My Dilemma ... any ideas for me? - Posted by Ed Eaton

Real Estate Investing
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Posted by houserookie on February 27, 2002 at 02:51:09:

WEb businesses can generate multiple streams of income. Once automated, however, you can do as you wish.

Perhaps your online biz hasn’t reached the level of success that you anticipated?

Depending on your level of interest and ambition with web ventures, you can do quite well using just the web alone.

I have brokers many mortgages, bought many mortgages, real estate, and controlled a number of properties.

IMHO, nothing beats owning a profitable internet business. In my sparetime now, I buy real estate with cash…sometimes notes and mortgages.

Sometimes I flip. On slow days I make a few trades on my etrade account.

These are my choices, other people might prefer avenues such as multi-level marketing as a source of passive income. But overall, you have the idea.

Austin

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My Dilemma … any ideas for me? - Posted by Ed Eaton

Posted by Ed Eaton on February 26, 2002 at 14:59:17:

Here’s my situation … see what you think. I have been educating myself on CREI for about the past 2 years, with the plan of getting started as soon as I was financially free. Well the time has come … my Internet business now generates more passive income than my expenses each month so I literally don’t have to work at all. (I wanted to get started with REI awhile ago but building the business just took up all of my time). Anyway, now that I am ready to get started with the REI I have a slight problem … my wife and I just recently decided that we are moving halfway across the country in about 2 years. My plan was to acquire multi-family properties and eventually small apartment buildings … but I’m wondering if I should alter my plan knowing that I will be moving out of state in 2 years. If I acquire a bunch of properties and then move out of state, is it relatively easy to get a management company to handle all of the properties, or would being an out of state owner be more difficult and/or troublesome overall? Although I don’t need any quick cash, I was thinking that maybe I should focus on doing flips, etc. for the next 2 years just to get into the business, and then proceed with my original plan once I move. Of course, if it’s not much hassle, etc. to own rental properties here even after I move out of the state I would probably just start doing that. Does anyone have any input or suggestions for me? Thanks a lot!

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Re: My Dilemma … any ideas for me? - Posted by di(WI)

Posted by di(WI) on February 26, 2002 at 18:45:14:

Owning out of state rentals is HARD, even with a good management company and a LOT of them are not good. I would not recommend it, especially for a beginner.
DI

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Re: My Dilemma … any ideas for me? - Posted by WaynePa

Posted by WaynePa on February 26, 2002 at 15:57:17:

Ed,
I have a similar situation. I on the other hand am not financially free, yet. However I am still a newbie, no deals yet, but this Christmas my wife and I committed to moving from Pennsylvania to California in 1 year’s time. I am concentrating on doing flips until I get to Ca. I’m going to flip anything I can. If I have to I’ll set up a subject 2 or a L/O and flip that to another investor. I’m not too keen on junkers, but I recently have met a few rehabbers and in 2 hours I go to my first REI Association meeting. I suppose we have to do what we have to do, the best way we know how. I know I am rambling, however I just wanted you to know that as odd as your situation is, you are not alone.

To your success,
Wayne

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Re: My Dilemma … any ideas for me? - Posted by Steve-DC

Posted by Steve-DC on February 26, 2002 at 15:08:53:

Ed,

I’m curious, if you know how to build a business that well, why do you want to get into real estate?

Why not just keep doing more of what you just did?

Do you have a particular affinity for real estate?

Just wondering,

-Steve

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Here’s the reason… - Posted by Ed Eaton

Posted by Ed Eaton on February 26, 2002 at 17:55:03:

The reason is simple. It took me about a year of working 10-12 hours a day, 6 days a week, to get my Internet business where it is now. I do not want to do that anymore, and truthfully I am sick of sitting in front of this computer all day long. Simple as that.