Do you enjoy your career? What do you do?
Real Estate Coach · Grand Rapids, MI · Member since 2008 · 204 posts · 188 votes
I was sitting around my home this evening trying to get some more exact figures on some closings that I just had (im honestly missing $60,000 somewhere, im sure its around but...I just dont know where), and I got to thinking, I make more money investing in real estate than I do selling homes as a realtor and it seems so much eisier. I guess im now a full time investor and part time realtor. Thats not something I would have expected. I have 12 different remodel projects going on right now, and 6 people working for me, yet in my own head im still the same old same old. I didnt even start buying heavily until 2006, which was one of the worst markets in 20 years from what I have heard.
Anywayz I was wondering what other people in the forums do for a living?
How much time each week do you dedicate to investing?
Would you be a full time investor if you could?
If you would want to be a full time investor, what keeps you from taking the plunge?
interesting question. I guess most of people here are in the - broadly speaking - real estate business. Well, I am not. I work on development aid. I travel all over the world to discuss development agenda with government officials and recommend them how to change laws or build institutions. It is challenging, rewarding, and stimulating. I love it. But I now have two little children and would like to cut down on traveling, at least till they grow up. So I am hoping REI will give me some supplemental income to cut down my office hours (hence travel). Also, ultimately, I want to have my own charitable foundation to design my own development aid agenda in Africa. So for me REI is a way to buy my dream one day :D
I work in high-tech for a living and really enjoy what I do so will never become more than a part-time investor - I view it as part of an investment portfolio, not my career of choice. I probably spend a few hours per week on RE boards (mostly learning) and communicating with potential partners but very little "active" time investing where I'm actually making something happen (I only have a couple properties). Of course I'd like to grow my portfolio but I find it challenging when I can't invest locally (due to cost) and finding good deals or partners long-distance is difficult at best.
T-bone, I hear you about living in an expensive area. Where I live is also very very expensive, and it is very tempting to invest elsewhere, but so far I am sticking to my neighborhood, just because I want to stay with what I know till I get comfortable with REI. So out of Sillicon Valley, where do you invest? How is it going?
So far I've invested in SFR's in Phoenix and Portland. I wouldn't say that either of them were a great "deal" by the standards of this group of seasoned investors (I paid close to retail) but they got me started and they do cash flow. And, I was fortunate enough to buy before prices started coming down so I've built up equity through appreciation.
I've looked at opportunities in many different places over the past year but nothing that has made me want to pull the trigger. I think I've made another post or 2 stating some of the difficulties I've had with out-of-state investing if you search on my posts. It was easier when I paid retail because those houses are a dime a dozen. Now that I'm looking for a discount, it's hard for me to judge from afar if I'm getting in at 70% of ARV as the amount of rehab required plus the general neighborhood is hard for me to assess from afar plus managing any of that is really not practical.
I want to be a full time real estate investor.
I currently work in an entirely unrelated field of textiles. We produce and sell lace, for intimate apparel, all over the world. I do not get to travel all over the world, I just get to sit behind a desk. I want to get out of it entirely.
On the other hand, my husband is a web site designer. He is starting up his own business. So, we are hoping that out real estate investments will give us a little bit of a financial cushion as he starts.
Eventually I want the real estate investments to support both of us and our future family without having any other jobs or businesses.
I've been an investor for close to 30 years, not as active as I once was though. I have been strictly an opportunistic buyer for the past 12 years or so. I used to have a fair number of rentals but sold them all, seller financed when we moved to a "retirement" location about 4 hours away from where we had lived for 25 years.
I was a commission only sales rep, industrial products and backed my input down some as my RE income came up. I never "quit" my real job because it paid for my cars, health insurance and an easy way to fund retirement accounts.
I still do 3 or 4 rehabs/flips per year, might do more if I found them.
all cash
1. i hate my current job w/out question. i work in manufacturing in an office, for family. i am trying to get a job in real estate development here in cleveland but have had no luck in even getting a bad job in the right industry. i have some RE experience, a finance degree, and a lot of ambition and discipline, but no luck.
2. i would invest full time if i could. i do not have the cash to do so, as i am 26 and just starting. but scraping everything and risking it all is what i am doing and where i am headed. i have my primary, a rental that just rented for the first time, and am working on getting a 4 unit that will return 8% net. I know this is paltry but it is all i can find/afford. the rent vs. buy here is too close, there seems to be no flow on anything i look at.
