Real Estate Investing Forums

Real Estate Investing => Bird Dogs, Wholesaling => Topic started by: DealMakerGH on April 25, 2007, 08:42:18 am

Title: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: DealMakerGH on April 25, 2007, 08:42:18 am
If you are a full time investor and you make over $200,000 per year flipping or wholesaling, how long did it take you to get to that point? What type of marketing do you use in your business?
How many properties per year do you flip or wholesale?

I'm just trying to get a feel for this business and what other full time investors are experiencing.  Thank you for your time.   :beer
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Eric W on April 26, 2007, 01:09:37 pm
200,000 a year wholesaling is not tough if you focus on wholesaling and nothing else.  200,000 a year works out to 3-4 houses a month netting 5,000.  If you expand your market respectively and get as many investors as you possibly can in your database and make many offers a day it is possible.  Only thing that is limiting is the number of hours in a day for one person.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: ericmedem on April 27, 2007, 06:26:44 am
I have not made 200k this year flipping and wholesaling but I am at about $140,000 so far so I am assuming I will get there my goal is by august.  I wouldnt say that its easy, but it is possible, if I can do it anybody can.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: real estate 001 on April 27, 2007, 09:44:38 am
 :cool  YES  YES  it can be done   and all you have  to do as a wise and old man once said to me  ( my father)   work your craft  and know it and it will make you all the money you need !!!!!
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Roger J on April 30, 2007, 12:44:42 pm
These questions pop up from time to time and I really don't understand the reasoning unless it's simply because the person doesn't understand the nature of going into business for themselves.

What someone else makes or how long it took them to get there is completely irelevant to whether YOU can do it or how long it will take YOU to do it.  Even if someone would give you the exact plan that they followed to get to where they are today, it doesn't mean that you would get there, too.  Besides different times, different markets, there is also the biggest difference of all, the person.

You can make $200K/year with lemonade stands IF you have the drive, determination, and the vision to make it happen.

Raj
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Rich_in_CT on April 30, 2007, 01:13:03 pm
If you are making $20k a year work 10 times harder or do bigger deals! 
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Roger J on April 30, 2007, 02:54:36 pm
Ah, Rich, that was part of my point.

Asking what someone else did to make $200K isn't the right question.  If you're wanting to gauge how best to be a success for you, then the question should be 'what did you do to be a success?'

Everyone's ideas of success, or goals, or different.  What if someone IS making $200K a year BUT is working 20 times harder than the guy making $20K/year (or $50K or $100K)?  Which plan would you want to follow?

Just because someone only makes X amount doesn't mean that they aren't a success, or successful.  It may only mean that they're doing exactly as much business as they want to do.

Raj
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: ericmedem on April 30, 2007, 03:15:02 pm
I think the reason people might ask questions like that, is so they know who is doing what they know, rather than knowing what to do, there are far too many people that pass out advice on things that they have heard or read, rather than things that they have done.


I guess it all depends on the intentions of asking the question.  200k is something concrete that does not vary from person to person.  Success on the other hand varies tremendously by who you are talking to.

Everybody on the forum is a success at what they want to do, some people are just very successful at things like watching tv, or drinking beer.(I have had small bouts of success in the beer realm.)

Success comes from within and most of the time is nothing more than setting rules for yourself that are reachable.  I am successful by alot of peoples definitions because I make 150k+ in real estate, but I have days where I dont feel successful because I want to make 300-400k.  I have learned to manage my definitions of success,  so now I feel successful everytime I am doing something that moves me closer to my goal rather than further away.

Enough rambling, I know.


Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: condemnity on May 03, 2007, 04:14:52 pm
 :beer I, too, have been successful at drinking beer. However, that's drinking Miller Lite. The fact that I drink Miller Lite at all may very well be considered powerfully unsuccessful to the beer snobs of the world.

I guess the original question has something to do with feasibility. Like "I want to quit my job and do this full time. But I make 200K a year at my full time job. Is that even possible with real estate?" Of course the answer is yes. And if it's "not possible" then maybe the person for whom it is not possible needs to re-evaluate what they've been doing wrong. Nearly everything is possible. Frankly, everything is IMpossible too. All that matters is how you deal with the feelings that something is impossible in order to make it possible, feasible and an ultimate reality. We hold ourselves back in so many ways and it is up to us to break the chains. "Hi, I'm Anthony Robbins..."

