Posted by Doug on December 17, 1998 at 05:00:54:
Baisically the point I was making is Credit is just 1 tool in your tool box…Your tool box is full of many tools…finances…experience…gift of gab…capital…credit…negotiating skills…etc. see my point you still have a bunch of other tools left so get off you bottom and get back out there… I have purchased many houses with no credit check and no money down…
Douglas Timko
Quit your job!!! - Posted by Nate
Posted by Nate on December 16, 1998 at 21:35:09:
Just wondering how many of you out there have quit your jobs and taken the full time “plunge”. If so, how long did it take before you had some money rollin’ in?
I am on the verge of quitting my carreer job to invest in RE full time so I can work on my music career…
Has anyone done this successfuly? Tell me your story!
Re: Quit your job!!! - Posted by Clark ( ohio)
Posted by Clark ( ohio) on December 19, 1998 at 08:29:37:
I did it , with Gods help! It was a big jump with hard times but if I may preach alittle -God did get us through it.I dont know if you are married or not but if you are be sure your wife is on your side. Lower your standard of living until you are up and running. Prepare $ as much as you can.I started with absolutely nothing.It took me a year of hussel toget on my feet . I amfinishing my 2nd year with inprovement each month.
God Bless
Clark Ohio
Re: Quit your job!!! - Posted by Rob FL
Posted by Rob FL on December 17, 1998 at 20:02:47:
I think more important than making twice your monthly job income is making in RE twice your monthly expenses. One thing I constantly try to do is drive down my basic expenses (rent, utitlities, insurance, car pmt etc.) It is amazing how being out of debt will make your financial statement look. With alot of hard work and budgeting, I have managed to allow my wife to quit working and for us to live off of (necessary expenses stated above) half of my paycheck. I get one paycheck to pay bills and the second paycheck I save part, donate part, and have fun with the rest (all realizing that if need be me and wife could live off of 1/2 the pay I currently make)
Happy Holidays.
It all comes down to… - Posted by Soapymac
Posted by Soapymac on December 17, 1998 at 24:17:48:
having a good business plan so you can measure when the time is right to do so.
I have two suggestions for you:
Build into your plan the fact that you will not quit your job until you have at least TWICE the amount of money coming in from your day job. There are some “surprise” expenses you never thought about…and having this little extra cushion will definitely help.
Treat yourself to a Christmas present. Go buy “Rich Dad, Poor Dad” by Robert Kiyosaki. He hints at how to arrive at the same point. I’m trusting that his new book, “The Cash Flow Quadrant” will be more specific about this.
Cordially,
Soapymac
Re: Quit your job!!! - Posted by johnman
Posted by johnman on December 16, 1998 at 23:46:38:
Nate,
I haven’t quit my job yet but I’m working on it. I have a cousin in Atlanta that has quit his job. His wife too! It took him about 1 1/2 years before he quit. He took his time and really saved most of the monies he earned from his real estate deals. I believe it all depends on your progress. Your DRIVE to succeed will help you achieve what you want.
I use my cousin as an example. If he can do it, anyone can.
I hope this will encourage you to really work hard and to let you know it can be done.
Good luck,
Johnman
Re: Quit your job!!! - Posted by Dougt
Posted by Dougt on December 17, 1998 at 01:03:52:
I have to agree with everyone… You should wait until you have at least 2 times your current salary is like Soapy said… You must understand that you must maintain your normal household and living expenses as well as any new suprise expense and if you are a landlord you will know exactly what I am saying… Also and most importantly you must make even more, So you have investment capital to build your income up… Dont be in such a hurry to quit your job unless you are sure you are setup so that if you didnt make any new money for at least a year you can still pay all your bills…Otherwise you will go under and so will your credit… Then you will be in a real unique position…Not that you wont be able to do any real estate at that point as I have bought many, many properties no money down and no credit check… But it is not as easy to find those types of deals than it is if you have good credit… The no money down deals are found much more easier with good credit…
Douglas Timko
notes4sale@yahoo.com
Re: Quit your job!!! - Posted by johnman
Posted by johnman on December 17, 1998 at 01:25:22:
Doug,
I think my cousin did just that. I didn’t ask for the details. I do understand what it will take to quit my job. PLANNING and just like what Soapy said. It does make it clearer when you guys put it that way.
Thanks,
Johnman
No Money Down Deals Much Easier With Good Credit - Posted by Marvin Seawood
Posted by Marvin Seawood on December 17, 1998 at 01:19:43:
Doug,
This thread interests me because I quit my job last
year. Currently, I have a job - credit ruined.
Can’t figure out the end of your post; could you
elaborate?
Thanks, Marvin
Re: Quit your job!!! - Posted by Doug
Posted by Doug on December 17, 1998 at 04:44:25:
No problem … When time is right you will know it, be patient and it will come…
Good Luck
Douglas Timko
notes4sale@yahoo.com