Posted by ron on September 20, 2004 at 10:48:57:
The first 12 months we did more being a realtor
type of work maybe 1-2 per month.
Into the 15-18th month maybe 4 per month
I think going into the next year I think 8-10 per month is going to come soon. Why? Because I am hiring realtors under me, and have a constant stream of deals coming to me, the network eventually explodes and the phone calls start to come in.
help with 1st year expectations - Posted by curtis
Posted by curtis on September 19, 2004 at 18:18:43:
I have been reading this site now for about 3 months. I have read every article at least twice and purchased/read a few books by Bronchick and Koyowski. The ideas on this site have changed my ideas about money and my life, and for that i am greatful.
At first, the thing that caught my attention and kept me here on creonline were all of the incredible success stories. Now I realise that success stories are just that, they are the above average cases. However I have to wonder how typical these stories are? Once I get into this bussiness should i expect to make 2-3K on most flips, with the once in my career 15K score? If i attack this thing with a decent game plan, a good attitude, and a willingness to put in some long hours, can I expect to make 30K in my first year?
I should mention I live in a town of about 65,000 people, and i have 3 semesters untill I earn a bachelors in computer science.
Thanks in advance
Curtis
Re: help with 1st year expectations - Posted by Mike (WA)
Posted by Mike (WA) on September 20, 2004 at 19:56:44:
Ok, your situation sounds identical to mine right down to the time. Been coming here for a few months and was inspired. Picked up a couple of Rich Dad books and played Cashflow and was inspired as well. Picked some other books up and learned Landlording and other RE specific info. I dove in this month after setting all my ducks in a row and have seen immediate results. Found a pre-forclosure and made good money (in paper, it’s a lease thing and I won’t see results for a bit) on it. Then today, from just word of mouth networking, I had two more potential short-term L/O deals pop up that I’m looking into. Both look to make a good Return on Investment for minimal risk.
I tried just flipping for a month (cold calling on signs and news paper listing) and had FSBOs laugh in my face at my offser, so I took a different route. I now am the proud manager of my own LLC and have seriously educated my self on tax laws to the point where next year I’ll be paying next to nothing in income tax. I’ve networked with RE agents and talked with every bank manager in town to find the best rates. Only 1 laughed at me, the rest were very helpful. Because of this, I can finance my properties at really good rates.
Moral: Don’t stop learning. Listen to Koyowski. Waiting is high risk. Holding a job for security is high risk. The person who sits on the fence will never win and will eventually lose due to taxes and time. If I end of losing now, I’ll get up and jump in again with the experience I’ve gained and win next time. It only takes 1 win to be set for life.
Do yourself a favor, call up a couple of FSBOs and get the info on the houses. It’s really scary the first couple of times, but it’s worth it. Once you can do that, use the tactics described here to check motivation and look for deals. Once you do that, your investing!
Re: help with 1st year expectations - Posted by ron
Posted by ron on September 20, 2004 at 01:25:23:
Yes if you have a great drive you for sure can do that.
$5k assignments are possible if the deals are good.
Heck I have heard of $100k assignments.
$3-5k is pretty common for me, and I do a lot.
Re: help with 1st year expectations - Posted by curtis
Posted by curtis on September 20, 2004 at 21:38:29:
thanks for the input everyone, i really appreciate it.
Re: help with 1st year expectations - Posted by kwack41
Posted by kwack41 on September 20, 2004 at 08:36:05:
Ron I’m curious. How many assignments do you typically do in a month/year. What do you deals “look” like, pretty/ugly etc.
It sounds like you have a pretty large network and are well organized. Do you have employees or partners? I’d like to know if you don’t mind sharing.