Posted by JT-IN on August 19, 2005 at 21:52:26:
The way that Lette chimed in… (called piling on in football).
Lette: “I couldn’t have said it better myself, Gator!!!”
This is better than watching a Soap Opera… LOL
Alright RE investors how much $$ do you make? - Posted by Chris
Posted by Chris on August 18, 2005 at 09:18:52:
Sorry to have a subject heading so rude and foreword but it is my question. I have been a FT investor for about 4 years now. I do quite well, I have found my niche. I rehab multi- families and sell to investors. I make about 13K on each one after all expenses and do about 15 per year, I have a contractor do all the work, good friend of mine, gives me an ok deal, does good work. I work about 30 hrs per week. But once I start taking that 13K and multiplying it by more houses things get harry. My contractor falls behind, I have trouble finding the houses, I flood the rental market a little when I rent them when they are rehabbed when I do more than 1 per month. (I have to rent them first, the way I sell them owner financing then sell the note they have to be cash flowing) So just doing more properties is a little simplistic and just isn’t worth the headaches I do twice as much but start making half as much on each. As for making more $$ one each one, there is no more. Multi’s where I am sell for 60-70K for 3 and 4 units in great condition, which is good if you hold rentals, their cheap (which I HATE doing) but bad if you are a rehabber, not a lot of room.
It’s funny , and I’m sure the FT investors can agree, 4 yrs ago 200K per yr seemed like a dream income now though I am wondering if I’ve hit the ceiling. I just bought a piece of land and I am building my first spec house, I should conservatively make 40K on that, but then again it’s speculative who knows.
I know of course I can make more money if I work 24/7 but I keep thinking there is a better, bigger way to make the $$, and I am missing it.
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Posted by micro bikini on October 31, 2005 at 12:03:34:
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Re: Alright RE investors how much $$ do you make? - Posted by Tall Guy
Posted by Tall Guy on August 20, 2005 at 21:02:19:
I’m interested in buying some multifamily properties. Let me know what you have and where you are located. You can email me out side of this forum if you like; leg108@cox.net, or call me at 352-264-0054. Thanks.
Leonard
Re: RUDE, yes - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on August 19, 2005 at 09:25:40:
Sorry, I doubt it.
Ignorant waste of space, YES IMHO.
It’s not how much money you make… - Posted by John Sheridan
Posted by John Sheridan on August 19, 2005 at 06:56:13:
…it’s how you handle what you do make, that’t the important thing.
When I entered the workforce in the late 70’s, I was making 11K/year. No that’s not a typo, that’s eleven thousand. Today I make much more, mostly due to recent promotions and raises. But 200K is astronomical as far as I’m concerned. My average salary throughout my entire career is about 52K.
So, what’s a poor working slob to do with such a meager income? Why, become a millionaire, of course!
If you want to know how I did it, read “Millionaire Next Door”. I am a “PAW” by their definition. What they say is for real, it works, and that’s why I always recommend that book so often.
So, to the original poster who makes $200K and is looking to make more, assuming that you really do make such an astronomical amount, and are not just pulling our collective legs, I respectfully say this - you’re nuts. If you really are blowing through $200K every year, and not saving anything, then I suspect that you will never become wealthy no matter how much money you make.
Forget about making more. Someone making that much ought to be able to make themselves a MULTI-millionaire in 12 to 15 years at most. Learn what a PAW is and become one. Then you’ll be all set for life.
Re: Alright RE investors how much $$ do you make? - Posted by Potash
Posted by Potash on August 18, 2005 at 13:23:29:
The first 6 years I invested full time I averaged $120,000/year, no matter what I did, I still managed to end the year in a range of ±$20,000 of $120,000. In 2004 I made $400,000. This year I will make $350,000-$400,000 (net after all expenses, before income taxes). Those number do not include appreciation from my reisidence and rentals. I do not have partners. I do not have any full time employees. I do not give advice. If you are a newbie reading this; No, you can not do this, because you are not smart enough, go back to your life of quiet despersation.
Some ideas for you - Posted by ken in sc
Posted by ken in sc on August 18, 2005 at 11:20:26:
If you are selling owner financed, then selling the note - you are probably giving up some of the juice in the deal by discounting the note. Maybe not. You might have inflated the sales price or maybe you have someone who will buy the paper for a low yield. But if you are discounting the note and losing real profit that way, you may want to consider finding a good banker or broker who can get your buyers loans, at least for some of your deals.
Idea 2: Why not do some single familes the same way? Selling with owner financing you can certainly get max price, then sell the note. I know you said you found your niche, but that niche could be the reason you are limited. Maybe another niche can be worked as well.
Idea 3 is the obvious one of finding contractor #2. Then you could do more business without the contractor falling behind. Maybe a combination of Ideas 2 and 3 would work to increase what you have going on.
Best of luck-
Ken
Re: It’s not how much money you make… - Posted by jbll23
Posted by jbll23 on August 22, 2005 at 16:04:41:
I haven’t read the book, but I know the concept. That lifestyle is not for everyone. Some of us like to live a little and have fun on the way up. Ask my mother-in-law. She was suddenly paralyzed and regrets being so frugal early on. She robbed herself of many pleasures and vacations hoping to retire early. Dang shame.
