Need Advice - Posted by joe

Real Estate Investing
1

Posted by Patrick S. Lawson on September 02, 2005 at 08:09:39:

Advice,

A good farming campaign often takes months, sometimes years to see a return on.

The National Association of Realtors saw a 30% increase in membership last year.

Home energy costs are expected to rise 16 1/2% this winter.

The “R”-word is being wispered my many analysists and investors.

Make no mistake, interest rates will rise in the next year. We are on the cusp between a Sellers market and a Buyers market.

In my local market (Ohio) investors from California, DC, New York, etc, are pouring in and destabilizing a once solid market.

Unless some legislators have thier way the Real Estate profession will always be lucrative, for some.

My advice, take the job and work Real Estate part-time. Take a long hard look at the real estate market and create a business plan. Dedicate say 10 hours a week to Real Estate. If after a year in the business real estate is paying you close to, or more than your full-time job consider real estate as your full-time employment.

My advise may sound discouraging and that is not my intent. Real Estate is a great business whether or not interest rates are 2% or 20%, it’s a sellers or a buyers market, but only the great Real Estate professionals thrive in all markets.

Feed your family.

Regards,

Pat Lawson

2

Need Advice - Posted by joe

Posted by joe on September 02, 2005 at 24:12:47:

Hello. I always enjoy reading this great board.

My goal is to be just doing REI full-time. But I am not there yet.

Until three years ago, I was working for cooperate America. But I was tired of that kind of work (software).

I started two home-based businesses and quite the job once those businesses started bring some money. My businesses were doing fine the first year, but last year they took a dive. They are basically dead this year.

I also started REI shortly after my businesses. I rehabbed two fixxers in the first year, and one last year. This year, since I have more time available due to my other business being slow, I?ve been spending lot of time on REI, yet I got no deal.

I am scheduled for real estate license in October. I?m almost ready to take the exam. Then, out of blue, an employment agent that I used 15 years ago called and said she got a job. The job pays okay (not supper great, not horrible) and the work is somewhat interesting (planing/managing/engineering). This is different kind of job from the one I used to have and that is what interests me. And of course, the need for cash is more important factor here. This job has unique mix of ingredient, which doesn?t come around often.

I know a great realtor, who is being in the business for five years or so. He is very successful. He is giving me advice on how to get listings. His way is to farm small area intensively. He is moving to different county. Probably because we are not direct competitors, he is giving me very detail on how he does things. With this, I am very optimistic about my success being agent.

I am not sure if I should take the job, which is sure way to feed the family, or be an agent which I might do quite well. Because of the price of housing, one commission check I get as an agent (1.5%) is about the same about or more than one month salary of the job opportunity I have. Getting one listing a month doesn?t sound so hard, and this might be the shorter way to my goal of full-time investor.

I have enough reserve to keep feeding my family for six more months without earning a cent.

What is your recommendation?

Thanks for reading this long post.