Posted by jim on August 14, 2003 at 09:42:01:
Ken–
Thanks a bunch. I think you are right. I’m using a portion of the $$$ to payoff misc. bills to reduce the financial pressure and I’m also on a diet to reduce my need to eat (LOL).
I’ve spent about a year learning the process and actually lost $$$$ on the first 2 deals I went after. I’m finding that learing continues on a daily basis and probably will forever.
Really appreciate your advice–keep up the good work.
Jim
How’d you decide fultime REI? - Posted by j
Posted by j on August 14, 2003 at 08:29:17:
I’m a small investor but recently did a couple deals that profited $133% of my annual (regular job) salary in a months time. I’ve tried to decide when to go fulltime. Honestly, I really don’t know what is holding me up. Was thinking maybe after I have a couple more deals under my belt with plenty of “emergency cash” on hand that should be the go-ahead.
Any thoughts on taking the plunge?
J
Re: How’d you decide fultime REI? - Posted by Tom PA
Posted by Tom PA on August 19, 2003 at 07:53:32:
If you have a type of job that would lend itself to consulting then that is a possible route to help through the transition.
I have been consulting for over a year, work about 1/3 of the time consulting, less than 1/4 finding new consulting gigs and the rest of the time I do whatever I choose which includes REI. As a matter of fact, the little consulting that I do pays much more than my previous jobs which means that now I am having a hard time giving up consulting.
Oh well, life is full of decisions and it always helps to have several options.
Re: How’d you decide fultime REI? - Posted by jasonrei
Posted by jasonrei on August 14, 2003 at 20:53:52:
I had about $5k saved up. I’m single and figured I could make enough money to get by if I just worked weekends and maybe an early morning here and there. I bought a couple of houses and started working on them. Sold them and made a profit before I had used up my $5k. Went on from there.
Mowing yards pays okay. There’s always a restaurant that will take a waiter for just weekends. Lots of newspaper distributors would love to have someone come in and cover a route here and there when one of the carriers needs a day or two off. There a lot of little things you can do to scrape by and still do real estate full time. If you’ve decided to get married, have kids, or get yourself in heavy debt, I realize it’s a bit tougher.
Re: How’d you decide fultime REI? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 14, 2003 at 10:01:56:
Jim------------------
I think your thinking is sound. I’d agree that it probably is a good idea to get a couple of more profitable deals done. The reason: to have some assurance that you can support yourself with your real estate activities. If you run into several more unprofitable deals, you may decide to hold off quitting your day job until you can reformulate your investment approach to consistently pay you. If you have a couple of very good deals and no problems, you will probably want to cogitate on what makes for success in your approach and think about what could go wrong. Then arrange things to minimize problems.
Contratulations on making good money with real estate.
Good Investing***********Ron Starr****************
I agree with Ken… - Posted by IB (NJ)
Posted by IB (NJ) on August 14, 2003 at 09:58:29:
If you relied on luck to make the money, then you need to keep your job and strengthen your knowledge base.
However, if you know EXACTLY what you’re doing and EXACTLY how you did it (meaning, you could duplicate the same success if you wanted to), then by all means let the job go as it is costing you money to keep it.
In this economy, there is no such thing as security in a regular paycheck as there’s no such thing as a regular paycheck (IMHO).
Re: How’d you decide fultime REI? - Posted by ken in sc
Posted by ken in sc on August 14, 2003 at 09:23:57:
I would be careful in going full time that quickly. Of course, I dont know you, but things do change when you HAVE to do deals to eat and pay bills. I know sometimes I look closer at a tight deal when I haven’t bought anything in awhile, because I need to make something this month. But then the tight ones are the ones that might get you in trouble.
The freedom you enjoy now knowing your regular job pays the bills is great to have while your skills increase. It could be that there was some luck involved in your recent successful deals. Dont get me wrong, I like luck and take that money when it comes my way. But if you had some bad luck and did not have your regular job, you could have some worrysome times. I would not think about how much money you have in the bank, but rather decide to go full time when you feel you have the knowledge and experience you need.
Ken
PS - I personally have spent years phasing out my job and phasing in full time investing - but that is another story.
Thanks to everyone and John Locke - Posted by jim
Posted by jim on August 14, 2003 at 10:44:59:
what I’ve learned about how to get deals completed over the last year. My strategies have changed so many times until I found a very solid one that works. The best learning experience on these first 2 successful deals was the type of property. 1 was a rehab project with severe animal uring stains and the other was a 4bed/3bath 5y/o house that only needed interior paint. BIG DIFERENCE.
Not to get off base but I really want to thank everyone that supports all of us newbies on the board. Before I stumbled across CREOnline, I failed at identifying great props to purchase so I went the buy and hold route with some duplexes.
I was happy with those purchases but very unhappy at my failed atempts to break into the CREI world until I found this board. It has been truely amazing.
Actually a special thanks to John Locke. He took so many of my phone calls at all hours when I was in up/down phases of deals not workingsand he continued to keep my spirits high. I got to a point that I told John he was not going to hear from me again until I was going to the bank. 4 months had gone by and it finally happened.
Another great thing was my wife. Her philosophy is sounds good but show me the $$$$. She never hassled me about my failed attempts (or at least not much)but when we got the profit checks and they were more than she also makes in a year- - - - -what a wake up call.
Anyway—Thanks again to everyone on the board.
2 more deals to go and the job goes!!!