Posted by Dan-Fl on July 13, 2005 at 06:49:01:
I’m in the port richey,newport richey,holiday area. If you like rentals,thats great. Just do both. Sell off your dog rentals and keep the good ones. Do a few rehabs a year .Save up some money and say goodbye to your boss if you won’t to. I’m leaving today for a 3 week vacation up north. We can talk some more when I get back.
Did you “retire” as a rehabber/landlord? - Posted by Sean
Posted by Sean on July 12, 2005 at 12:20:25:
Hi,
I got involved in RE about 2.5 years ago here in Tampa and have several SFHs I have spruced/rehabbed and hold as rentals. I’m at a point where I could cashout some equity and perhaps start buying with cash and doing some flipping to put some money in my pockets…God knows I’ve tied up a lot of money into my properties and pos. cashflow is minimal
But what I wonder is how many of you have been able to quit your jobs and just rehab a couple of properties a year? Has it been what you thought? Is it covering your bills and giving you a better lifestyle or did you feel like you quit from perhaps a white collar job to become a FT handyperson?
I think I’d love to do this, but I have a nice job I went to school for a long time to do (cancer research) but since it only pays $40K I bet I could make this with a couple of flips per year. Of course I’d be becoming a FT handyman, basically…
I also do mortgages on the side (lic. mtg broker), so I could have another revenue stream to keep me afloat…
Thanks for your input.
Could you work part time? - Posted by SteveA (FL)
Posted by SteveA (FL) on July 13, 2005 at 12:01:22:
At your current job? That’s what I’m considering. Not sure how my employer would react, but like you, I have a good programming job and make good money. But I want to do rehabs full time and stop the commute and be closer to my family.
Good luck.
Re: Did you - Posted by phil fernandez
Posted by phil fernandez on July 12, 2005 at 21:20:46:
As a landlord.
Re: Did you - Posted by Dan-Fl
Posted by Dan-Fl on July 12, 2005 at 19:57:39:
I’m a mile north of tampa,pasco county.I was in the same boat as you and sold most of my rentals.Took the cash and bought rehabs and then sold them for income.I only need to do two a year to pay my bills,but I can’t stop at two.The thrill of the chase gives me a rush.On average I do 7 a year,but so far this year I have been averaging a deal a month.I have been at this 7 years now.I just did rentals the first few years.I got up to 23 rentals,but was not making enough money and I did not like the pain that comes along with being a landlord.So I sold them,all but 3.I now love buying with my own cash and reselling.I would never go back to a bunch of rentals.I’m no handy man.I hire out 90% of the work and do the other 10% myself.
Re: Did you - Posted by ski
Posted by ski on July 12, 2005 at 19:10:38:
I too have a cash flow problem at times. My solution is to refi to get some living expenses. I live here in sunny SWFLA, where the values have gone through the roof. I can refi a property I bought last year for 75k, do a 60% LTV, cash out and still have a bunch of equity in the property. The properties that do not generate a whole lot of monthly income becomes a “sale”. I then use those funds to acquire others.
Re: Did you - Posted by arlanj
Posted by arlanj on July 12, 2005 at 13:42:31:
Can you set up as a private contractor to do research projects?
My plan for this year is to leave the JOB as an accountant, start my own accounting firm, and do the REI, rentals, rehab, new construction, as a supplement. I will have multiple streams of income while still using my carreer as an accountant. My first accounting customer will be the company I currently work for, but on a contract basis.
Re: Could you work part time? - Posted by Sean
Posted by Sean on July 13, 2005 at 13:33:32:
I’ve thought of it…at the very least to keep my insurance…I probably could but I may need a new position within my institution to do it.
Or I’d approach my bosses and inform them that I’m quitting UNLESS they have a PT opportunity…otherwise they my do it the other way around and say “take a hike”
My boss knows my RE life and I think he’s prepared for that day…
Re: Did you - Posted by Sean
Posted by Sean on July 12, 2005 at 22:45:16:
Dan, I also live just north of Tampa in Pasco. I’m in Pasco Lutz at 54 and Collier…Which area are you in?
Man, you are doing it the right way…sub out the work and spend you time looking for deals rather than cleaning grout.
I like managing the rentals and appreciation is strong but I’m ready to make some income too…
Re: Did you - Posted by Sean
Posted by Sean on July 12, 2005 at 14:58:45:
Contract research is a possibility since I do computer programming as part of my research but it’s all academic institutions so it’s not likely. I could ramp up the mortgage broker business a bit if needed.
Yours sounds like a solid plan with fairly low risks. I have 2 friends who are CPAs and do a lot of work on the side…one is starting his own firm also…he’s very nervous as his investments are super low risk and low return…