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Updated almost 10 years ago on . Most recent reply
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Feeling rudderless in a large ocean
I am fairly new to REI, but I am starting to see more and more value with the BP forums. There is a TON of experience on here, and I want to thank the experienced investors for being so generous in sharing their wisdom and advise.
Just a general "throw it out there and see what comes back" kind of question. I realize that everybody, and every situation, is different and unique. However, I wanted to see if I can get some general feedback on my REI trajectory.
On Jan. 1st of this year, I made a decision to retire from my family-owned business and devote my time and resources to a full time RE career. I had been doing flips part time for 2 years, and had done a total of 4 in 2013 and 4 in 2014. So far in 2015 ( as of 3/28/15), I have rehabbed and sold 2 properties, am currently rehabbing 4 properties, and am waiting to close on 2 more. I have hired a full-time Project Manager (1099 Contractor) and my laser focus is on raising Private Money funding and finding good deals. I am having a blast, and making VERY good money. I am on pace to triple my 2014 income, so all is good.
The dilemma is that I am being bombarded with advice from gurus and a coach to expand my options into wholesaling, option contracts, lease contracts, rent to own, hard money placement, etc. And the reasons are valid; to have multiple exit strategies, to have steady income, etc. I understand that relying solely on big paydays from flips is risky. However, I am happy with doing that and am confused and overwhelmed with the other "options" available as a REI. I feel these other things are a huge distraction.
From those of you who have been in my shoes when just starting out, any words of advice? The saying goes "Regret weighs tons, and discipline weighs ounces" Would you have done anything differently???
Most Popular Reply
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Joe, when I build things, I have learned to mantra to myself "One must have faith in the strength of one's constructions." I think Amy is right: there are many possible paths. If you're successful at what you're doing, it's because you know your market and you work well in it. Until you have a different goal, keep on doing what you're doing. Are you unhappy? As for gurus, if there were any real knowledge about, say, stock market investing, do we really believe someone would put it in a book? I like BP.com because it's the very definition of education: condensed experience. That's solid. You just tripled your income. Glory in it. Life is short, so enjoy your success.