Is This Everyones Full Time Job?
Is anyone doing this RE stuff full time? How long did it take for you to be able to do this full time? How much $ did you have when starting out? Would love to know if anyone with no money and no RE experience is now successful.
I'm turning 20 next month, I am a full time investor, (work part time at the home depot) AM doing anywhere fomr 1-3 deals a month, and started without a dime. Its very doable, its just a matter of educating y ourself, and getting involved with the right people.
[addsig]
Two ways to do this. 1) You have to have great credit (I think 650 or better) to get no money down deals.
or
2) You have to have cash to do all your deals and if the credit is not there.
Start with one property and work up to 5-10 over a 3-5 yr period. after abpout a year or two you could be doing this full-time and money in the bank.
There are some many different ways to do this business and I am sure you will get more better in depth information for others on here.
But the simple answer is "Yes" there are a lot of people doing this full-time. It is better than have a full-time office job.
Quote:
On 2003-12-09 16:52, Grant1026 wrote:
Two ways to do this. 1) You have to have great credit (I think 650 or better) to get no money down deals.
or
2) You have to have cash to do all your deals and if the credit is not there.
Personally I do not agree with statement AT ALL>
You CAN 'do this' and make money with NO money and BAD credit.
2 that come to mind are Bird Dogging and Sub 2 deals.
[ Edited by MrMike on Date 12/09/2003 ]
I would have to agree with you about being able to do this with no money or credit. Wholesaling I think is also an option.
You all give good advise, but could you be more specific? Education for instance, where should I go? Meeting the right people, Where are they? Do you need ant kind of license to do this, if so where do you get it?
Confussed, eager, and ready to go!
Thanks,
Z
You are in one the best places for an education (this web site)....read, read, read! If one particular aspect catches your interest (ie wholesaling, etc) start reading everything you can on that subject. Don't be afraid to spend some money on some GOOD courses (lots of people in here have bought the good, the bad, and the ugly before and will share their advice willingly)
I started 15 months ago with zero cash. I have 8 units that I hold and am starting to rehab. I still work full-time but my husband just "retired" three weeks ago. (we are in our 30's) Yes, it can be done!
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Hi:
I was eager as well, bought Ron Legrande's cash flow system, saved about two months of expenses and jumped right in full time upon graduation. I did not want to work another day for someone else AND I was convinced that I could do a deal in 30 days. Well, it actually took me four months to do my first deal and I ran out of money exactely two months before that. Moral of the story: Keep some form of income coming in until you do about three deals and have some more on the way. It keeps your head clear and makes the business more fun because you can enjoy the process without the terror that comes along with wondering how you are going to pay your bills.
This was probably ano brainer to more seasoned investors, but I was blinded by pure desire and ambition. NOw I have a part time job and will keep one until I have a large nest egg.
Good luck, hope this helps.