3. how much time? i spend all of my free time looking for property. all of it. i do not watch tv, play sports, or anything else.
doing it the hard way.
Strive.
I recently sold off 6 websites that I built, and am part owner of a lawncare business. So for now, I cut grass. :D
Im 21, living in texas from nyc.
currently working for the USAF in the field of Emergency Management. I have a few investments in paper assets so far. just started getting into investing about 2months ago. on the way to get my RE license to become part time realtor.
i would go to fulltime investor eventually but right now what is preventing me from doing that is capital. going to see how flipping cars goes to raise capital to buy RE cash from motivated sellers. I spend 90% of my free time to all types of investments and constantly read everything about investing that i come across. My friends have started a home lighting business back in new york and i tld them as soon as they're ready to expand im hoping to have enough money to back them on it. all my friends are 21 also and we grew up with eachother. i believe are minds are in the right places and we know the right people to guide us in the right direction.
I am always fascinated by the varying backgrounds of people that are involved in real estate investing. Needless to say, we all have a drive to be something more than we are, and to be better off than we are.
I bought my current home that I live in four years ago. I bought knowing that I would eventually turn it into a rental property. It took me until last year to finally get over the being scared to purchase a rental property. in fact, I bought two. I bought a SFR and a duplex. I currently have a contract on a fourplex right now.
I live in the Dallas/Fort Worth area. I am a licensed home inspector and a licensed real estate agent. I don't do much on the listing side of the RE world. I leave that for the Ebby's and the Remax style agents. I'm not saying anything bad about them, it's just not my thing. On the real estate side, I tend to focus more on property management. I am currently with a company that manages about 350 houses around the MetroPlex. I do hom inspections for both retail home buyers (owner occupieds) and also for investors. Having my day-to-day activities always in and around real estate helps me with my own investing directions. It also ends up being a great source for contacts. Around June, I will have my broker's license. I will likely take over as the broker for my current company. However, I will also be starting my own real estate company for a number of reasons.
Once I get to the point that I have enough residual income that I can retire with, I plan on continuing doing home inspections. I love inspecting homes. Granted, in the Texas summers, those 140 degree attics can make me rethink that, but I truly enjoy what I do. There isn't many occupations where you get paid to look out for people's best interest by helping them have a much better understanding of the investment which they are about to purchase. I do a lot of inspections for conventional and hard money lenders which allows me to build quality relationships with lender that can assist me with my own investments down the road. I also sit on city council for the small town in which I live. This helps me keep up to date with where developments locally and statewide are headed in the near future. I am involved with a number of different volunteer organizations including Meals on Wheels, Carter Blood Care, Chamber of Commerce, Historical Society, Main Street Program, and the local SPCA.
To answer your next question, no, I'm not married and I don't have children. I have to occupy my time somehow. I might as well do some good with it. :)
Have a great day and happy investing.
Lee Warren
I own a barber shop. I have only bought two properties so far, but I will always be a barber. I have a Roth Ira account that I will cash out in 15 years when I am 59-I'm telling my age here-and hopefully can retire then. I Can't see myself being a full time investor because I really like what I do and my clients would kill me if I quit. There aren't alot of real barbers around here. Plus being a full time investor takes alot of money and you usually have to build up to being full time. It is kind of hard to just plunge into it.
Thanks esnuts for the question,
It's great to see such a range of occupations and interests. I'm a musician, I play a huge pipe organ at a church and direct the choir. I also work as an architect/designer custom designing high dollar residences for people. I too realized recently that my monthly income from real estate investments pays more than the 30 hours I spend working at my church. You mentioned the fact that you make more from investments than from selling real estate. My investor friends point out to me that in my hometown there are 1200 people "selling real estate". He tells me that most of them are part time hobbyists (not that there's anything wrong with that). It just seems that a lot of these people are exposed to good deals but they don't take the initiative that the people reading these posts do to get out there and make real estate work for themselves.
As I read Strive for the life's post, I thought I wrote it. He is even local to me.
I am in Manufacturing myself. I am a Quality Engineer. 26 and I have been in manufacturing for 7 and quality for 6. Everyone's problems is my job. I hate it passionately to the point I wonder if getting in a car accident on the way to work is a good thing.
I just lost out on the first property I felt comfortable with, but I'll get another. One thing I am good at is working hard and getting the job done. I have been getting tons and tons of tools and will most likely kick over to high end/quality remodeling. My dream is to be in real estate building hand crafted log cabins for a living. I'm in the rat race till then.