Posted by Dave Mckee on October 26, 2000 at 11:48:33:
Lots of them! But I suppose the main ones are;
Never fall in love with a property. Beginers often can’t bear to sell a place after thy have worked on it. They think that next year it will sell better, or bring a better price. True, but until it is sold they have their money(and profit) tied up. Better to keep the money turning often, at least until you have built up some capitol. I work alone, so I do about three propertys per year. If you have a regular job, you may do less than that. I worked as a draftsman while I was starting in real estate. As I began making more money with FIXERS, I scaled down and finaly stoped drafting.
Also, factor in about a 20% profit on all money invested. Anything less than that will be a waste of your time and too small a return on your investment.
I have a goal to make $60,000 per year. I dont know if real estate investing alone will help me accomplish this. Is there anyone out there that has done this with limited capital?
Sorry Dave we didn’t have any capital! - Posted by Bill Taylor
Posted by Bill Taylor on November 03, 2000 at 19:37:11:
When we started I had no capital but a friend had a used truck paid off. WE took that truck and got financing on it and began what today is worth over 3 million so I don’t know about that limited captial part if you could make it.
Re: Is $60k possible with real estate investing? - Posted by Dave Mckee
Posted by Dave Mckee on October 25, 2000 at 19:18:18:
Dave,
Your goal is possible. I have done so myself. However,it takes time, knowlege, guts and good fortune.
Expect to take five years or so. If you do it in less, your ahead of schedule. If longer, you have had several years of fun anyway. There are several ways to do it, some are faster than others. Some are riskier or harder than others.