Now you have me rambling.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: GOD WNZ on May 03, 2007, 05:36:35 pm
1. Three years, and I'm a retard.

2.Newspaper adds, direct mail,bird dog,networking,biz cards.and TV commercials next month.

3.Every year is different on quantity. First year one/93k second year 2/140k 3rd year 3/210k 4th year 12/too many toys, 5th year 4 so far/ 105k.
 D.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: moonstruckprincessa on May 04, 2007, 09:59:52 am
More money doesn't mean you should have to do more work. Work smarter, not harder.

I love REI because it appeals to my nature. It's not work to me. Add to the fact that through it I have found my dream home and it continues to provide the lifestyle to which my hubby, son and I are accustomed, I am gloriously happy.

I've made $200K this month already. Not like I was trying, but I sure wasn't trying not to!
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: condemnity on May 04, 2007, 10:49:51 am

I love REI because it appeals to my nature. It's not work to me.

I'm a super newbie. Have yet to do my first deal BUT I LOVE REI. It is so extremely cool. And it's fun. I love tracking down owners and trying to come up with solutions to their problems. And I find the different aspects to be super interesting. And frankly, what else will allow you to make 10K so easily?
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: spacechimp on May 04, 2007, 12:42:26 pm
I've made $200K this month already. Not like I was trying, but I sure wasn't trying not to!

200K? in 1 Month? So far this Year? Either Or...excuse me while i go outside and hit myself in the head with a hammer  :bash :shocked
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: moonstruckprincessa on May 04, 2007, 01:20:41 pm
LMAO. I have the buyers in place and it's up to me to find the deals. I also have a kick ass birddog that I treat very well. I've never been happy just doing the minimum. When I first got into this I thought I'd be happy with $20K a month. I must have been nuts.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: JasonAL on May 04, 2007, 01:41:02 pm
So you mean to tell us that you went from RE newbie, that you
stated in March, to making $200k/month?
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: moonstruckprincessa on May 04, 2007, 02:00:50 pm
Basically, yes. I do have a background in business and a flexible schedule when I started maybe that helped. I did $100k my first month, $50k my second, $200k my 3rd. It goes up and down as you can see.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: JasonAL on May 04, 2007, 02:07:46 pm
and what types of deals are you pulling off?

Sounds impressive.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: moonstruckprincessa on May 04, 2007, 02:45:15 pm
I've birgdogged ONCE. I'm a quick study and that was the first and LAST time I was going to do the majority of the work and receive a pittance.

I have great buyers and I'm not afraid to make some money. I also live in a very lazy city (Los Angeles). I get the deals other people don't because I go that extra step. I am not scared to go knock on a door or make a phone call.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: JasonAL on May 04, 2007, 03:10:56 pm
Again...


What type of deals are you doing to be making $200k/month?

wholesaling?
working pre-foreclosures?

What?
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: moonstruckprincessa on May 04, 2007, 05:42:53 pm
I do everything, whatever I happen to come across. Vacant properties, foreclosures, REOs, etc. I wholesale and double close.


You DO know that decaf is just as tasty as regular, don't you? :shocked
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: ttandoc on May 07, 2007, 03:15:51 pm

How are the ways that you were able to accumulate a buyers list. And what is the most effective methods.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Gregg975 on May 07, 2007, 10:54:38 pm

Is this correct, 200k this month moonstruck?  Where did you get deals with those kind of margins??  I assume you had one or two huge deals-care to share how those deals went down? 
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: propertymanager on May 08, 2007, 07:14:57 am
JasonAl and Gregg975,

I've got a bridge for sale.

Mike 
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: GOD WNZ on May 08, 2007, 09:41:12 am
Good morning Guys,
 Last year I did pick up a house sub2 in a golf course community for 410k.
 Sold it right away for 595k. Seems like at least once a year I hit a home run.
 Keep looking ,calling net working.  Congratulations To moonstruck !