Re: It’s not how much money you make… - Posted by KPC
Posted by KPC on August 19, 2005 at 12:56:28:
good post, it is what you keep. Gotta check that book out of the library. I had a coworker ask me if I had read it and I said, no, can I borrow it from you? This cracked her up, as she thought I fit the profile. I entered the work force same time as you, never have made too much money at a “job”, but have always tried to enjoy my job. Through our (my spouse and I) interest in real estate, work habits and lifestyle, we have been able to achieve satifying success and financial independence. It’s a good life.
Re: Alright RE investors how much $$ do you make? - Posted by Pot ashes
Posted by Pot ashes on August 19, 2005 at 11:11:16:
Potash is used primarily as an agricultural fertilizer (plant nutrient) because it is a source of soluble potassium, one of the three primary plant nutrients; the others are fixed nitrogen and soluble phosphorus. Potash and phosphorus are mined products, and fixed nitrogen is produced from the atmosphere by using industrial processes. Modern agricultural practice uses these primary nutrients in large amounts plus additional nutrients, such as boron, calcium, chlorine, copper, iron, magnesium, manganese, molybdenum, sulfur, and zinc, to assure plant health and proper maturation. The three major plant nutrients have no substitutes, but low-nutrient-content, alternative sources of plant nutrients, such as animal manure and guano, bone meal, compost, glauconite, and “tankage” from slaughterhouses, can be used. Potash denotes a variety of mined and manufactured salts, all containing the element potassium in water-soluble form.
Is potash kinda like manure?
$400,000 are you bragging or Complaining? - Posted by DanRuzicka
Posted by DanRuzicka on August 18, 2005 at 22:30:04:
You seem so proud of yourself. It’s like you are really special. You must be more wonderful than most.
I am enamered. Are you Bragging or Complaining?
Dan
Re: Alright RE investors how much $$ do you make? - Posted by Chris
Posted by Chris on August 18, 2005 at 17:41:18:
thats funy…lol 
made my day. He could have said that to motivate but ihope not. I want less competition to make more money 
Re: Alright RE investors how much $$ do you make? - Posted by Tammy
Posted by Tammy on August 18, 2005 at 16:42:05:
Why are you being such an a-hole? Pota$$
Re: It’s not how much money you make… - Posted by John Sheridan
Posted by John Sheridan on August 22, 2005 at 18:23:19:
And on the other side of the coin, there are people that live into their 90’s and are still able to get around and basically take care of themselves, but they have no money because they never saved anything. So they ended up having spent the last 10 or 15 years of their lives in a lesser quality assisted living home rather than in a much more comfortable and higher quality place.
The book is not telling you to live as though you are a total pauper and save every penny. It is simply saying to live somewhat below your means, and save something for the future. With a national savings rate of 2% or less, there aren’t many people heeding that advice.
You never know what the future will bring. Sure, I could get hit by a Mack truck on my way to work tomorrow, then all my savings and investing will have been for nothing. I prefer to think positively though, assuming that my future will be there, and plan accordingly.
Re: It’s not how much money you make… - Posted by John Sheridan
Posted by John Sheridan on August 19, 2005 at 15:28:31:
Thanks, it’s good to know that at least one person understands. I also got a laugh out of your “can I borrow it from you?”. But then I was already smiling when I read “gotta check that book out of the library”.
Keep it up, you are on the right track.
And be sure to read the book, however you get a hold of it…
Re: Alright RE investors how much $$ do you make? - Posted by John
Posted by John on August 19, 2005 at 14:21:01:
There is also another form of pot sometimes referred to as “wacky tobaccy”
Re: Alright RE investors how much $$ do you make? - Posted by JT-IN
Posted by JT-IN on August 18, 2005 at 19:01:45:
That is the nicest, most direct answer Potash has ever given… and you are ripping em…
Where were you on the other 300 smart-a$$ responses…?
Personally, I like the humor… but not everyone gets it… I have to wonder, after reading a number of Potashs’ responses over the years, why Potash would be so “out-of-charachter” as to answer this question…? Now that is puzzling to me…
Re: It’s not how much money you make… - Posted by Dave T
Posted by Dave T on August 19, 2005 at 22:46:41:
I also have the book, though I bought mine off Amazon a few years ago. Wonderful read. I wish I had the PAW attitude about money and things a lot sooner in life. I would have retired much earlier than age 49.
By the way, my father was a PAW all his life, I just never knew it. He and my mother always lived well below their means, but growing up, I always thought that they lived paycheck to paycheck. Only when my father went into the hospital at age 81 for a quintuple bypass did he tell me that his net worth made him a true Millionaire Next Door. That was six years ago, and he is still accumulating wealth.
Re: Alright RE investors how much $$ do you make? - Posted by Potash
Posted by Potash on August 18, 2005 at 22:57:12:
I have responded to similar questions a couple of times in the past, but not in the past year since I had my jump in income. I would list the links to my prior posts, but I am not smart enough to efficiently use the archives here to screen for multiple words. If one thinks about it, I am one of the few people on this board that could post a credible answer to the question. Most real people are not going to want others to know their income, so they will not respond. Any regular poster that posts a large number is going to be suspect as someone that is trying to sell something. Any unknown that posts a large number is going to be called a shill or a prankster (and rightfully so). Despite my history of blunt, unadulteratted posts some do not believe me, go figure.
ps: why do people keep calling me an A@@ Hole, I know I am an A@@ Hole, enough already with the A@@ hole montage, I am worthy of something more creative.
pss: I intentionally misspelled unadulterated just to see if any Big people figure it out.
psss: on second thought my estimates for 2005 were on the low side, I will probably make about $50,000 more than what I initially posted.