Posted by Zee on March 24, 2004 at 02:49:05:
His Business degree from Penn undoubtedly helps him a fair it, also.
Income potential for a successful investor - Posted by Jerry
Posted by Jerry on March 21, 2004 at 13:39:20:
I just started investing last year and found several good deals. I probably made about 75,000.00. If I stay in the business for 5 years and do everything right, what is my income potential? Does anyone out there make $500,000 or more per year? Is a million out of the question? How hard, how much work would it take to make a million a year? I would like to hear from a few investors that have been able to do well.
Jerry
Re: Income potential for a successful investor - Posted by jasonrei
Posted by jasonrei on March 22, 2004 at 08:18:08:
I KNOW $200k in rehabs is possible for me. The goal is $500k but who knows?
I know a rehabber that made over $700k a couple of years ago. Guy was a one-man show, no partners.
I mostly deal in homes that retail for under $90k. To make $30k on a deal is a real rarity. $10k actual profit is more the norm. To clear $500k would be 50 houses. I work with a partner and we split profits, so it would take 100 houses averaging $10k each for us to make $500k each.
I know it can be done. This year I think we’ll pass 70. Last year we had a $60k deal. Only takes a couple of those to bring your averages way up.
Anyway, I can see hitting $500k easily. I honestly believe $1,000,000 in a year is possible. I’d love to make that kind of money, but I’d have to devote more than I’m willing to. I’d probably have to work 90 hours a week and be an a$$ to boot.
Re: Income potential for a successful investor - Posted by Doug(FL)
Posted by Doug(FL) on March 21, 2004 at 17:12:00:
I will pass the million mark this year. Have been an investor for about 7 years. Others say it can’t be done, but don’t give up, you can make a million too!
Doug
Re: Income potential for a successful investor - Posted by GL(ON)
Posted by GL(ON) on March 21, 2004 at 15:10:46:
Donald Trump started with one hotel and ten years later was $90,000,000 in the hole LOL.
Re: Income potential for a successful investor - Posted by David Trammell
Posted by David Trammell on March 21, 2004 at 14:54:11:
If you do everything right Jerry, for 5 years straight without messing up at least one or two deals, then I’ll buy you a steak dinner every Saturday night for a year. I’ve been doing this for six years and everytime you make a mistake it’s just another learning experience for the books. My weekly paycheck averages around $3,500 after taxes now which averages out to about $170,000 a year. It’s not the $500,000 or a million a year that you vision, but it still isn’t too shabby. My total worth is around 5 million, but since my company is incorporated, I receive a weekly paycheck from the corporation.
Banks were afraid to foreclose - Posted by John Behle
Posted by John Behle on March 24, 2004 at 09:52:33:
Actually, I think it was way, way beyond 90 million. I don’t remember actual figures, but listened to his bankers explain that they had no choice buy to loan him more money and work with him to bail him out. He owed them so much, that the loans going bad would have taken the banks under. Contrary to his advice in his book, he was pesonally obligated on most of it.
So, he avoided bankruptcy because he just owed way too much money. Easy terms, more money from the same series of banks and a change in the economy and he was back on top.
I’ve always loved the comments of one of the bankers regarding Trump. “First a Peacock - then a feather duster”.
Re: Income potential for a successful investor - Posted by John
Posted by John on March 21, 2004 at 19:03:38:
Donald Trump started with one hotel financed by daddy’s money.
Re: Income potential for a successful investor - Posted by David in Denver
Posted by David in Denver on March 21, 2004 at 20:35:12:
David,
Are you working full time? I would love to do this full time, but cannot yet. At part-time, putting all my blood, sweat, and tears in, what is the best you think I can do, knowing all phases of investing?
Thanks!
It wasn’t the money that made him - Posted by JT-IN
Posted by JT-IN on March 21, 2004 at 21:13:38:
RICH…
It was the fact that he learned how to succeed, after failing with the free stuff from Daddy-in-law. It is not about how many times you fail, but whether you accept failure as your destiny, that counts.
Obviously Trump refused to accept the mess that he created and found a different path for success/riches.
JT-IN
Re: Income potential for a successful investor - Posted by Bandman
Posted by Bandman on March 21, 2004 at 20:43:51:
If I remember correctly it was his WIFE’s Daddy’s money
Re: Income potential for a successful investor - Posted by GL(ON)
Posted by GL(ON) on March 21, 2004 at 19:50:37:
And ten years later was $90,000,000 in the hole Ha Ha Ha.
Re: It wasn’t the money that made him - Posted by Bob
Posted by Bob on March 22, 2004 at 02:03:41:
If you’re going to be a big-time developer, it doesn’t hurt to have a father that was a developer, $200k in cash (in the early 70s, mind you) from the family business so you don’t need a “real” job after college, and do your buying in a big-time buyer’s market (mid-late 70s New York). Putting those rather big advantages aside, Donald did have the guts to move one step beyond, for which he deserves due credit.