How Much Money Do You Want To Make??
I've been on the forums checking things out for about a month. I have a curious nature and would like to do a little survey. My question to all is........ How much do you make or How much do you want to make by doing your REI business? How many of you do this and only this for a living? I'd like to find out what some of your goals and expectations are. Wondering if they are in line with mine or if I'm expecting too little or too much of myself. Thanks All!
I want to make all the money I can .
I do this part time and run another business full time.
That being said, I made over 150k in the last 4 months doing REI and plan on selling my other company and doing this full time.
I am just getting in the REI business along with doing consultant work for note buyers. I am setting my goal to be able to quit my full time job in at least 2 years and do this full time. I would love to be able to quit in 6 months, but I have to be realistic. My wife is recovering from breast cancer surgery, so I am wading in slowly. Could use all the help anyone has out there.
Happy Holidays to all....
John
My goals, aren't just money oriented. It's more a lifestyle issue. I want to get my business to a point where I have enough passive income coming in to equal about 1-1/2 times my current income from my job. (passive meaning It's there if I am actively working this business or not) That pays the bills, and gives me some for retirement. Then the active trading can provide a means to do the other things I have on my list of things to do. (Charities, Lifestyle Changes, Travel etc.) I want to make enough to have choices that are unavailable to me right now.
I too am just starting...actually 4 weeks into reading...but I think I've found a couple good properties, 1 an REO, and one thru Tax Liens. On top of that I have found about 10 abandon properties to look into in far to good shape so I'm taking a day off next week to spend at the county assessors office.
As for how much I want to make...at least 50K part time over the next year putting in 10 - 15 hours a week. If I can do that, then I know I will make more going full time and I'll quit my other job.
Merry Christmas, Happy Hanukah, Joyful Kwanzaa...and Have a great day to all I missed!
Real estate investing is a personal thing. As Jeff said above, I believe it allows for a lifestyle change more than a change in careers. Done correctly, REI never becomes "full-time," because you can make practically unlimited amounts of money for very little actual work.
I've seen the guru wannabes bragging about their 50-100 deals per year, 60-80 work weeks, etc in REI. While that many deals per year is possible, you'd have to work that much just to stay on top of it all. I think (if they actually do this) these people have missed the true goal of REI, which is personal freedom from a J-O-B.
I personally work 10-15 hours per week in RE investing. I don't call it "fulltime" but it is all that I do. For that work schedule, I average about $125K per year in NET earnings, the majority of which is non-taxable or tax-deferred income. May not be much by some peoples' standards, but I have the freedom to do what I want when I want, and i don't have to rely on someone else's business (ie an employer) to pay my bills.
BTW, this is on an average of only buying 6 houses per year.
Roger
Quote:
On 2003-12-23 15:28, telemon wrote:
I want to make all the money I can <IMG SRC="images/forum/smilies/icon_smile.gif">.
I do this part time and run another business full time.
That being said, I made over 150k in the last 4 months doing REI and plan on selling my other company and doing this full time.
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Telemon, can I sleep on your floor?
Congrats!
I rehab houses and sell them via owner financing carrying a small second and selling the first note to my business partner (who is a note buyer).
That offers 10K a month (potentially), if I can do one deal per month, that's 120K a year, I think I can live with that.
Dee
Yeah, I'm not making any money yet but this is how much I want to make right now: $12,000.00 That's it. God that would be nice! That is all the money I owe and I'd LOVE to get rid of it! After that, I'm not sure. I'm only 22 so I'd like to make enough to just fart around the world for a few years and have some savings for when I get tired of that and want to settle down.
Peace
Quote:
On 2003-12-24 22:12, DeeLewis wrote:
I rehab houses and sell them via owner financing carrying a small second and selling the first note to my business partner (who is a note buyer).
That offers 10K a month (potentially), if I can do one deal per month, that's 120K a year, I think I can live with that. <IMG SRC="images/forum/smilies/icon_wink.gif">
Dee
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DeeLewis,
I never thought of that one!
To answer the ? $10K/month would suffice for me.
I have to jump in here guys with the benefits of a husband and wife team....The time invested is cut in half AND you get to keep all the money (or at least you know where it is). We don't want millions, we want a lifestyle for our four kids that proves to them that success is natural. He's the salesman, I'm the researcher. Yeah, we trade roles sometimes, but it always works better when we stay with what we're good at. I can't seem to get past the fact that people scare the heck out of me....I guess I'm a closet hermit...LOL. We don't make enough money to do it full-time, but enough to keep us interested and tryin' harder. Two deals this month, $3,000 on one, and $2,500 on another. I wouldn't mind being up there with the others out there making that fat $10,000 a month.
