RE Investing Full-time?

[Trizzy]

The thought came to my head and I wondered - how many of you do RE investing full-time? That is, how many of you solely rely on RE investing as your primary means of income? If you choose to work a 9-5 or part-time for entertainment purposes, that is not applicable.

If you do not rely on RE investing as a primary means of income, what is your profession?

 

[Thomas Beyer]

QUOTE (Trizzy @ May 25 2010, 12:04 PM)
The thought came to my head and I wondered - how many of you do RE investing full-time? That is, how many of you solely rely on RE investing as your primary means of income? If you choose to work a 9-5 or part-time for entertainment purposes, that is not applicable.



If you do not rely on RE investing as a primary means of income, what is your profession?


related posts here: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-15422-Is_my_goal_of_200K_annual_income_feasible.html



How did I get started: http://myreinspace.com/public_forums1/General_Discussion/61-4391-How_to_get_started_.html

 

[ChrisDavies]

QUOTE (Trizzy @ May 25 2010, 11:04 AM) The thought came to my head and I wondered - how many of you do RE investing full-time? That is, how many of you solely rely on RE investing as your primary means of income? If you choose to work a 9-5 or part-time for entertainment purposes, that is not applicable.

If you do not rely on RE investing as a primary means of income, what is your profession?

You`ll find it`ll be a small handful of people who do it full time.

I`m a project manager for an online marketing agency.

 

[housingrental]

Likely less than 5%, if that, of rein members.

Growing a portfolio is helped by ongoing income to:
Save money to invest
Allow for desirable financing

Most approach to real estate investing don`t require a 40hr+ weekly commitment. Even when finances aren`t a concern significant meaning and sanctification can be had from working.

 

[Scottinvests]

I am a full-time real estate investor/landlord. With the taxes we pay, I find smart real estate investing a great way to make a living.

 

[frdm35]

QUOTE (Scottinvests @ May 26 2010, 01:24 PM) I am a full-time real estate investor/landlord. With the taxes we pay, I find smart real estate investing a great way to make a living.


Scott,

Can you share with us your story of how you are now able to do RE full time?

 

[Trizzy]

QUOTE (housingrental @ May 26 2010, 09:14 AM) Most approach to real estate investing don`t require a 40hr+ weekly commitment. Even when finances aren`t a concern significant meaning and sanctification can be had from working.


My opinion differs in this regard. I think this comes down to personal preference. I don`t WANT a job, however I know I NEED a job, therefore I work. If there is any feasible alternative to making money, I try it. RE Investing fits that mold. It seems like the smartest, most secure practice to achieve financial emancipation.

I can only dream that one day I will have the time/money I desire.

 

[markl]

I turned RE investing into my full time job.

 

[Scottinvests]

QUOTE (Trizzy @ May 26 2010, 07:11 PM) My opinion differs in this regard. I think this comes down to personal preference. I don`t WANT a job, however I know I NEED a job, therefore I work. If there is any feasible alternative to making money, I try it. RE Investing fits that mold. It seems like the smartest, most secure practice to achieve financial emancipation.
I can only dream that one day I will have the time/money I desire.
I agree with you 100% Trizzy. Having a `job` fulfills no moral or psychological NEEDS for me. I think it`s ridiculous to even think that.

The first thing you need to decide is how much money you need each month to be comfortable, after taxes. And then we go from there.

It CAN be done! I`ve read Don`s books, and they are amazing! I love Don. And I`ve added the savvy and hard-headed approach that I learned from www.ontariolandlord.ca and I have created a symbiosis (is that a word?) that puts a positive outlook + a very supecting eye towards properties, agents, and especially property managers, to create a situation where I have "retired" and have millions of dollars in equity.

Do I have a "job?" No, thank God. Payroll taxes suck!!!

And I came from a poor working class family. So I need a very high and very secure income to reach my comfort zone. I went too many years without toys. I now need enough money to not only buy my toys (boat!) but to give my Mum the toys she never had taking care of me!

 

[Trizzy]

QUOTE (Scottinvests @ May 26 2010, 09:37 PM) I agree with you 100% Trizzy. Having a `job` fulfills no moral or psychological NEEDS for me. I think it`s ridiculous to even think that.
The first thing you need to decide is how much money you need each month to be comfortable, after taxes. And then we go from there.

It CAN be done! I`ve read Don`s books, and they are amazing! I love Don. And I`ve added the savvy and hard-headed approach that I learned from www.ontariolandlord.ca and I have created a symbiosis (is that a word?) that puts a positive outlook + a very supecting eye towards properties, agents, and especially property managers, to create a situation where I have "retired" and have millions of dollars in equity.

Do I have a "job?" No, thank God. Payroll taxes suck!!!

And I came from a poor working class family. So I need a very high and very secure income to reach my comfort zone. I went too many years without toys. I now need enough money to not only buy my toys (boat!) but to give my Mum the toys she never had taking care of me!

You sir are the epitomy of where I want to be. I think you and I see things in this regard through the same eyes. Would you mind elaborating how you got where you are, from your first property to your most current? I really want to learn as much as I can from guys who have already made it.

 

[Trizzy]

And for those who mentioned that only a handful of RE investors do it full-time, why?

Is it their own personal inhibitions, perhaps a fear of financial uncertainty? Or is it that maybe they NEED their 9-5 to feel important, and meet goals and objectives set by someone else. A need to be needed. Just some food for thought.

Ultimately, the answer to my question thus far is split down the middle. I would like to believe that those who `made it`, did so because they NEEDED to.