And it was right next to Mikes bridge !!
                                                          Darin
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Gregg975 on May 08, 2007, 12:53:20 pm

 :biggrin
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Gregg975 on May 08, 2007, 03:21:54 pm


Mike, Im just pressing her for more details...stranger things have happened than somebody making 200k in a month. Lets hear the details before we call her a sham.   
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: JasonAL on May 08, 2007, 04:23:46 pm
propertymanager,

Thanks for the offer.

I'll put it in the file along with what the "princess" has been feeding us.

...to go from newb in February (documented here on this very
forum) to claiming $200k/month....

I'll be reviewing your offer whenever I can get an honest
answer from this other one.

Thanks again!
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: JasonAL on May 08, 2007, 04:27:35 pm
...and the I run across this post:

http://www.reiclub.com/forums/index.php/topic,27516.0.html


How in the world can you be sooooo successful and not know
the basics?!

Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: GOD WNZ on May 08, 2007, 05:16:00 pm
First time sports fisherman.............seems like every time I hand them the pole.....wham, they catch the biggest or only fish for the day.
 Just maybe in real astate...........
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: JasonAL on May 08, 2007, 05:34:28 pm
“Fishing is a delusion entirely surrounded by liars in old clothes.”


 :rolleyes
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: GOD WNZ on May 08, 2007, 06:34:41 pm
Guess I've just been smokin' salmon. :eyecrazy
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: DealMakerGH on May 09, 2007, 09:29:59 pm
Does anybody out there REALLY net over $200,000 per year investing in real estate?
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Roger J on May 09, 2007, 09:46:18 pm
Deal, have you been paying attention?  Did you read any of the posts on this thread?

It doesn't matter what anyone else is doing, only rather if YOU can do it.

Investing is a business.  Just because someone else is, or isn't, making X amount per year (or month or day) doesn't mean that you can or can't.

Besides that fact, no one here that DOES make $200K or more a year is likely going to promote it on an open forum.  And if they do, most don't believe them anyway, so what's the point.

But, if numbers you want, then numbers you'll get.  At my last 'real' job, I made a whopping $23K a year.  I make more than that now just off of my passive RE investing.  So, if I do absolutely nothing, I'll make more than I did working 40-50/hrs a week.  Pretty cool to me.

When I buy property to retail, my average net on a deal is $20K (Generally, $100K or so retail prices).  If your market is similar to mine, you'll need to do an average of 10 props a year (if you can do it like me).

When I wholesale, my average take is $5K.  So if you're wholesaling, that's 40 props a year.  I know a local wholesaler here that sales 10-15/month (of course, it's not just a one man show anymore either).

Raj
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: DealMakerGH on May 09, 2007, 10:00:07 pm
Roger. Thanks for your response. Of course I've been paying attention. Actually the question I have posed is a question that gets a lot of interest from the people on this forum. Take a look at how many people have read the question. Don't read more into the question than there is. It's just a simple question. Nothing more nothing less.  :beer
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Roger J on May 09, 2007, 10:14:58 pm
Sure it gets alot of interest.  Heck, everyone would love to know just how much $$$ Mr. Trump pulls in everyday (a business still built primarily around real estate I might add).  I doubt though, that you'll ever get it from him.

The purpose of the question is valid (assuming that it is the purpose) which is basically "what is the pay for this job?"  However, it's a flawed question.

As I stated in my first posts, with any self-run business, the amount of money that you CAN make and the amount of money that you DO make is greatly dependent on what YOU are willing to put into the it.  You CAN make $200K/year selling lemonade (or is it kool-aid?), BUT you have to a) have a solid business plan and b) a commitment to see it thru.

Now, making $200K in RE would be a whole lot easier than making it selling drinks on the corner.  Depending on the market, it's very possible to make $200K off of ONE deal. 

Raj
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: DealMakerGH on May 09, 2007, 10:52:36 pm
Once again thank you for your response Roger. When you state that the question is flawed you must assume that the reason I ask the question is to determine how much money I can make in this business. Why not assume that I am asking the question for the reason I have stated which is:

"I'm just trying to get a feel for this business and what other full time investors are experiencing."

The question is geared towards investors that net over $200,000 per year because I am most interested in the answers from full time investors and I doubt that a part time investor can net over $200,000 per year consistantly. I'm not asking anybody how much money they have made but rather what type of marketing they do, how many deals per year, and how long it took them to get to a certain level.

