Re-read the part( in Hurdles and Pitfalls book, or in Building Wealth book) where Russ Whitney moved to Florda, sold all his properties in upstate NY to a management company. Took a relativley small DP and held the mortgages.
90 Days later the Management company defaulted on the loan. Russ has all ready moved to Florida, with his wife and two children. Not heavy on cash, but heavy on equity. Now, no payments are coming. Russ sued. Took two years to win the suit.
Meanwhile, in Florida, starting with a thousand dollars and passbook loans for another 4k, Russ puchaes a 7 unit building at 2542 Second St., in Ft. Myers.
Bought for 75k, fixed up with (apprx) 5k, re-appraised at 130k after improvements,- refinanced for (apprx) 106k,pulling out over 30k in equity within 4 months or so.
Go back to the book. Addresses are given, detail is given, etc. A documented case study of reality.
The Russ Whitney story is not a fairy tale and with proper training can be dupicated by anyone.
I am a Russ Whitney Real Estate Counselor and have seen thousands of our students prosper. Go to the russwhitney.com site for direct info.
4.7 mil in 18 months? Q for RW - Posted by Wendy(AK)
Posted by Wendy(AK) on March 13, 2001 at 18:49:39:
We’ve all heard the story about Russ’ success as a new real estate investor, but I have a hard time believing anyone could start from scratch and make nearly 5 million dollars in 18 months. I’ve read both your books, Russ, and don’t see how the deals you mention would total even one tenth of that. Please elaborate.
Re: 4.7 mil in 18 months? Q for RW - Posted by Todd (MO)
Posted by Todd (MO) on March 13, 2001 at 21:50:06:
Yes, I have wondered this too. Maybe Russ can fill us in on this better. In Russ’s first book (1984), “Overcoming the Hurdles and Pitfalls of Real Estate Investing” he states that when he started it took him 7 years to acquire a net worth on paper of 1 million dollars. Where does the 4.7M in 18 months come from? Or is that what he was able to accomplish in a given 18 months. Quite impressive.
Re: 4.7 mil in 18 months? Q for RW - Posted by Paul Maguire
Posted by Paul Maguire on March 15, 2001 at 02:42:27:
YOu know, although it seems like a stretch, there was times were I was buying 3 and 4 properties a month…with inflation, your net worth can move upward very fast once you get into seven figures, and your really rollin in the business.
But whatever the mis-understanding, the point is that with real estate, and leverage, you really can move to very very high numbers in net worth in an upward market.
Where I live in the San Fran Bay Area, we have seen huge movements in price and rents. All my rentals units have had huge gains in price with the upward pressure on rents.
I am not here to defend the guy, but just to say objectively it can be done. You can make 1 or 2 million or more on 1 real estate deal done right.
Re: 4.7 mil in 18 months? Q for RW - Posted by Todd (MO)
Posted by Todd (MO) on March 15, 2001 at 08:22:54:
Sure! I agree completely. When I started out I grew quickly as well. The only thing that I am curious about is the contradiction in stories.
When he first started he said it took him 7 years to make a million net worth on paper. Then along comes the story that he went from nothing to 4.7M in just 18 months.
Not trying to put the guy down at all. I happen to like Russ. Just wondering why the discrepency.