 

[Thomas Beyer]

QUOTE (Trizzy @ May 27 2010, 08:48 AM) And for those who mentioned that only a handful of RE investors do it full-time, why?
because cash-flow is tight ... and you need a dozen properties or more to have a decent "income" .. and unless you start with a few million in cash that takes a decade or so for the average Joe .. maybe a tad shorter for supermen !

 

[fumbrunner]

QUOTE (ThomasBeyer @ May 27 2010, 10:14 AM) because cash-flow is tight ... and you need a dozen properties or more to have a decent "income" .. and unless you start with a few million in cash that takes a decade or so for the average Joe .. maybe a tad shorter for supermen !


Thomas is absolutely right. If you want to build a solid portfolio that cashflows relatively well, it takes time. RE investing is a marathon not a sprint. If I could shave 5-10 years off my retirement date (from my current job), I will be happy. That date is still at least 10 years away. Be careful about trying to build your portfolio as fast as humanly possible. The last thing you want is to be loo leveraged with interest rates on the rise.

 

[housingrental]

Sure but have you thought through what you will do with your time?
Most well setup real estate investments won`t take many hours of your day to oversee once going.
Once you spend a few months on vacation then what for the next XX years of your life? Do you have a plan of what will will occupy many hours of your day every day that can provide meaning and a sense of accomplishment? What is i?

QUOTE (Trizzy @ May 26 2010, 09:11 PM) My opinion differs in this regard. I think this comes down to personal preference. I don`t WANT a job, however I know I NEED a job, therefore I work. If there is any feasible alternative to making money, I try it. RE Investing fits that mold. It seems like the smartest, most secure practice to achieve financial emancipation.

I can only dream that one day I will have the time/money I desire.

 

[GaryMcGowan]

Work backwards. Figure out how much you want/need to earn every month. How much cash flow from each property? How many properties that will require? How much capital needed to buy the properties and how many years it will take you to reach your goals.
You will need to learn how to raise capital. Not all people have all the money they require to buy all the properties they need to reach their goals.
Also when you do not have a full time job it can get very hard to get financing from the Lenders.
Being a full time RE Investor has certain “ring” to it but if done to soon or without the proper plan it can be a short lived career move.

Can it be done, Of course it can. It takes a lot of hard work and a solid plan.

 

[Trizzy]

QUOTE Sure but have you thought through what you will do with your time?
Most well setup real estate investments won`t take many hours of your day to oversee once going.
Once you spend a few months on vacation then what for the next XX years of your life? Do you have a plan of what will will occupy many hours of your day every day that can provide meaning and a sense of accomplishment? What is i?


Money is a method of release. Once you have it, anything is possible. Without it, things are still possible, but much more difficult and take time.

Once you have time/money, and you start asking yourself, "What am I going to do today?" The answer should be, "Whatever the hell I want!".

What you fail to realize is that not everything that is done has to be fulfilling or fruitful. I see RE Investing as a means to an end. The end being enough money to do what I want, when I want.

I means this with no offense to anyone, but when people complain about boredom when they have fortunes, it makes me sick. Buy a Ferrari, or go sky diving whenever the hell you want. Buy your own golf course, or whatever!

 

[PhilipMcKernan]

Find your passion. Do more of it and see if there is a way to make a living doing it. Take that money and invest in real estate for the long term rewards it offers.

 

[housingrental]

For sure I read you... so what is it that you want to do? How will you fill up your time?
If I`m reading you correctly you plan a buying a new toy everyday? Will this really satisfy you?
There is a good reason why most of the forbes 500 choose to keep working.

QUOTE (Trizzy @ May 27 2010, 08:07 PM) Money is a method of release. Once you have it, anything is possible. Without it, things are still possible, but much more difficult and take time.

Once you have time/money, and you start asking yourself, "What am I going to do today?" The answer should be, "Whatever the hell I want!".

What you fail to realize is that not everything that is done has to be fulfilling or fruitful. I see RE Investing as a means to an end. The end being enough money to do what I want, when I want.

I means this with no offense to anyone, but when people complain about boredom when they have fortunes, it makes me sick. Buy a Ferrari, or go sky diving whenever the hell you want. Buy your own golf course, or whatever!

 

[Trizzy]

QUOTE (housingrental @ May 28 2010, 01:51 PM) For sure I read you... so what is it that you want to do? How will you fill up your time?
If I`m reading you correctly you plan a buying a new toy everyday? Will this really satisfy you?
There is a good reason why most of the forbes 500 choose to keep working.

I may be miscommunicating or you have indeed read me wrong.


I have lots of interests, most certainly possessions are fun, and I do intend on surrounding myself with them.

More what i`m referring to is the fact that I will have freedom. Freedom to do absolutely nothing some days, and just relax. Freedom to buy toys and enjoy them. Freedom to choose when and where I spend my time. Freedom to donate my time/money helping others suceed or get further in life. Freedom of choice. I was born into a 9-5 work ethic, and it`s simply not for me.

I do what I must for now, but I do not foresee me ever having a `job` just for something to do.

P.S. I don`t mean to sound conceded if I do. I dream, and I dream big.

 

[Trizzy]

QUOTE (PhilipMcKernan @ May 27 2010, 10:13 PM)
Find your passion. Do more of it and see if there is a way to make a living doing it. Take that money and invest in real estate for the long term rewards it offers.




On a side note to this:



I have been watching some of the videos you have posted, and you have alot of positive things to say. I find it very inspirational. Just wanted you to know.



Thanks!