Read the question again and you will see that it does not ask how much money you make.   :beer
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: GOD WNZ on May 10, 2007, 05:25:21 pm
Good afternoon Dealmkr,
It is fairly easy to make 200k a year. I am on the west coast and yes the merket tanked here also. I am ashamed to say I do not work as hard as I could and yes I am changing that this year. I am full time and take a lot of time off. I made about 460k last year. It depends on the projects you chose. I have only made 102k so far this year and still I could work smarter. With knowledge of the mechanics of this business one could truly make a lot of money w/no money. It is in the know how and motivation.

I never went to college, lost one friend because he thought it not right that "I" could make more than "He" with edumacation !
Millionare goes broke, how long before he makes it back....soon because he has the know how and desire.
 What is your desire,How much education in this field have you ? there is real money out here, made 14k this week ....less than 6 hrs spent on whole transaction. No brainer assignment. 2 years ago I would have missed it ,,,lack of knowledge. Set the network up like a web and start catching.
              Learn how, Have fun, Darin
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Roger J on May 10, 2007, 11:36:50 pm
"I'm just trying to get a feel for this business and what other full time investors are experiencing."
That's still just, "how much money can I make in this business?" and the question is still flawed.

Any business is greatly determined by what you are willing to do to make it happen.  That is true whether it's run full time or part time.

Once again, how much, or little, someone is making in the business isn't the determining factor of their success.  Sure, it may be the determining factor of their drive, their dedication, but hardly their success.

I'll pose this again.  Who would you rather learn from, someone that makes $200K a year, but has to do 40-50 deals/year to get there, or someone who chooses to work "part-time" by doing only one-two deals per year each averaging 2 months total, BUT makes $50K a deal.  Now, who is 'more successful?'

Raj
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: DealMakerGH on May 11, 2007, 09:11:33 am
Roger, what is your definition of a flawed question? Maybe you would make more sense if we understood your definition.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Roger J on May 11, 2007, 09:33:44 am
Deal, I'm not going to argue semantics with you.  That's not the point, and quite frankly if you haven't understand what I've been saying, chances are you never will.

But, once again...

You initial question was basically, if you make over $200K year investing in RE how did you do it?

That's a flawed question because a) how they done it isn't as important as learning how YOU can do it, and b) just because they make $200K or more per year doesn't mean that you WANT to follow their way of business.

You're assuming (incorrectly, I might add) that if you want to make $200K + a year in REI then you only want to talk to people who already do that.  I personally know dozen or so people that don't make $200K a year in REI simply because they don't want to, not because they can't.  They are either happy doing a couple three deals a year and making $50-100K in the process or they actually LIKE their real job and invest 'on the side' to further their retirment accounts, etc.

The point there is, don't limit your learning experience based on what someone is, or isn't, making.  That's flawed.

Finally, money questions like "how much do you make" are rarely appropriate in social settings.  It is a personal matter, and most people don't freely give their income levels to their closest friends, let alone over an open forum full of strangers.  Since you responded thru this thread with another question of does anybody really make $200K/year in REI, it seems that you're assuming that since nobody has responded with, "yeah, I make X dollars" that no one does.  That is flawed.

However, in response to that last question, I could give you alot of names of people that make over $200K investing in REI, however, you wouldn't know many of them.  But, I'll throw out a few that you may know.

Donald Trump, Larry Goins, Steve Cook, Robyn Thompson, Pete Youngs.

Raj
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: DealMakerGH on May 11, 2007, 09:51:13 am
Roger thank you for your input. Now please take your seat before I have security remove you from the building.  :brow
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Roger J on May 11, 2007, 01:53:38 pm
Sorry if that upsets you, Deal.  No ill will intended.  I merely answered the question(s) that you asked.

Last post, then.  If you don't think that you can handle the answer, don't ask the question.