I've been a REI for approx. 1.5 yrs. I work full time , so my first goal was to bring my wife home. She thought it was a pipe dream at the time. (Mind you we have only been married for approx. 1.5 yrs when I metioned this to her).
She told me on 17 Dec 2003, she gave her boss her two week notice. She now has the choice now to come home. Reality sure changed things in her mind. She is now a bigger advocate for me making this work.
My next goal is to replace my income and make this venture cost me money to have to go to my full time job. How much I want to make? to me the sky is the limit.
Let me share one experience with you. I filed Ch 13 & My wife filed Ch 7 in 2001. shortly after that I was looking for a way to really make ends meet. I stumbled onto a program that lead me to RE. I knew nothing about RE other than I had a mortgage that I was having major problems meeting each month.
About 6 months into my research, I managed to pull a deal together that included 4 pieces of property from a seller that lived out of State. After all the agreements were signed and the dust cleared, I walked away with 4 SFR clear and free and a check for $75,000.
The rent I now collect from these properties more than replaces my wifes income. Now it's my time. I'm still working my full time job. However, it won't be long now.
If the DREAM is big enough, the facts don't count.....
Good Luck
My first goal is to create enough landlording income so that we (my wife and I) don't have to work (besides the landlording, of course). Getting out of the rat race, essencially.
Second goal is to turn the landlording income into passive income (ie, live in Mexico for 6 months straight and still make money).
3rd goal is to have enough so that we can LIVE COMFORTABLY (ie, staying in the NICE places in Mexico...) and not have to work.
In 10 years I hope to only own apartment complexes with 100+ units and commercial properties that are fully self sufficient, hands off, and passive.
mine is a simple formula
dont critisize the simple math
profits from 8 flips to buy 1 100k rental CASH
18 rentals paid for cash = 18000 monthy income for ever
1.8mm assets + appreciation = retirement fund
10 year plan
taking the conservitive aproach (no leveraging, i figure as they say in gambling terms, I'll be "long"
i'll only be 44 then
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B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/25/2003 ]
in about 3 years i aquired over $550,000 in equity part-time just for fun. life was good. then my wife died of cancer. short story-i lost it all. its been 10 years. i'm back. its fun and very profitable. you just have to aquire the eye to find the deals. how do you do that. go look at houses. you have to love it and i do. its great. ggod luck. kenmax[ Edited by kenmax on Date 12/28/2003 ]
I couldn't resist a quote:
"You can only become truly accomplished at something you love. Don't make money your goal. Instead, pursue the things you love doing, and do them so well that people can't take their eyes off you!" --Maya Angelou
First off I intend to be rich. But I'm also to cousios so I'll settle with being a little rich. I have a GOAL to retire at age 45-7 years to go NO PROBLEM.
I love Realestate the looking the buying the collecting I've found my calling.
ED
To me life is like playing Monopoly. It's all about having fun making money, and enjoying what you do. And what is your goal in monopoly? Yes , that would be my goal.
I want to make all the money in the world and watch everyone else have to struggle with barter!
I don’t know how much PFC I really need, but I do know how much money I want for retirement. I want to retire by 35 with 5 million dollars to enjoy life. I figure that should secure a hefty monthly income to travel the world, raise a family, and generally party hard. I'm currently 25 and have about ~100k in net worth, which is a little short. I decided to get into real estate to expedite my financial well being.
-Chris
[addsig]
It's is only called work if you would rather be doing something else. And there is nothing else I would rather be doing.
[addsig]
i am just geting started and i am a real estate agent. i am having a hard time finding the right connections in my area -Missouri, St. Louis suburbs-. But i want to make $50,000-$100,000 a year and do this full time when I do not sub. teach
Lifestyle is the key.
My equity went up 250k last year, and I can afford the lifestyle I want with real estate. Something not mentioned too often on this site is buy and hold. God I love rent increases. Flipping is great, but I think of it as cash for my long term investments. Any ways, if the cash sits in my account too long I spend it. I got to have toys...luckily I consider real estate toys too. This year's rent increases pay for the new 350z I just put in my garage. hmmm Needful things.