Looking For Inspiration!
Ok, I have been reading posts for a few months now and have just finished the Robert Kiyosaki books (yes they are motivational). I am now ready to start leanring more of the nuts and bolts of REI. I was just wondering how many people have truly made a successful living at this. I know it takes time and education to begin. I am a little concerned that it is an all consuming lifestyle. Is that the case? I know you can do it on many levels and the more successful you want to be the more time it will require. But at this point it just seems like such a daunting task and my first deal seems like a hazy dream that may never come to fruition. sorry to get philosophical!
A very good question.How many people out there are making a living doing creative realestate ?
Hey,
You ask two questions in your post:
1) How many people are successful?
2) Is it an "all cosuming lifestyle"?
I am not going to suger coat the answer to you, that not me.
5%, or maybe less, are "succesful" in this or any venture. Most people LOVE the idea of money, time, power or whatever, but refuse to actually work for it. Most people will buy the books, courses, etc but will NEVER read them. That is just human nature.
There is NO reason you can't be in the 5% that make it.
But YOU have to ask YOURSELF "What is success?"; no one else can answer that for you.
If I tell you someone makes $100k a year, are they successful?
If I tell you someone makes $60k a year BUT has 6 weeks of vacation, are they successful?
If i tell you someone makes $30k, but doesn't work even one day, are they successful?
How much this business or any business "consumes you" is totally up to you.
Thanks for the response Bruce. I guess I should have clarified my question more. I know there is no exact way to define success and it means differetn things to different people. Obvioulsy people start this all pumped up and motivated but as you say only 5% probably do anything with it. It is like any other thing in life I agree. I guess my definition of success would be to not have to get up and go to a job everyday. I don't mind working at all but 30 years sitting behind a desk sounds like a death sentence to me. I am 28 and have been in corporate jobs since I was 23-24. I have tried many different companies and have learned much, but the one thing I learned the most is that it is not the life I want. I guess I was more looking for inpsiring stories from people who have made it work for them.
you need to get a more positive mind set or you will surely fail.
Dude,
You said it yourself, you have worked for many companies in the last 5 years in corporate America and learned much.You say you have learned that you don't want to sit behind a desk for 30 years!
You are pumping yourself up, and talking yourself out of it at the same time.Something has got to give. I am 3 years older than you, and I only recently came to the same conclusion about working for other folks. I conduct my life by one simple philosophy "If I don't try, I will never know." Alot of people don't believe that and never take risks because of the fear of failure and rejection.
Who cares, life goes ****Must Reach Senior Investor status before posting URL's*** thing I do know, you need to stop wondering and take your shot!
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Knowledge is power, even if you study one investor technique to purchase your personal residence at a discount you are ahead of the pack.
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Didn't realize my post came off so negative. I did not intend that at all. Reading back on it I can see why you all took it that way. I am not discouraged, just feeling overwhlemed with the amount of knowledge I need to acquire. I am up for it 100% and can accomplish anything I want when I put my mind to it. Thanks for the replies.
I have personal knowledge a great success story. I bird dog for an investor who has had 50 properties. He buys them like you buy shoes, and in many states. It is a very time consuming job. Do not expect to hit the mark every time! There are 10-30 people out there contacting that same person at the same time you are. Be creative, informative and truthful. Honesty will succeed!
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bruce was exactly right (in my humble opinion)! once you define success to yourself, you'll find it easier to accomplish. like for instance, if you want to get *here*, you have to do these steps. then knock out one step a day/week/whateva. since you read those motivational books, harness that every morning when you wake up and do 1 thing before you go to work, or take 1 thing with you to do at work, then do it.
you'll find that after u make 1 phone call to a lender/seller/etc... - you'll feel like you've taken a serious yoke off your shoulders - then all calls become easier. at this point you're ahead of the pack. next, drive by a home you want and get out and knock on the neighbors door and ask them about the people who lived there (they'll get into all the stuff about how the daughter was a slut, and they just remodeled thier kitchen from a pipe burst last summer. hahaha) - after this, you'll feel knowlegeable about the past owners and the property and more prepared to move on it. every small step feels like a giant leap. there's plenty to be done, just take it one step at a time and enjoy and learn. if you make it fun, you'll do it more.
good luck.
hey, i dont have my own succes story from REI just yet but I have talked to a few seasoned investers who do. I contacted an agent about a property and upon telling him that i was re investing he explained to me that he is an invester also, and that he owns 30+ units that pay for themselves and his lifestyle. The second succesful invester that i 've spoken too has been re investing for only for years and has built a very succesful company in canada with his rei partner.He tells me that they are embarking on thier first development project which will be a 42 unit in toronto.
I see theses as confirmation that this path will see me to my goals. hope this helps you.
Thanks Jackman, appreciate the encouraging reply.
I would love to get feedback if there is anyone out there from this site earning their living either full time or partime doing creative real estate investing?
Just curious!
I make a living doing REI. I am also a broker.
I work very long hours but always have fun.
See article
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&thold=-1&mode=flat&order=0&sid=401#1250
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I do this "full time" .... well not really... I do in between school activities with the kids... 4 wheelin...skiing.... and all that funs stuff.....no its not consummmmming
Here's something to consider..... I'm 29 Iive in an average house, I drive an average car, I've got a 11 and 7 year old by marriage and a brand new 8 month old baby boy. I do REI full-time since his birth (part-time until then) and I'm with him ever minute of everday and I'm home when the other two walk in the door from school. Is that successful, to me yes. Next year's goal is to make it so my wife can be home as well. Then for us that will be total success.
These last few posts should give you a good idea of "success" Gregg works a lot, but is doing what he loves. Dave and boyd, like me it seems, prefers to do more with family, friends, and fun than actual "work", though we all are "fulltime" meaning REI is all we do.
Someone mentioned the old saying "knowledge is power." Sorry, but that's wrong. APPLIED knowledge is power. You can read every book, course, article, talk to every agent, lawyer, appraiser, etc. until you know everything there is to know about REI, BUT you'll never make a dime in it until you make the first move to actually acquiring a property.
Several have mentioned that you must define for yourself the meaning of success, and I agree. But let's change that a little and tell you that you need to set a goal. A goal like, "I want to be earning enough in REI to quit my job in 2 years" is a goal overall goal, but you need to break it down to it's specifics. You need to know how much money you need to be earning to be able to afford to quit your job, and you need to outline a plan to actually get you to that amount.
Roger