Changing job to help my future investing?

[JunZhang]

I`m a REIN member of 5 months, looking at my current situation, I believe I`m not well positioned in the investment game. For the past three years, I work as a carpenter in a small millwork shop, building custom wine cellars.

I`m planning to start a home renovation company, mainly flooring and painting. Reason being, these are not capital intensive (since I don`t have any), but rather labour intensive which I believe I know how to manage. Also, seems like a new coat of paint and a new floor are the first things we do when renovate for higher rent. So there should be lots of work even if economy slows. Besides, out there talking to home owners, builders, agents bond to help me know the neighborhood better, I guess.

I highly appreciate your input.

 

[Thomas Beyer]

QUOTE (JunZhang @ Sep 25 2008, 07:38 PM) I`m a REIN member of 5 months, looking at my current situation, I believe I`m not well positioned in the investment game. For the past three years, I work as a carpenter in a small millwork shop, building custom wine cellars.

I`m planning to start a home renovation company, mainly flooring and painting. Reason being, these are not capital intensive (since I don`t have any), but rather labour intensive which I believe I know how to manage. Also, seems like a new coat of paint and a new floor are the first things we do when renovate for higher rent. So there should be lots of work even if economy slows. Besides, out there talking to home owners, builders, agents bond to help me know the neighborhood better, I guess.

I highly appreciate your input.
sounds great .. do it .. follow your love !

Ensure you have some money saved to get going as all beginnings are hard .. it takes a while to build a name for yourself .. perhaps work for a general contractor (GC) for a year or two .. or build a network of GCs first .. then quit your existing job !

And in time, with more $s, you can buy old junkers in decent areas, fix them up, and resell for huge profit .. where you live or in places you love, like: Arizona, Vancouver Island, Bora Bora, Mexico, Maui ...

read this post here how to make money 5 ways, it applies to you:

http://myreinspace.com/public_forums/General_Discussion/61-3347-5_ways_to_make_money.html

 

[kboughen]

QUOTE (JunZhang @ Sep 25 2008, 09:38 PM) I`m planning to start a home renovation company,
As a self employed renovator with a back ground in carpentry, you have an opportunity to position yourself quite well to obtain financing as an investor, here are some tips;

• Be sure to Register or Incorporate you Renovation company (this documentation is important), the quicker the better.
• Maintain a phone number in the business name and a low cost website
• Maintain proper accounting practices within your business, filing taxes on timeMake sure your personal income taxes are currentMaintain an excellent personal credit ratingWork with a Mortgage Broker experienced with self employed investors

There are some great financing options available if you follow the above.

 

[housingrental]

Hi Kevin, What is the importance of having the phone number in the business name vs personal name? Is it worth the bother and cost to switch phone line into company name?

 

[kboughen]

QUOTE (housingrental @ Sep 27 2008, 07:15 PM) What is the importance of having the phone number in the business name
Hi Adam,


As REIN teaches, "he with the Gold makes the rules".


At this point in time many Lenders feel that a business phone and website provide extra creditability for a self employed applicant. It can be the difference between a "yes and a "no". At the very least, it may be the difference between a 5 day approval and a 10 day approval.

 

[housingrental]

Thanks Kevin for the information, not something I`ve ever heard, it`s appreciated

 

[JunZhang]

QUOTE (thomasbeyer2000 @ Sep 25 2008, 07:14 PM) sounds great .. do it .. follow your love !

Ensure you have some money saved to get going as all beginnings are hard .. it takes a while to build a name for yourself .. perhaps work for a general contractor (GC) for a year or two .. or build a network of GCs first .. then quit your existing job !

And in time, with more $s, you can buy old junkers in decent areas, fix them up, and resell for huge profit .. where you live or in places you love, like: Arizona, Vancouver Island, Bora Bora, Mexico, Maui ...

read this post here how to make money 5 ways, it applies to you:

http://myreinspace.com/public_forums/General_Discussion/61-3347-5_ways_to_make_money.html

Thomas, thanks for your reply.
I didn`t quite get "work for a general contractor for a year or two, then quit your existing job". How can I do that? This carpenter job is already time-consuming enough for me. My current plan is to work for a flooring contractor for a few months, then maybe work as a contractor for a retailer, build up a great crew and a good name, then take off from there.

I understand your point on buy a junker, fix it up and resell it. As a wine cellar builder, many of our clients are builders who buy a junker in West Vancouver or... Langley, build a huge house on the lot, no expense spared, live in it for a year or so and then sell it for a few million. Lather, rinse, repeat.

Your post of how to make money 5 ways is enlightening. I`ve worked as employee a few times, as business owner of a few high-tech start-up companies a few times, failed quite miserably. As you mentioned in the post, nothing ventured .. nothing gained ...