of 31 six months ago. Now, I feel the addiction.... I WANT MORE! Good luck to all!
Let's see...
My next 40 years I'm doin' what I want, when I want -from today on.
Semi Pro Bass fisherman -last couple of years
MyLastName Properties, LLC 02 to Present
Network Engineer, 95 to Present
Owner of a computers & consulting business 94-95
Molecular Analyst 93-94
Family Businesses 82 to present
College, 87-97 Spanish Lit, Pre Med, Computers.
I am a Registered Nurse, working in Dialysis part time (weekends) weekdays I say home with 3 year old (full time job there!). My husband is an Ironworker, we are trying to get into the REI business so he can go part time in Ironworking business (just enough for benefits) becasue he has developed some health problems related to welding.
Kim
I am a CPA for a healthcare company. I hate it and want to move into REI full time as fast and as soon as possible. I love it - I get a charge when I wake up and know that I can spend a few hours doing REI and that's how I know it's right for me. I just need the passive income to be enough to cover my living expense (I'm getting there!) and I'll be "retired" from accounting once and for all.
I have an Electrical Engineering degree and 14 years of software development experience. 7 years ago my wife and I started an IT staffing company specializing in contract and permanent placement of IT professionals. What started as an idea in my head has developed over the years into a multi-million dollar enterprise. We use a portion of the profits from our company to fund our REI. Since REI does not have to pay our bills we have taken a rather non-traditional approach and financed all of our RE holdings with 15-year mortgages. We have timed it such that they will all be paid off at approximately the same time that the last of our three children graduate from college. In this way we are using our RE holdings to provide us with the pension that neither of us would otherwise realize; all the while investing the remaining profits from our corporation in more traditional investment vehicles.
To speak to alexlev's question; I am certainly of the opinion that you can do something in addition to REI that can be completely unrelated, while still being complementary. It's working for us!
My J-O-B, (just –over-broke) for the last 33 years has been in the automotive repair business.
Mostly in Parts, Service, body shop for auto dealers. If you’ve ever worked for a Dealer, you know
That for the most part they are people users and you are only as good as you last Customer Satisfaction Survey. Been in the business for 33 years-trying to get out of it for 34 years.
When I was younger it was fun –now it’s a dead end.
I have always been one to try to do anything-fix my cars, fix my house-rather than pay anyone to do it. About 7 yrs ago I started doing rental maintenance –paint-tile-nothing was too big for me to at least try. From that I have gotten quite a steady stream of work from referrals and use that to supplement my JOB. My goal is to start bird dogging in Houston and suburban areas until I can get some credit built up and bills paid off. I love to look at a house that needs some work and figure what it will take to spruce it up for sale. What a rush .
Other things I’ve done when trying to get out of my JOB…..
Woodworking- if I can’t make it you don’t need it
Copy draftsman-civil drafting
Rehabbing & repairing motor homes
Stained glass
Furniture making
Somewhere in between all that, I can still find time for my 16 yr old son and Scouting and camping out-and to help keep my 19 and 22 yr old sons out of trouble. He he-there really good kids and I’m real proud of them. Now that’s what it’s all about!
I've been a CPA for 2 years, MBA in Business Administration. I work in a smaller tax office. It's o.k. during the off-season, but during tax time, I have to work long hours. :-( I would like to work part-time at CPA and part-time with my husband in REI.
Travel business for 14 years now is main work 9-5, former agency owner for 6 years. On the side, song publishing company and independent record label owner for 4 years, jewelry designer and manufacturer for 2 years, most recently REI. I don't know where I find the time either
I'm a recent college graduate working full time as a nuclear engineer doing safety analysis for a large utility. I knew years ago that the 40 hour work week for someone else and okay pay were not going to cut it for me. I'm planning on owning a property by the end of the year -- definitely before my 23rd birthday in March.
Man, ain't it amazing how many of us computer geeks there are on here?
I'm a Network Engineer by day, aspiring rehabber/investor by night. Been building networks now since I graduated college in '92, ready to work for myself for a change, instead of making someone else rich. Hoping to go full time by the end of the year, no later than the Spring of next year.