Raj
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: DealMakerGH on May 11, 2007, 06:26:34 pm
I handled your answers just fine Roger. Now sit down and behave yourself.  And don't get your feathers all ruffled.  :rolleyes
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: propertymanager on May 11, 2007, 09:41:42 pm
DealMakerGH,

Being in the landlord business, I am very suspicious of people who make wild claims.  All you have to do to see what I mean is watch a couple of those silly "flipping" shows on TV.  They give the purchase price, the repairs, and the asking price and pronounce the profit, even though the property isn't even sold.  In addition, they totally ignore the holding costs, income taxes, etc, etc, etc.  In reality, they MIGHT make half of what they claim.

The same is true of the rental property business.  How many people claim to have a positive cash flow yet only subtract the mortgage payment, taxes, and insurance from the rent.  They think they are making a profit, but are really losing their butt.

Every single time I've seen someone make wild claims about the money they make in REI, it turns out they are a fake.  There used to be someone on this forum who claimed to make $50,000 per month as I recall and yet he also claimed to never have a vacancy.  I don't know of a single person with a substantial portfolio that has never had a vacancy.  Another person was offering mentoring but thought the only expense associated with rentals was the mortgage payment.

All I'm saying is that I think the silence was deafening.  I don't believe there are very many people making $200K in actual spendable cash on real estate investing.  Those that are consistently making that kind of money are running a business, not hanging bandit signs and playing silly guru games.

Mike   
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: ericmedem on May 11, 2007, 11:13:48 pm
I think that the sky is the limit in real estate more than any other game. I will probably pass the 200k mark in august for wholesaling, and flipping, that income would be on top of my realtor income which is fairly decent as well.

I am positive without a doubt that I COULD make 300-400k in wholesaling if I tried, I honestly have begun to lose the spark that money once brought me.  To be perfectly frank money doesnt do it anymore, I am beginning to realize money like so many other things in life isnt that great, once you have been there and done it. 

Show me a pretty _______(girl or guy), and I will show you someone who's sick of _________(Insert clever slogan here) Thats how money is too me I guess.

I have my dream job, my dream wife, my dream child, my dream bank account, my dream cars, and I am 31.  I own 30+ rental units, I have 5 employees,  I pay someone to pick up my rent, to file all my paperwork, to fix my toilets, to clean up my trash, I have even payed people to push deer to me on the last day of hunting season.  I do what I want, when I want, how I want.   I have been able to keep my dad from having to go back to a normal job because he can work for me whenenver he wants.  I save alot for "retirement" but my definition of retirement is doing what I want, when I want, how I want, so I am essentially retired.  I guess what I am getting at is after your essentail needs are met money is just a score card for how well you do what you do, it provides a means to never have to do anything that you dont want to do, but........

To people without alot of money it is the light at the end of the tunnel, its hope, its when your going to be happy, its retirement, its freedom.  I was the guy without money for a long time.  Then when I actually got it, I realized that I was just as happy when I didnt have it, in fact sometimes even happier.

I can remember in college thinking boy I will have made it when I make $30,000 , then I made that, next practically the same moment I hit 30k I thought, i certainly will feel big time when I make 50k.  Then I started creeping on my first year at 100k, still I wasnt having that "money feeling".  I passed 100k and started to realize that even if you dont spend more, when you make more, you still think that your "money feeling" is just around the corner.  Heck I remember living in my $105,000 home and between my wife and I we made $230,000 and still no "money feeling".

Its the funniest thing, I had four closing in a day in January and cleared near $100,000 but I get more happiness or "money feeling" when I sell a stupid $30 audio program,  it makes my wife crazy, in fact just today, I was bragging to her about audio courses which added up to like $90, (the price of dinner) and I forgot to tell her I made $10,000 on a wholesale deal, and sold 2 houses. Go Figure.

Sorry for the rant but it just got me thinking.....


Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: fadi on May 12, 2007, 07:32:59 am
Does anybody out there REALLY net over $200,000 per year investing in real estate?

Like the others said, it is a business like any other business, but it is overhyped more than any other business. I said it before, and I will say it again.. it reminds me of the gold rush... the people who made the money are those who sold the shovels.

There are tens of thousands of restaurants, and everyone claims restaurant business is profitable... yet 90% of them don't make $200k. Same in real estate.... If you don't set it up as a successful business, it will never succeed. If you do not manage it right and work on growing it, it will not succeed.

Now, I don't know why anyone wants to earn $200k wholesaling only. That to me is a poor business plan.

