All Forum Posts by: Brandon Ellis

Two years isn't as lofty as it seems if you do it right. What I did was build several different income streams so that I wasn't overly dependent on one. Residual income is the key, most people just trade money for time. You can make more in real estate than just about any day job. Read some of the many books out there on the subject just and get started.

I am currently reading Robert Irving's "Buy, Rent, Sell" and feel like I have picked up a lot from it. "Rich Dad, Poor Dad" is next on the list.

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Originally posted by "MikeOH":

kygregor,

I had about 30 rentals at the 2 1/2 year point. Of course, I was not only getting the positive cash flow but also earning the managment and maintenance fee for these properties. In addition, I wholesaled a few properties during that period when I accidentally had too many deals come together at one time (too many to rehab at once).

Mike

Sorry for the delayed response, I have been out of town, but I am interested in how you obtained financing for the 30 rentals in 2 1/2 years. That is my biggest fear right now. I am pulling in about $55,000/year and that doesn't leave me a lot of wiggle room after my mortgage pmt, at least through conventional financing. Care to share your method?

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Let me start by saying that I discovered this forum a few weeks ago and can't get enough. I feel like I have gained about 100 mentors overnight, and all I wanted was one.

My question is for seasoned investors who, at some point, quit your day jobs and jumped in with both feet. I know the experience will vary widely from case to case, but I would like to know how long it took each of you to feel you could count on your RE investments to support you and your family.

Honestly, I would love to quit my day job in 2 years. I know this is a lofty goal, but I am ready for a change, now! I have a lot to learn, but I am extremely determined and and eager to know all I can about the industry. Is my dream completely unrealistic?

Thanks. Brandon

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All Forum Posts by: Brandon Ellis

Brandon Ellis has started 5 posts and replied 33 times.

Post: Don't quit your day job?

Post: Don't quit your day job?

Post: Don't quit your day job?