mamasanta25 0 Report post Posted March 19, 2003 I am curious to know how many of you desire to be a full time investor. Or, maybe I could also ask how many of you are already full time investors? How many years did it take you to make a decent living? And finally, do you use a few different investing strategies, as opposed to one? Samantha Share this post Link to post Share on other sites
Summer 0 Report post Posted March 19, 2003 Hi Samantha!I would like to be a full-time investor.Based on the plan I have outlined it should take me approx. 12-18 months to do that.I will continue working my part-time job until my RE investing makes it possible for me to diminish it to the point where I won't need it anymore. Thanks for asking.Summer Share this post Link to post Share on other sites
gone2vegas 0 Report post Posted March 22, 2003 Hello again Samantha, I see your question a lot from newbies. Don't get me wrong, I'm pretty much a newbie myself so I understand where you're coming from. Here's the thing. You'll probably get different answers from everyone. Some became successful quickly while some took longer. Part of it depends on how hard you/they work(ed) the business. I've talked to several people at REI Club meetings and that's what I've found. One guy I talked to did 2 deals in his first 3 months. Each one worth about $25,000. He does foreclosures. Then there are these 2 brothers who do the business together and they didn't get their first deal for 6 months. They are also doing foreclosures and in the same area as the first guy. A third guy did 8 deals in 2 years. He only advertises in the PennySaver. 8 deals at $25,000 each isn't bad part time income for 2 years. And finally, do you use a few different investing strategies, as opposed to one? I believe Michael has addressed this topic before. In the beginning it is probably good to focus on 1 maybe 2 methods and get REALLY good at those. Then, once you have done some deals you can expand your knowledge. I am curious to know how many of you desire to be a full time investor.I definitely want to be a full time real estate investor. Just remember, don't tell homeowners that that's what you are! Peter Share this post Link to post Share on other sites
mamasanta25 0 Report post Posted March 23, 2003 Thanks for your response Peter. Share this post Link to post Share on other sites
option8 0 Report post Posted March 23, 2003 I also am a full time investor. I started this business with no job and desire to keep my freedom over security.option8 Share this post Link to post Share on other sites
gone2vegas 0 Report post Posted March 23, 2003 Option8, Maybe you could tell us your story in a little more detail. It's good to hear success stories so we can stay motivated. Samantha, You're welcome. I forgot to mention that those examples were all people who are pursuing foreclosures by door knocking. They're doing something different from L/O's but it's still a numbers game. Peter Share this post Link to post Share on other sites
JerseyJeff 0 Report post Posted March 24, 2003 I agree with everyone here. The time it takes for you to go "full-time" depends on alot of things (your efforts, real estate in your area, and luck). I think all of our goals would be to go full-time at some point. I doubt all of us are busting our butts for one deal a year. I think the strategy to go for is to do your deals now and save the option money you receive (after all of our debts are paid off). After a while, if a good deal comes along, you can use your saved money to purchase the home outright, the standard route. Now, when you to a L/p, you are receiving the monthly payments for your own home, not someone else's. So, you set up a L/p for your own home, get the option money, collect rent for 12 months, and either sell the house, or do it all over again. Worst case scenario, someone just gave you $3,4,5000, to pay your mortgage for the year. If they decide to buy the house, that's good too. The more money you build, the more houses you can purchase outright, etc. I understand this is not going to occur overnight, but I think it's a good strategy for long term profit/security so we don't have to depend on finding "motivated sellers." Like I said, this will take some time before it comes to fruition, but it's something to shoot for. Now all we have to do is get our first deal completed. JerseyJeff Share this post Link to post Share on other sites
mark 0 Report post Posted April 3, 2003 I have a few properties and im looking to get away from living off the cash flow. My plan is to sub-lease, use the option $ and put away the cash flow,mabeye a good idea, mabeye not. Share this post Link to post Share on other sites
Troy_Ross 0 Report post Posted April 3, 2003 Hello All! My wife and I both work a full time job in the evening. Since July of last year we have been educating ourselves so we could invest in real estate. In December of last year we realized that we had Analysis Paralysis and not one deal done. We looked like a couple of statutes in a park - frozen. Things changed gears in January. We became directly involved in a creative investors association. We got two houses under contract as wholesale deals (about to sell both off soon - via assignment). We are about to get a third house under contract for purchase and rehab it for resale. Recently, thanks to Mr. Carbonare, we decided to expand our company to include lease purchasing. My wife will handle this side of the business (her 1-900 phone voice should hook at least a few male sellers by making them motivated). Anyway, (she is gonna kill me for that one - I know it) we both hope to leave our full-time jobs this year. I know that sounds unrealistic and it may be. However, if she can handle the lease purchases and get as little as one per month, we can meet and possibly exceed our current total monthly income. In addition, if the rehab side of our business churns out lump sums of cash every 5 months or so at resales, then I KNOW we will be fine. The key will be to WAIT it out and see how things go. We are keeping the security of our full time jobs at least until we have a total of our combined yearly salary sitting in the bank. By having two sides to our business, I think we can meet that goal in about nine months (hopefully). - Troy Share this post Link to post Share on other sites
mamasanta25 0 Report post Posted April 3, 2003 Troy,Sounds like you and your wife have got things under control. You can do anything you set your mind to, so I believe you when you say you will leave your jobs sooner than later. Good luck! Samantha Share this post Link to post Share on other sites
Troy_Ross 0 Report post Posted April 4, 2003 Thanks Samantha! I hope (and pray) we will be successful. I have the BIG MC to thank for the second half of our business! We'll keep ya posted! -Troy Share this post Link to post Share on other sites