To answer your question, I have not even come close to that point. I have built some equity, but not cash and if I cash it, I won't get all of it of course. I am one of the few lucky and smart ones who held on to their jobs while learning the business. I do however, see me doing $200k/year in about a year and a half from now.

Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Topaz on May 12, 2007, 12:04:08 pm
Well, I personally am glad that Dealmaker asked this question.  I love hearing other people's successes (the real ones, not the fantasy ones) and I love it when actual numbers are included. 

Asking about specifics seems much more acceptable online than asking someone directly at a party or professional networking event.  Different vibe here.

But then again, my day job is being a psychologist and everyone knows we are all voyeurs.   :biggrin

Topaz
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: ericmedem on May 12, 2007, 01:28:19 pm
Well, I personally am glad that Dealmaker asked this question.  I love hearing other people's successes (the real ones, not the fantasy ones) and I love it when actual numbers are included. 

Asking about specifics seems much more acceptable online than asking someone directly at a party or professional networking event.  Different vibe here.

But then again, my day job is being a psychologist and everyone knows we are all voyeurs.   :biggrin

Topaz


I could not agree more, It is a great question because normally someone would not ask it.  In a forum situation it is an even better question because it allows you to tell who is "Doing what they know" rather than most people who may or may not "Know what to do".

Generally you can tell the people that are well experienced rather than well read.  Experienced people can give you the in's and out's of every part of a wholesale deal.  I could get on the phone for 2 or 3 hours with someone to discuss little intracasies of deals. Because I still sell real estate as well, I learn quite a few new things every month, things that would be difficult to get out of a course, you can only get from doing, or very very closely following someone who is doing.


Making $200,000 in California or an expensive market could be done with a few good transaction, in my Market here in Michigan, $200,000 requires quite a few wholesale and flip deals.  One good 1,000,000 home with a 20% return can get you $200,000. In my market to reach those numbers I will be doing around 13-20 deals. My first couple deals this year were between 30%-110% returns. 

"Now I dont know why anybody would want to make $200,000/yr just wholesaling, that seems like a bad business plan to me"

I hope I am taking this out of context, but is a real estate investor with a great business plan and minimal profits, somehow better than a real estate investor with a bad business plan and $200,000 profit.

I am hoping that you mean that you would try to diversify yourself a bit better, and open up your options.  That makes sense to me. My goal is to make $100,000 as a realtor, and $200,000 as a flipper/wholesaler, and make a bit off of my rentals which I just put towards principal anyway.

Real estate is far far from rocket sciece, sure there is a learning curve but just about anything worth while requires learning.  I like the comment about the only people making money during the gold rush were the people selling shovels.  I was talking on the phone with one of the countries best selling real estate authors, and picking his brain about some ideas.  One of the things I was so curios to know about was why nobody had put together any R.E courses that laid everything out simple, and effective.  I wanted to know why most anything to  do with real estate ends up taking up a 300 page book or 12 CD's with thousands of minutes in audio.  I was stunned by his answer. Essentially he said that if it was made to look simple, there would be no "percieved value" and prices would end up way, way lower on course material even though it was far more valuable and understandable to the end user.

To drive this point home even further, stop and think about all of the E-books and Audio courses online, typically they show a whole layout, of books and CD's that you will be getting so that it looks like this vast quantity of stuff is arriving in your mail box, when instead you get a file sent to your email box, with a download for audio and a download for a book.  Gurus know that if they didnt show you this huge course layout, that you probably would not buy because, who would pay $600 for 2 downloads.

Ok ill stop ranting it just got me going again.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: DealMakerGH on May 15, 2007, 09:56:30 am
Thank you for your responses. This thread has been very interesting to read through. Do any other investors out there have anything else to add on this subject? If so we are all very interested to hear from you.  :beer
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: wallacehobbs on May 15, 2007, 10:38:15 am
Thank you for your responses. This thread has been very interesting to read through. Do any other investors out there have anything else to add on this subject? If so we are all very interested to hear from you.  :beer

Yes, I agree.  It was very interesting reading and some of it I did agree with.