I'm just starting in REI. My full time job is as a computer systems engineer.
Former cryptologic technician; retired Naval Officer. Currently employed by the Veterans Administration as a program support assistant (a clerk) - LOVE those vets! Have a B.B.A. from National University in San Diego, major in Real Estate, and an M.S. in Management Science. Play the tuba; do stained glass; mow the yard a lot; have three grandkids; attend lots of classical music concerts because my wife is a symphonic violinist. Active in my church, on the garden committee (that means I pull a lot of weeds!) and in the Brotherhood of St Andrew. Have been interested in RE since childhood when a local realtor advertised on the one TV station in my hometown. Have bought several homes to live in and am currently trying to find a deal for REI. I belong to the local RE club (a great club, at that). Wife is not onboard with the rehab thing so no money from line of equity - looking for hard money lender, as much as I dislike doing it that way, it looks like the only way I'll ever get started - not much different than lots of other folks.
Great topic!
Bob
I had a rental property in the early 90'sand sold it as soon as it's value came back to even (a reslult of buying an $85k house in the late 80's only to see it loose 30% 3 years later) I also helped sell my current wife's home and beach house. I did not have enough savvy to hang onto these 3 properties, or to understand the market. We just wanted to get out (almost like a divorce, except this was caused by a marriage!)
For over 15 years I have owned a voice mail service bureau, (aka answering service). I have also ventured into some distruterships and at least one Business Opportunity.
Although my company practically runs itself and is a viable entity, I have been looking for something else that I can do that I love and that can help me reach my financial goals for the next 10 years or so...like RE.
RE has always intrigued me, but I never had the time to devote to learning what I felt was necessary to be successful.
My present business only takes a couple of hours a day of my time. I have been attending REI mettings, meeting with with associates, taking RE classes, checking the internet (how I found TCI and reading for the last few months I am very close to feeling comfortable enough to start hunting for my first deal.
Now for my two cents worth for the Alexev:
Franchises and business opportunities more ofthen than not call for a substantial amount of money up front, take some time to be profitable (as does any business), and the sucessful ones I've seen do not have absentee owners. Their only advantage is that (theoretically), they reduce your chance of going bust; but do not if you aren't ready to pour your heart and soul into them. Been there, done that!
I like your question though! I am always looking for new opp's and sometimes just hearing about one in a different part of the country can give you your own idea.
Good Luck.
[addsig]
I own and work at night clubs in New Jersey. Stage manage, book bands, work with security, do the books, run the food part whatever. Music Industry is what I've always done but its turning into a crazy industry.
Stein Smith
I am a mortgage broker and I also own two credit repair offices.
I worked at a major Bell for (cough, couch) 14 years, did layout and design, proofreading, created mechanical art, etc. Had my eyes opened to REI then hated the 9-5 grind. Volunteered to leave during a layoff to save somebody else's job and thankfully it was accepted. I stay-at-home with my 3 and 1 yr old, they keep me very busy!!! Its taking me longer to get this REI off the ground than I anticipated. My husband is in IT and he totally supports me in REI and looks forward to the day to when we make enough money that he can quit his job and work with me. It was just me reading up on REI, attending seminars, etc but he now realizes he has to do more to really get this thing going, so he's actually started reading up on it. I soooooooooo want to make this work!!! I never, EVER want to work 9-5 again! Oh, to answer your other question, my husband does consulting type work on the side, setting up computer networks in small businesses, etc but I don't do anything on the side. REI is my thing. And I don't want anything to pull me away from that.
Ginnie
I'm an attorney and lobbyist fulltime, own 16 rental properties, and flip another 7-8 per year.
I am a Ferderal Law Enforcement Officer full time, getting ready to retire. I also dabblie in stocks and options.
Getting good deals isn't hard but getting a positive cash flow is getting harder.
I own three rental units and may try buying and flipping.
I own a web design and web hosting business. I am trying to get a way a from designing and farm work out, it is so time consuming. Web hosting is a lot like RE. I rent out space on my server and get monthly payments.
I am also more importantly a mom and homeschool my kids, that is kind of like a business, except the money flows out instead of in. LOL
Tracy Gibson
Interesting thread - let's keep it going.
