Posted by Houserookie on January 29, 2001 at 13:20:46:
: )
$4.7 Million in 18 Months - Posted by Houserookie
Posted by Houserookie on January 28, 2001 at 12:54:36:
Russ Whitney will be coming to Minneapolis this week.
In his informercial he vows under oath that he’s made
4.5 million in 18 months.
Is this still possible? Is he lying?
What did he do to amass such $$$$$$ in so little
time.
Re: $4.7 Million in 18 Months - Posted by Rick(CA)
Posted by Rick(CA) on January 29, 2001 at 01:03:29:
It may be he was counting total value of the property he controlled. By my figuring, he would need to control $261,111 worth of properties every single month of the 18 months. Now, if that were the case, here in CA, I could conceivably do that with one, maybe two houses a month.
But, it seems to me that everyone is really going by cash flow, or net profit after selling. Otherwise, I think that quite a number of people here on the board are multi-millionaires. To me, it’s what you take home, not what’s on paper. But, that’s just me.
Am I wrong?
Re: $4.7 Million in 18 Months - Posted by Eric C
Posted by Eric C on January 28, 2001 at 23:10:55:
Hi -
No offense, but there are folks who have made far more money in much less time.
I would be less concerned with how much Mr. Whitney made in the past and more concerned with how much he has kept.
Years ago, someone told me that it was far easier to make money than to hold on to it. That made no sense to me at the time; I thought they were crazy.
It makes perfect sense now.
Yours,
Eric C
Re: $4.7 Million in 18 Months - Posted by SCook85
Posted by SCook85 on January 28, 2001 at 23:05:17:
I don’t know exactly what Russ Whitney did, so I can’t comment on his successes; however, I suspect that he may have amassed $4,7 million worth of assets in 18 months. I have heard many investors say they made $XXX in a certain period of time, and they were referring to the assets that they had acquired. They fail to mention all the liability that went along with it.
Russ Whitney will also tell you that he almost went broke when he left NY and went to Florida. I’m sorry, but if I made $4.7 million in 18 months (cash in pocket). I wouldn’t have gone broke moving to Florida.
Upstate NY where Russ was investing is also a pretty depressed area, home values are low. At $50,000 per house that is still 94 homes that Russ had to acquire and hold just to get to $4.7 million in assets. So some inflated appraisals here and there could help with achieving that $4.7 million with less deals.
If our assets are what me made, heck I’ve been a multi millionaire for the last couple of years.
Steve
I met Russ Whitney - Posted by George
Posted by George on January 28, 2001 at 17:27:41:
I used to live in Cape Coral where Russ Whitney lives. I went to his offices first in Fort Myers, and then to Coronado Parkway in Cape Coral. I was looking to some of the properties he was selling in the early 90’s.
He made most of his first millions buying homes in NY and then in Fort Myers, FL. He used section 8, specially in NY. Many of those houses where in bad areas, he was remodeling and renting many of those properties by the room (yes…slump landlord) .
I believe that today most of his money is made in seminars, that I think are TOOO expensive.
If you want to invest in a seminar, I would recommend Ron Legrand (who I just discovered, like this web site) he is less expensive, and I think MORE practical, but to start, you don’t need to wait for a seminar, actually many successful investors have NEVER gone to a seminar. Altough I am not a millionaire or successful in real estate (altough I will be there), I started with a book called Nothing Down by Robert Allen, my few deals were inspired by the chapter “the option blue print”. The book may be outdated, but still is a great basic creative real estate teaching.
Also, this web site is loaded with great information!! I have learned a lot in the 2 weeks I have been here… I wish I knew about this place a few years ago…
I guess I got out of topic…anyway, yes, I believe Russ made 4 millions in 18 months in real estate…but today, I believe he is making TONS more from books, tapes, seminars, etc. His seminars may be good, but I would look somewhere else…It is just my opinion
Can we still make so much money in less than two years? Why not…the only obstacle that we may have is ourselves…
George
That’s a lot of rooming houses! (nt) - Posted by JoeKaiser
Posted by JoeKaiser on January 28, 2001 at 14:26:17:
.
Re: $4.7 Million in 18 Months - Posted by David Alexander
Posted by David Alexander on January 28, 2001 at 14:02:54:
Also take a look at Jim Rayner’s Success story.
http://www.creonline.com/ss-125.html
HouseRookie you should go to the Convention and come out and me everyone… you find folks that have done some pretty awesome things.
At some point you might want to use even let us know who you really are… were a pretty easy to get along with bunch.