Thanks
 :beer
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: BlueandGold on February 26, 2008, 06:55:06 pm
Humpty Bump!
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: newmlnair on February 29, 2008, 10:35:29 am
In regards to all of the posts, I think they're all great. But what I would really like to know is what kind of sacrifices did the people who have made $200k or whatever the amount is have to make? I guess I could be somewhat specific about the sacrifices.

1. What sacrifices did you make to have the time you needed to make it in this business?

2. What sacrifices did you make to become disciplined? 

and lastly,

3. What sacrifices did you make to keep yourself focused on your goal and to remain persistent whenever you faced failure?


Looking forward to all you guy's responses...

Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: JJJACK on February 29, 2008, 11:54:01 am
 :bobble  Its amazing all the answers came through. I placed myself in this position and  I don't think anybody really answered it... Good advice,  but no real solid answer.. or is there?  One came close explaining how to break it down.. if you wholesale at average $5000 that would be 40 deals a year average 3.3 a month. Or flipping on average (what I got) $15 grand a house
that would come to about a house and a half a month.. Then You  break it down what it takes to do this... I would strongly suggest that you hook up with a "good" mentor who specilizes in this or keep asking specific quesions as you develope in one of these areas at this forums or others.  I could be a poster child for Robert Allen I got checks on my wall for $35000, 15,000 , $50,000--etc  BUT not consistent..  This is what I have learned so far... BUILD your Data base of Buyers, sellers and investors --that is where the money is.. and the consistency. Also learn to Market. P.S. Does any one have marketing tips like to share?  To our success. John sr.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: ericmedem on March 02, 2008, 12:51:58 pm
In regards to all of the posts, I think they're all great. But what I would really like to know is what kind of sacrifices did the people who have made $200k or whatever the amount is have to make? I guess I could be somewhat specific about the sacrifices.

1. What sacrifices did you make to have the time you needed to make it in this business?

2. What sacrifices did you make to become disciplined? 

and lastly,

3. What sacrifices did you make to keep yourself focused on your goal and to remain persistent whenever you faced failure?


Looking forward to all you guy's responses...



I fell just short of making 200k last year as a wholesaler but I can say that I didnt make alot of sacrifices because sacrifices involve giving up something that you want to do, to do something else. 

I did exaclty what I wanted to do and made a good amount of money at it.  I don't do sacrifice because sacrifice can only be done short term before you break.  I follow my passion and my passion happens to be wholesaling.  I would suggest if wholesaling involves alot of sacrifice for you then don't do it. 

Find what your passionate about and do that, this isn't your practice life.  Don't be a prostitute to life by giving up your time and energy to do things that you don't enjoy.  I know you need to make a living but always go to work on you, as often as you go to work, in the long run you will be living the life of your dreams.   In todays economy you can make money doing just about anything if you put your mind to it.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: loriintaiwan on March 18, 2008, 12:32:11 am
I have great buyers and I'm not afraid to make some money. I also live in a very lazy city (Los Angeles). I get the deals other people don't because I go that extra step. I am not scared to go knock on a door or make a phone call.
[/quote]

I have just ONE question...  lol  :biggrin
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: DaTruth on April 03, 2008, 12:35:34 pm
The key to all of this seems to be Marketing. What exactly are you succesful wholesalers doing to generate this type of income?

DaTruth
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: tapinmt on April 20, 2008, 08:56:48 pm
Is there one method for finding investors you would recommend over another if you lived in an area where the total population in a 400 square mile radius is less then 100,000 people.  I ended up investing about 150,000 into my now divorced partner's pocket and have plenty of motivation to make it back very quickly. :banghead :help
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: Prncssmn7 on April 21, 2008, 01:29:35 am
I hope my answer helps...I found a WHOLE bunch of "We Buy Houses" in the Sunday RE section. I am set to call each and every one tomorrow and find out what their criteria is to see who will take my deal...and to build my buyers list.
Title: Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
Post by: dr_white on April 21, 2008, 04:21:24 pm
This isn't necissarily flipping or wholesaling, but the real-estate agent that helped me find the home I live in now said that he expects this year to be the year that he makes his first $1,000,000. I didn't ask him whether that was net or gross, and I'm assuming it is probably gross, but knowing the guy, I can quite honestly say that I believe him.

 Dean