I want financial freedom by the time I'm 21

[longwood]

i'm definitely going to do the real estate thing. i just moved to tennesse last week and now i'm trying to get a feel of the real estate market here. I've been talking to a lady who's an appraiser, she also makes money by flipping properties. she makes money basically by bringing buyers and sellers together. She told me she would teach me a couple things.

 

[STR8UP]

Originally posted by Page
I'm interested in hearing more about this, b/c at this point, I can never have too many connections.

At this point we have family that trusts us enought to give us all of the funds they can get their hands on. I lso get contacts through my attorney, accountant, and friends. I prefer to bring as few people into the deal as possible, but I would rather have 30% of something rather than 100% of nothing.

The best place to start is friends and family, BUT you have to be very careful mixing money and personal relations. I can be very good or very bad depending upon how you play it. When you first start out everyone will be looking over your shoulder worried about their investment. By now we have enough of a track record that people trust us pretty much unconditionally. Everything gets easier with time.

I was thinking about attending a Real Estate Club meeting next month (I missed this months meeting). The door price is pretty good--- $25 and a meal is included. Plus, there will be a speaker talking about cash at closing techniques. Hopefully there I can meet some people and start building some business connections (which may help me out on deals in the future).

Never been involved myself, but it has always interested me. Best thing to do starting out is to find someone who knows what they are doing in areas that interest you and offer to work for them for free while they teach you. Do their dirty work for them (stuff they don't want to do or dont have time to do) and they will be your best friend for life.

I'm also interested in hearing about how you got started in Real estate investing.

Me?

My first property I bought was a duplex that I saved for a year to get a down payment for. After that I learned the only way I would be able to get into more properties faster was to learn zero-down techniques. Bought and remodeled two more duplexes in the following year, then ended up putting real estate on the back burner and going into business.

If I would have stayed in real estate instead of going into business, I woud be a MULTI, MUTLTI, MULTI millionaire today. AS it turns out, the properties I bought back then are now worth 2-3x what I paid for them, and now I am selling them and re-leveraging the profits into many more properties. Even though at this point I could have been 10x as far WITHOUT having gone into business, I am not sorry that I sidetracked because over the long haul my biz experience is going to make me infinitely more money. Everything I have done has led to an upward step, even if it takes awhile to realize it.

Anyways, over the last year my biz partner have purchased 12 condo conversion units, have 8 more contracts in the works (including some pre-construction), and we just bought a restaurant building and we are selling our retail biz.

It's been a busy year!

 

[cave dweller]

a broker?

longwood,

About this lady that you met.
Is she a real estate broker?

cave dweller

 

[longwood]

Re: a broker?

Originally posted by cave dweller
longwood,

About this lady that you met.
Is she a real estate broker?

cave dweller

no shes not a real estate broker

 

[SELF-MASTERY]

Strbup/ sifer:

Give me your thoughts on using hard money lenders. Their requirements aren't to high. The one that i've been researching onlys asks for a FICA of around 600-20, $6k in liquid assets, and a property with an inherit amount of equity.


THe house next door: was foreclosed, has been on the market for 3 months, needs a moderate amount of work (updated kitchen, paint, carpet, etc..), the bank is asking $60k below market value....

I've rehabbed 2 duplexes and 2 homes with my parents in the past...... I'm thinking about getting my family to invest in this property.....

 

[cave dweller]

the law..........

longwood,

A couple of things here:

1...I am 58 years old and I am telling you "Do not break the laws of God or man."

2...If playing the stock market or the real estate game was as easy as they say--- we would all be worth a zillion dollars.

3...You can not collect a 'bird dog fee' or a commision from a real estate sale ( between a seller and a buyer) without holding a current real estate license.

cave dweller

 

[pimpfromdayone]

4... You cannot find any useful advice on how to make money on this message board.

 

[cave dweller]

pimp..........

Hey pimp,

What are your questions about making money?

Why do I ask?

Because, you don't know sh1t about making and saving money........

I just bought another $10,000 bank CD, last week, pal.....(you don't even know what a fvcking bank cd looks like)

So, folks come here, asking questions about making, saving and investing money and you put them down.

Tell us about how to make and invest money or shut your fvcking 'pie hoe'..........

cave dweller

 

[cave dweller]

talk..........

longwood,

Take it from me.............

"Money talks and bull sh1t walks."

cave dweller

 

[pimpfromdayone]

Wow, way to demonstrate your maturity.
You apparently were assuming that I GAVE A FU-CK about your bank CD purchase.

ooooo, you know how to make money off of interest, you're a high fu-cking roller now aren't you.
I never put anyone down dumbass, I just said they aren't going to get information they need from this message board, and probably not even from the rest of the internet. Instead of sitting on here listening to you jabber on about your damn CD's, people discussing the no-brainer idea of fixing up apartment buildings, and other real-estate related stuff, they should be out getting experience and attempting their "plans."

Oh yeah, mr. personal, I am going to retire WAY before 58, after I make myself an EDUCATED millionaire, so get off your high horse. More personal still, what the hel-l are you, a 58 year old man, doing on this message board? Is it because you can't get your di-ck up anymore and you are are trying to compensate for it by acting as an authority figure here on sosuave? Yeah, I thought I would stoop to your level of maturity for a while.

 

[Page]

Originally posted by pimpfromdayone

Oh yeah, mr. personal, I am going to retire WAY before 58, after I make myself an EDUCATED millionaire, so get off your high horse.

Now how exactly are you planning to do that?

 

[cave dweller]

point...........

Page,

You have a good point there.

I would like to hear his answer.