David Alexander
Re: $4.7 Million in 18 Months - Posted by JohnBoy
Posted by JohnBoy on January 28, 2001 at 13:48:37:
Read this guys story and see if something like this could get you $4.7 million in 18 months pitching seminars like Whitney.
BTW, should you decide to show up at his traveling seminar, best to leave wallet at home! 
It doesnt… - Posted by David Alexander
Posted by David Alexander on January 28, 2001 at 13:48:34:
matter. It only matters what you believe you can do… and then that you take action to do it.
You have to figure out what strategy works for you and then appy it.
Sometimes with experience that strategy will change dramatically. For me playing cashflow has helped me see different strategies.
Some examples of things:
I have a friend that his strategy is simple.
He buys one to three houses a year and rehabs them. He picks deals where he will make approximately 20k or so a deal.
He then takes the cash created that year and buys one little house all cash that he fixs up and sells with Owner financing. Something like a House he has 40k in and sells for 65k or so, keeping the paper.
He just plans on creating an extra 500-700 year in income. He does this while working a full time Job.
I myself am a little more Aggressive I use as much leverage as possible currently, mostly buying houses Subject to and then reselling the, never letting any cash being buried at less that 50% cash on cash.
I plan on stepping up soon into a some commercial stuff to increase the Zero’s behind it.
You have to do what works for you, and know that your plan will change… as your experience and knowledge grow.
If you spend your time worrying about what’s possible or the other guy, you’ll accomplish nothing.
David Alexander
Re: $4.7 Million in 18 Months - Posted by JohnBoy
Posted by JohnBoy on January 28, 2001 at 13:35:04:
Simple! Just average $12k per person that you get to sign up for the boot camps his seminar gurus pitch going from town to town nationwide! LOL
Re: $4.7 Million in 18 Months - Posted by George
Posted by George on January 29, 2001 at 10:27:37:
>
I have to agree in that one. It is more impressive to me if someboy tells me that he/she has earned $500,000 in cash in 18 months than if he/she has a networth of over 4 million dollars… Paper can hold a lot!!
Of course, somebody who has made $500,000 is going to have a nice networth…
George
Re: $4.7 Million in 18 Months - Posted by Houserookie
Posted by Houserookie on January 29, 2001 at 10:20:29:
If you were to sell above market, and carry paper,
it may be years before buyer could refinance.
Im the same way, I like cash.
I have a soft heart for sad stories so I avoid
them completely.
It doesn’t add up… - Posted by Houserookie
Posted by Houserookie on January 28, 2001 at 21:53:35:
Well I don’t think L/Os can make you that much in
18 months. Quite honestly, you would have work to death.
You would need to profit $261K per month for
18 months to get to that number. I just can’t
see how this is possible.
Re: $4.7 Million in 18 Months - Posted by Houserookie
Posted by Houserookie on January 28, 2001 at 14:26:12:
Somehow I doubt the Whitney is the cause of the
problem.
80/20 tells you that most people will eat the
crumbs whether you sell windows, RE, or Kirby
Vaccum cleaners.
Most people are not cut out to be in business.
Re: $4.7 Million in 18 Months - Posted by Houserookie
Posted by Houserookie on January 28, 2001 at 14:10:24:
I usually show up with a handful of business
cards.
I buy contracts so I tend to give them to
good potentional investors.
Not to mention, Mr. Whitney usually brings
a crew of beautiful women with him wherever he
goes. : )
Re: It does matter. - Posted by Houserookie
Posted by Houserookie on January 28, 2001 at 14:07:51:
Dave,
This is a forum to discuss real estate. What we
do here is look at how others do things so that
we can learn from them.
So it does matter because you do want to learn
from the best in the business.
That’s like saying it doesn’t matter what the
experts on this board to or not do. Just worry
about what you will do.
I find this to be a narrow view.
Re: It doesnt… - Posted by JohnBoy
Posted by JohnBoy on January 28, 2001 at 13:52:31:
He just plans on creating an extra 500-700 year in income.
Did you mean…500-700 per month in income?
Re: $4.7 Million in 18 Months - Posted by Houserookie
Posted by Houserookie on January 28, 2001 at 14:03:08:
This was before he started is bootcamps.
Re: $4.7 Million in 18 Months - Posted by Houserookie
Posted by Houserookie on January 29, 2001 at 10:37:42:
If you do the math on 50K paper money, 5-6 deals per month for 18 months, @ 12%, you’ll get about 500K
per month in cashflow.