How Long Did It Take You Veterans To Get Your RE Business Up-and-running?
Hi. I'm just trying to get an idea of how long it took you guys to get a profitable, up-and-running business...starting from scratch??
I've already done a lot of mailings in the past 3 months, some signs, and just recently got a website. When can I expect my first deal?
(Ok I know there are way too many variables to answer that one.)
beth, i'm no veteran, but since no one's replied yet, i will.
i'm still waiting for it to be truly profitable (in cash) and i've been at it seriously and full-time since august. it is however, very profitable in the sense that i kno so much more than i did back then, which still isn't diddly, but if you know nothing about REI, i know enough to sound like I DO. hahaha
some get deals on thier first mailing and make $50k - some i know, NEVER made a penny in thier life doing it. if you work constantly, i wouldn't think you'd had any choice but to see stuff start to come together.
good post jackman. I'm no veteran either but i know that with EDUCATION, PERSISTENCE, and EXPERIENCE our efforts will pay off handsomely and in EXCESSIVE CA$H.
Best,
Ana
To date I have posted only the items that were interesting, diverse and slightly mad. I have never posted about the ones I goofed up, lost, got scamed, or tried to do the impossible and got blotched er bloggered as they say today.
I supose I should tell you about the fifth house I purchased from that nice man way back in 1954, He sold me his house for $1,000 and took back a Note and Trust Deed for $7000. total purchase of $8,000. Well I gave him as he required in his hot litle hand the $1,000 and he handed me the key and told me to record on his behalf the Trust Deed for the $7,000 I owed him. I gave him the note and like a good little boy went down and recorded at the Hall of Records the document to be mailed to his post office Box as he would be traveling. the Trust Deed. Notorized perfect. I came back, stuck the key in the door, looked around the vacant house and went to the curb line, turned on the water, pulled the plugs out of the meter which of course turned the electric on and at the gas meter removed that plug and unloaded my cot and suitcase and I was home.
The following day I went to work, cleaning and getting ready for paint etc. I spent a happy three weeks making it beautiful and charming.
Around the end of the month. A car pulled up in front and a man got out. Walked up to the front door, put a key in it and walked in. I was painting.
He was very polite, asked me what I was doing in his house. I informed him that it was my house.
In any case within a few days the title company had complied with my request yes it was his house and I had filed a bad deed and a bad Deed of Trust. He was very nice, told me to just get the instruments off title and of course just leave. I folded my cot, and the tools went into the little trailer and there I was out a $1,000 and a place to live and three weeks work fixing up his house. I had been scamed. To make matters worth I had been careless, never checked the title. Just assumed that the man was the owner. He even waved at the neighbors, now that I look back I do not think they returned his friendly wave.
I crashed at some friends, loved that sofa had a lump in it which made the floor preferable. But what was worse. My injured pride Mr. Smart A$$ the idiot. Taken in by the dumbest scam in the world.
looking backwards Lucius
It depends upon which aspect of the business you are in.
If we define an up-and-running rental property "business" as one which runs on its own steam and momentum because of the systems you have in place, allowing you to live comfortably on the passive income the business generates while you enjoy a leisure lifestyle, then I guess it took me about 15 years of part time effort to get my business up-and-running.
The landlord business is a slow road to wealth, but it now lets me enjoy life year round, without ever having to do another deal.
I'm on DaveT's route - rental income. But I am a few years behind......
Started almost 2 years ago, every prop has positive income, own 7 with 2 more in escrow, leaving about $1700/month positive. Not ready to retire, but strive to be in DaveT's shoes within a few more years! Momentum!
My little brain, a lot of perseverance, and faith in the theory of it all......
Good luck,
Noel