Disagree - Posted by Sailor
Posted by Sailor on November 07, 2005 at 21:24:03:
If REI is anything, it isn’t easy–
Tye
Re: When can I Quit my Job? - Posted by Mike-OH
Posted by Mike-OH on November 08, 2005 at 17:34:11:
No Mark, I’m not feeling bad or even tired of answering silly questions. You asked a simple question and I gave you an answer based on YOUR parameters and did the math for you. I’m not sure what set you off?
Mike
Re: When can I Quit my Job? - Posted by JohnG
Posted by JohnG on November 07, 2005 at 19:50:50:
No, he’s just fed up reading stupid, whiney comments from people who are not ready to get up, get off their butt, and pound the pavement and make some s**t happen.
We get the job done by doing what a lot of people don’t want to do.
Re: I don’t disagree… - Posted by Marc Donovan
Posted by Marc Donovan on November 11, 2005 at 05:32:27:
Agree about the small bank thing, but it requires a good package, presented properly. Your typical landlord with a few properties would not qualify for that.
I think I have not been very clear with my main point. The idea is to keep turning your funds with buys/sells. The more deals you have going, the more you make. The choice is between 600/month and 20K/month - not hard to decide. And that is just the beginning. In 10 - 20 years his net worth should be in the millions and higher (comfortable living indeed). The goal is to buy/sell 50+ houses per month. Im talking about a real enterprise here - with lots of employees, offices in several cities, bond issues floated on wall street. That’s the end game. Some may not want to go that far, but that’s the potential of what Im talking about.
The big money is in the equity you gain when you buy. So you need to buy more to make more. Lather-rinse-repeat. Its the only way to go. And it sure beats collecting money from people who are one paycheck away from homeless.
Plus, once you have a track record people will be throwing money at you.
Re: Disagree - Posted by Tim
Posted by Tim on November 07, 2005 at 21:36:34:
The thing I love about REI is its simplicity.
Because something is simple hardly makes it easy.
Re: When can I Quit my Job? - Posted by Jay
Posted by Jay on November 08, 2005 at 14:44:30:
No, he’s just fed up reading stupid, whiney comments from people who are not ready to get up, get off their butt, and pound the pavement and make some s**t happen.
We get the job done by doing what a lot of people don’t want to do.
“That’s a hell of a statement!”
Re: I don’t disagree… - Posted by Peter
Posted by Peter on November 11, 2005 at 11:30:06:
Hello, what sort of strategies would one use to buy and sell in a seller’s market to earn the $20k/month as you mentioned? I’m in a small town area where the selection is very limited and sellers are asking top dollar all cash. Washington and Baltimore are about an hour drive away and the market is a seller’s market there as well. Should one be looking for run down vacant houses to fix up or offer a little below market price to buy “pretty houses” on terms to then sell with owner financing to buyers? Thanks.
Plenty of ways, - Posted by Marc Donovan
Posted by Marc Donovan on November 11, 2005 at 16:40:07:
One great way is to find buildable lots and resell to contractors. Another way is to buy deals out of probate. There are always foreclosures - knock on doors and you will be first in line. Short sales are going to be huge in the next few years when all those 125% loans start to go in the tank.
I drive two+ hours per day - thats not a big deal. Its deductible too. You could always move to Baltimore then drive back home on weekends to visit with the peeps.