Seems like most of us are workaholics or we've got that entrepeneurial spirit. In any case, we are not your average Joes just watching TV after work.
As for me, I've been cleaning toilets since 1989... lots of 'em! Seriously, I own a commercial cleaning business.
I also was a full time realtor & property manager from 1981 till 1995 when I jumped the fence and became a private investor. Now I just keep the license active to get MLS access.
In a nutshell, I got into the cleaning business as a result of the property management at the real estate office. I got into my present real estate investing as a result of my being a realtor and dealing with investors.
So I can honestly claim that so far "one thing has led to another".
Well here goes
Real estate investor
Paper investor
Seminar speaker
Teach real estate investing to adults
Teach real estate investing to inner city teens (shows them an alternative)
Author
Own several web sites (2 rei sites, 2 freelance work sites & 3 retail sites)
Mystery Shopper (just for fun)
Private Investigator
The short side of a long life.
Started as a lifer in the U.S. Army Special Forces (bad injury was retired)
briefly a Dallas County Deputy in TX
injury cut short that move
became a loan officer for a broker first half of the 90's
looked into Title side mid 90's and worked at that for several ( went to school) years and then went out on my own.
My partner and I now service 4 states directly and have subs in two more.
with the increase in ABA's ( realtors, mortgage comapnies and even banks) in my part of the industry ,would realy like to put together ventures that only involve investors.
koodos to everyone for all the long hours ''''''''
Let's see......I own 51% of my marriage business.....wife owns 47% and kids each get 1%.
The pets get an honorable mention.
Sometimes they all get together and attempt a hostile take over but as of last 19 years it has been unsucessful.
Although wifey has been interested in guns and stuff..........there could be a connection but no conclusive evidence as of yet.
If for some reason you all never hear from me again.......then we will just assume that there was a hostile take over and in fact it succeeded.
NC_Yank
This is interesting, I like it. Have a whole lot of different backgrounds.
I personally run my own corporation teaching people how to eleminate debts without consolidation, loans, or bankruptcy.
We also run a gambut of other services.
I wanted to open a real estate division and figured that I would be able to tie REI in with that. Thinking about it I believe I will do this on a side bar for the time being.
[addsig]
I'm an engineer and design Nissan truck bodies. It's an easy job so I have about 5 or 6 hours a day (out of the 9 I'm at work)to "mind my own business". In the evenings and weekends is when I go out looking for deals and tending the one rental I have now.
My REI started after I had been an engineer for about a year and seen that I was making great money but the more I made the more I spent. I knew there had to be something better so I went to Borders looking. Came across Rich dad and spent 9 months reading everything I came across.
I hope to get out of engineering in about 5-7 years and do REI full time...well by full time I really mean part time.
I can't believe all the experience some of you have. It's an honor to be a part of your world and thanks for sharing so much of your knowledge.
This is an AWESOME TOPIC, one gets to know others and their unique lifestyles. I am impressed with what everyone does for income and for fun. I am a Controls Integration Specialist for a small company called BP, lol. I am a bouncer (doorman) on the weekends so I can get out and meet the women and get paid for it, even though it is just few dollars. Big football fan so a little betting here and there for gas money. Getting into REI part-time right now buying mulit-family units and want to get into bigger properties in due time but have to learn the ropes first.
I wish all of you the best of luck in where your adventures take you.
Sean
Thought I might keep this one going.....work as a full time on-site real estate agent in a great community. Have 10 (yes 10) pets...love all animals. Love boxing and muay thai....have trained since college. Wanting really bad to go to REI full time, full of ambition....arent we all???
Sunztu18
I am an appraiser for the local government (read tax assessor). Yeah, thats right, I am the guy who raisers your real estate taxes. Most of you will know me as a bad guy, but that is ok I am used to it. You have to have thick skin to be a tax appraiser. The worst part of my job is seing a lot of really good deals day in and day out in my county, but not being able to purchase any (its viewed as a conflict of interest by my superiors) There are some good one's coming up at a tax auction soon......I wonder if my wife would like to buy some