Posted by Glenn(OKLA) on May 24, 2000 at 09:11:23:
Posted by Glenn(OKLA) on May 24, 2000 at 09:11:23:
QUESTION: How did you know when to dive full time into real estate investing? - Posted by Kent-OR
Posted by Kent-OR on May 23, 2000 at 24:31:38:
I have a question for all of you full time real estate investors out there. How did you know when to dive full time into real estate investing?
Different people have many different opinions. Your passive income should exceed your passive income. Or your real estate income on a part time basis should exceed your JOB income. Or you should save up (6 months or 1 year) worth of living expenses, quit your job, and go for it.
I’ve only done a few deals (3) and now I find myself, while sitting at my JOB, thinking, “How many deals am I losing out on because I’m minding someone else’s business?” Any and all advice would be much appreciated.
Re: QUESTION: How did you know when to dive full time into real estate investing? - Posted by Tim C.
Posted by Tim C. on May 23, 2000 at 18:30:26:
Kent, It’s a great feeling to know that there is alot of other REI’s out there that feel the same way you do. I don’t have much advice for you. But a can totally relate to you. Listen to this. Ever since I was about 20 years old I have always been interested in REI. After many years of procrastinating, failed businesses, failed relationships, failed everything, etc., etc. Get the point?, I finally invested in my first property. What a great feeling it was to call this property mine. I’ m 35 now and " that " first property was bought a year ago. Yea, I know what you are thinking, what took you so long? I asked myself the same thing (I also kicked myself to !). Better late than never. What I’m trying to say is I can tell you have the passion. I can tell you can’t stop thinking about REI. If I could, I would quit my day job right now! A few more deals is all it will take. I can tell your on the edge. Go fo it!
Re: QUESTION: How did you know when to dive full time into real estate investing? - Posted by George(OH)
Posted by George(OH) on May 23, 2000 at 14:18:02:
I did the last option you suggested: saved enough to cover 6 months worth of expenses. I commented before that when you are making as little as I was on a job (1200/month), it should be fairly easy to replace that income in REI. Those of you with higher paying jobs naturally would have to achieve much more to equal your salary.
My mindset was basically like yours. It was tearing me up inside to sit at work and wonder, “If I worked as hard for myself as I do here, how successful can I be at REI?”.
I quit my job almost exactly a month ago. I close on my first deal Friday. I will make more on this deal than I would in two months at the job.
I am 30 years old, and if God let’s me live to see 65+ years of age, I don’t plan on saying “If I/would’ve/could’ve/should’ve…”.
I guess to each his own. When you are truly ready to make the commitment, you will know. Good luck!
Re: QUESTION: How did you know when to dive full time into real estate investing? - Posted by PBoone
Posted by PBoone on May 23, 2000 at 10:06:15:
I jumped in after doing 10 deals in 6 mos, thinking the in a similar fashion as you. Here’s another idea to consider.
You will be leaving your current employer to start your own business, right? ok, what is your plan?
Will you have a “Flipping” “Rehabbing” or Remodel / Retail" company? What are your reserves? You stated that “you are missing deals possibly”?
You work 40-50 hours per week, sleep 56 hours per week (approx) that gives you about 62 hours per week to work on REI, in that 62 hours how many deals can you do?
I tell you what… If you are in Portland, I will finance or buy every deal you find, keep in mind a deal is only a deal if you make money in the purchase.
call me if you have questions 668-0406
Re: QUESTION: How did you know when to dive full time into real estate investing? - Posted by Laure
Posted by Laure on May 23, 2000 at 07:29:33:
I am still working my job. I like the multiple income streams. But I am resenting it. I actually own that business too, but it is not nearly the profit that re is. I am waiting for my RE income to consistently reach a certain dollar amount, which is based on an annual income. Then I will put my other business in the hands of a General manager.
Geroge…thanks for that - Posted by Glenn(OKLA)
Posted by Glenn(OKLA) on May 23, 2000 at 18:20:32:
Before your post…i thought all the investors here (even the newbies like me) were employed at 50k a year jobs or better…both spouses working and a minumum of debt. I am 28…2 young children and all the bills that go with it. Currently i fix office machine and love doing this…i just cant see doing this at age 50. Add to this virtually no faith in future social security and you have my reason for REI. Plus the fact that its fun (most of the time)
Thanks for the inspiration
Re: QUESTION: How did you know when to dive full time into real estate investing? - Posted by eric
Posted by eric on May 23, 2000 at 12:47:28:
Posts like this bother me. Here’s why:
168 hours a week, total (same for everybody)
What about the other people in your life? What about getting a little exercise? What about a little recreation, a hobby perhaps, to de-stress? The idea that any time not spent on the job, or sleeping, should be spent working even more, seems silly to me. In all reality, most of us with normal family responsibilities and lives outside the office only really have about 10-20 extra hours a week for this sort of thing, and then only if we give up TV. (An easy sacrifice to make, given the quality of broadcast television, but I digress). Now, does that mean we should throw in the towel? Of course not, but we must approach extracurricular ventures with a sense of realism, lest we become discouraged and stop trying at all. Even 2 or 3 hours a week on Real Estate is better than nothing at all, especially if you do it week in, week out. One phrase from Robert Allen I loved regarding this: “Routine brings perfection within the grasp of mediocrity”. We’re all here for self improvement. Here’s to your, and all of our, continued, REALISTIC, improvement.
Re: Geroge…thanks for that - Posted by Jen- LA
Posted by Jen- LA on May 23, 2000 at 20:19:40:
I’m a 25 yo (pregnant!) stay at home mom of a 17 mo. old if it makes you feel any better- and yeah, I get lots of weird looks when we show up at closings and the sellers (mortgage company guys and banks) realize it was a very young, very pregnant woman offering them 10,000 for their 43,000 dollar house (and not budging until they gave in at 18,000). I get the BIGGEST kick out of seeing the reactions. Anyway- just wanted to tell you that you aren’t alone. good luck out there!