I think you all are reading way too much into my inquiry. I never said I was going to base any decision on responses, or what I was going to count and discount. It was merely a curiosity question. I wasn’t trying to see who was being “truthful” and who wasn’t. That’s not even any of my business. I was simply curious. If you want to answer it, answer it. If you don’t, move on.
And if you chose to answer what you think is a bad question, than you’re wasting your own time.
Part-time in REI since 1992. Full-time since 2000.
Without pulling out my files I can’t quite say how many I’ve bought and sold. I bought and re-sold (flipped) about 25 properties last year and 7 (that I can recall) so far this year. I have about 10 that I am holding right now.
Posted by Rick in Erie on April 21, 2003 at 08:03:17:
Ok, first I’m curious why you would ask, but just to reply, I have been in for 1 1/2 years, and have bought 2 and still hold them both. One cash making 2-unit I lived in for the first year, and now a sfh that I moved into and am rehabbing over the next year until I move out and either rent, sell, or l/o it.-------Rick
Re: Tally: Stats on investing? - Posted by michaela-ATL
Posted by michaela-ATL on April 21, 2003 at 14:26:29:
Steve,
I agree with Kristine. Those numbers won’t mean anything. Someone could have done 10 wholesle deals in the past 2 months and made 2k on each. How much experience do they really have?
I do major rehab and look for 80-100k in profit, so, of course I don’t do that many projects.I’m happy doing 1 a year, since i’m not interested in stressing myself out. So I’ve done 25-30 deals in the past 8 years, that I’m full-time, but my experience is limited to my field. I couldn’t tell you a whole lot about wholesaling or rental laws or tax-auctions etc.
I think if you read a lot here, then you’ll recognize who knows what. Anybody, that’s a ‘scam’ is being found out and called upon really quick by the people, that do know their stuff.
Re: Tally: Stats on investing? - Posted by Kristine-CA
Posted by Kristine-CA on April 21, 2003 at 13:01:27:
Steve: What will this data tell you about the quality of advice being given here? Buy and hold investors don’t buy and sell as many properties as wholesalers do. So, are you going to ignore or disregard the advice given by those investors with only ten deals as compared to 30. Someone who has wholesaled 30 houses knows precious little about profits from rehabbing as compared to those who have done 3 rehabs.
I don’t think the question is a waste of time. But how is the data going to help you?
Well, I suspect that your approach to trying to answer that question is not going to be very productive. Only a few people answer any one question.
If you read a lot of posts you will get to see who has actual experience. Many people who post say up front that they are not very experienced, so for those people there is no mystery.
I think you will just have to live with the ambiguity of not always knowing how knowledgeable are the responders. Sorry, but that is the way it is.
You say: “And no question is a waste of time.” I disagree. Many questions are illframed, leaving out information which could make them well-answered and useful to the inquirer. Many people ask questions which do not indicate what the real purpose is, as you did. Frequently those questions provide answers that do not help the questioner.
Also, some questions may provide some results, but not nearly as good of results if the question had been better asked.