Maybe we can all learn a thing or two with his reply.

cave dweller

 

[pimpfromdayone]

two words: medical degree.
I don't just want to do it for the money either, but by the time I am, oh, about 45 I think, I will be able to retire comfortably if I desire to do so, even though I probably wouldn't. I'd say 15 years of work would be plenty to make me a multi-millionaire, depending on my field. In the meantime, I'll be doing the investing, perhaps some more business on the side, etc., to make this easier to accomplish. I don't know about you, but I like the idea of guaranteed money, not something I have to lose my hair over, but that's just me. Enjoy yourself.

 

[sifer]

Phew, time's tight on me.

Ok.

Contradiction between A and B.

A I don't just want to do it for the money either,

B I like the idea of guaranteed money,

You're saying you're not doing it for the money, that is, you don't care whether you get rich off of it or no. Then you say you like the idea of guaranteed (take it from me, it's not guaranteed) money and that you'll be a multimillion before you're about 58.

Originally posted by pimpfromdayone
two words: medical degree.
I don't just want to do it for the money either, but by the time I am, oh, about 45 I think, I will be able to retire comfortably if I desire to do so, even though I probably wouldn't. I'd say 15 years of work would be plenty to make me a multi-millionaire, depending on my field. In the meantime, I'll be doing the investing, perhaps some more business on the side, etc., to make this easier to accomplish. I don't know about you, but I like the idea of guaranteed money, not something I have to lose my hair over, but that's just me. Enjoy yourself.

I'll be doing the investing, perhaps some more business on the side, etc., to make this easier to accomplish.

You're very naive.

 

[sifer]

Re: the law..........

Originally posted by cave dweller
3...You can not collect a 'bird dog fee' or a commision from a real estate sale ( between a seller and a buyer) without holding a current real estate license.

cave dweller

Actually you can if you favor neither party.

I believe this is what IRS categorize as "Wholesaler".

You're not acting as an intermediary, therefore this is not brokerage.

 

[sifer]

Originally posted by pimpfromdayone
ooooo, you know how to make money off of interest, you're a high fu-cking roller now aren't you.
I never put anyone down dumbass, I just said they aren't going to get information they need from this message board, and probably not even from the rest of the internet. Instead of sitting on here listening to you jabber on about your damn CD's, people discussing the no-brainer idea of fixing up apartment buildings, and other real-estate related stuff, they should be out getting experience and attempting their "plans."

http://www.urban75.com/Mag/troll.html


On the serious note, I have received advice on the internet that has made me money.

You have made nothing, therefore concluding probably even the rest of the web is useless.

Instead of sitting on here listening to you jabber on about your damn CD's, people discussing the no-brainer idea of fixing up apartment buildings, and other real-estate related stuff, they should be out getting experience and attempting their "plans."

Isn't this like sarging? Isn't this what David DeAngelo said when he said most guys wont' approach even after attending his seminars and reading his books?

If you're worth your salt, you'll know, real estate investing is just like seduction.

 

[sifer]

Originally posted by SELF-MASTERY
Strbup/ sifer:

Give me your thoughts on using hard money lenders. Their requirements aren't to high. The one that i've been researching onlys asks for a FICA of around 600-20, $6k in liquid assets, and a property with an inherit amount of equity.

I don't know about ST8UP but here's what I have to say -

If it allows me to profit, I take it. Plain and simple.

 

[Page]

Originally posted by pimpfromdayone
two words: medical degree.

You are indeed naive.

Lets break this down step by step-- here are just some of the obstacles that you will have to jump over to make it big as a medical doctor these days:

1. School. Lots and lots of expensive school. You have college and then med school. If you're starting college now, be prepared to devote roughly the next 10 years of your life to education.

2. After you get out of med school, you're going to have to find a job at a hospital or clinic, and even when you do that, you're going to be in the minor league for a few years where you will be paid less. Why? Simply b/c you are fresh out of med school and are relatively inexperienced. why should a hospital pay a newcomer as much as an experienced veteran doctor? This isn't communist Russia, here you have to pay your dues and prove your worth. It will probably take you at least 10 years to gain the reputation you need to move up the pay ladder.

3. Malpractice insurance. Suppose you fvck up one day, and your scalpel slips. Now you have a lawsuit on your hands, and a very pissed off patient is going after everything that you have. We are talking huge liability here. if you're smart, you and the other doctors you work with will form a corporate entity to provide some liability protection, but it still won't be enough. Malpractice insurance is EXPENSIVE. You have to have it or you could lose everything.

4. Taxes. Doctors are not typically self-employed, they generally work for some hospital or clinic. Doctors are therefore employees--- highly paid employees, yes, but employees nonetheless. Being an employee gives you very few tax shelters compared to the shelters you get with some basic real estate investing. The people who are employees in the upper income bracket routinely get hamered by high taxes, and there's not much they can do about it.

Long story short-- does being a doctor still sound like a good idea? You will be hemmoraging money during med school (tuition and other related costs) , and right into your career (malpractice insurance and tax). If you still want to be a doctor, go for it, but remember that these days, doctors are in it to help people, not for the money. If you want ot become rich, thinking you are going to do it with a medical license is going to make you waste several decades of your life before you finally figure it out. Even the highest paid doctors are not truly financially independent if they have no other investments (besides stock) -- if they were to quit working, their financial situation would deteriorate rapidly before long.

 

[cave dweller]

retire at 58?

pimp,

You are just supporting what we have been posting about here.

ie:

1..Get a good job.
2..Save a portion of your income.
3..Invest your savings.

cave dweller

 

[cave dweller]

bird dog

sifer,

I don't need to tell you this, but.......

A 'wholesaler' and a 'bird dog' are not the same thing.


A 'wholesaler' holds some type of legal title to the property.

ie....a lease with an option to buy or a straight option or whatever.

A bird dog is a person bringing a seller and buyer together for a fee. (without holding a current and valid real estate license)

Collecting a fee as a bird dog is against the law.

my 2 cents

cave dweller