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Author Topic: investing and age  (Read 16238 times)

Offline Rich_in_CT

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Re:investing and age
« Reply #15 on: January 26, 2007, 08:05:26 am »
For me I'd definitely like to be fully in REI in the next few years, just gotta get over the hurdle of getting the first few properties then set the speed to overdrive.

Offline benjiej

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Re:investing and age
« Reply #16 on: January 26, 2007, 09:22:54 am »
35 here, I have been working on my first Deal for the last month. It is my hope to make REI my primary source of income and semi-retire by 45. I will be going with the passive income right from the start. Don't get me wrong I am one of those people that turned my hobby (computers) into my career but , as we all know, you can't get ahead working for the man.

Benjie
Johnson Investment Properties LLC

Offline Rich_in_CT

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Re:investing and age
« Reply #17 on: January 26, 2007, 09:25:38 am »
Right now the computer market around here sucks.  I've seen jobs here that require a bachelors and like 10 yrs experience for around $12/hr.  Are you kidding me?  After 10 yrs I could make more than that at McDonalds!

Offline benjiej

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Re:investing and age
« Reply #18 on: January 26, 2007, 09:31:13 am »
Man that does suck. Here the computer market has improved only slightly $16 an hour for about 3 years experience and a bach. I have been with my company for several years and luckily I got in before the bubble bust so my money is decent. Still I have always wanted to be a landlord since I saw my dad hand money over to a stranger so we could stay in our house. I remember asking my dad why he didn't do that and I remember his words very clearly "Son I am not smart enough". I will never utter those words to my daughter. A lesson learned but I have taken my sweet time to start my life long goal of property ownership and rental.

Benjie
Johnson Investment Properties LLC

Offline Rich_in_CT

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Re:investing and age
« Reply #19 on: January 26, 2007, 09:33:17 am »
I'm definitely over that but I don't think I could easily go elsewhere for the same or more money.  I don't have a bachelors but do have over 5 yrs experience.

Offline dsandlin

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Re:investing and age
« Reply #20 on: January 26, 2007, 09:49:08 am »
Sounds like a few people ae having a hard time with that first hurdle.  Find an investor! Whether it be a friend, family member or a complete stranger. Get out there and talk to people. I made two contacts standing in line for a Disney ride this past weekend. Carry business cards with you and pass them out every chance you get .  Find and pull all data available on a few houses " investors want more than  one to review" they will want to know how much are the taxes, possible rents, amount to rehab or not, possible section 8 rental" govt assisted", value when completed, insurance cost, area up and coming or stagnant. The main thing they will want to know is how much can they make. Its all about money, how much are you going to make them!!! Now the nice thing here is for the entire project from start to finish " purchasing of the home through completion" you never have to use your own money. When you find a house they like have them place the amount of purchase PLUS the amount you want for the deal into an escrow account  with the title company that will close the home. When closing comes they will  do a double close " you get your money and they get their house" where courthouses only put into the system one closing so your closing will not be seen on the records available to the public. So your investor will never know how much you paid compared to how much you charged them. Add a minimum pf 5k on deals where the purchase price is under 30K and the price goes up from there. Now thats if you are wholesaling a house, always make sure you give your clients a nice amount of equity, lets say 40%. That number will be very enticing to a potential client because they have alot of room to work with. Always search for new deals your clients are going to start coming and you will need enough homes to supply them. And the biggest thing is have fun if you're not having fun why do it

Offline klproperties

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Re:investing and age
« Reply #21 on: January 26, 2007, 09:49:13 am »
I am 42 and the wife is 45 and we just moved from texas to ca. I had my own home inspection co. for 8 years now. I love real estate and want to keep being my own boss and want to being able to quit my home depot job that I had to get due to not being able to get many inspections here due to the slow market and be doing rei full time by the end of this year. Still looking for that first deal tho. Hopoefully my wife can qiut next year. Been at it for about 6 months since moving out here and about 3 more months in texas a little before moving. Focusing mostly on the dallas dfw area for now.

Kelly

Offline WaInvestor

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Re:investing and age
« Reply #22 on: January 26, 2007, 12:25:23 pm »
No offence but us old folks talk the same language in REI that you do and some of the old folks have been doing it for a while so they have some good knowledge that the younger ones could learn from. Now for me I have only been into REI for a short while and have learned many things from young and older then me alike. Now 53 I know it matters not what the age of my teacher as long as it is good information. Us older folks may not understand all your slang but then again I would venture to say you would not understand all of ours from times gone by.

Offline dsandlin

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Re:investing and age
« Reply #23 on: January 26, 2007, 12:32:48 pm »
i dont think anyone is trying to put others down here. When it comes to real estate it doesnt matter what age you are beginners are beginners and those that have seen alot and done even more are the ones we need to learn from. Age is irrelevant here" is irrelevant spelled right?" Whatever any of our ages are when you stop learning you lose your edge on the market, so whether were 18 or 80 we can learn from each other.  I started my father with an investment property this past year and he's 62.  Its nevere too late to start and never too young either

Offline Garfield27

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Re:investing and age
« Reply #24 on: January 26, 2007, 02:47:05 pm »
I am 28, I have been operating for 3 years.  I am still learning new things everyday.  REI in Los angeles is practicaly not possible these days, so I ventured into Arizona and Texas.  
Metroplex Associates, LLC
Dallas/Fort Worth
Property Management and Sales
www.metroplexassociates.com
(214) 680-4788

Offline NHinvestor

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Re:investing and age
« Reply #25 on: January 26, 2007, 03:54:34 pm »
    I'm 27 and just getting started.  I was always fascinated with people that made big money in real estate.
   I remember the first time it hit me. I was living in an apartment and I was about 20 and a rehabber flipped the house next door in less than an month and made $30k. I thought to myself I wish i new how to do that, but i convinced my self that I wouldn't be able to.  
   About a year ago my father started to hang out with a developer that owns over $50 million dollars in RE.  This developer started out in construction much like my self and then progressed into RE.  I did a job for him last spring and he discussed some of his transactions and about his cashflow.  
    At that very moment it hit me like a ton of bricks that this is what I wanted to do.  Once I had seen someone who started out like me and  become that much of a success I realized I could if I really wanted to.
     Now I know that I am going to be successful because every time in the past that I got his excited over something I acheived it.  It has to be an obsession.    

Offline dsandlin

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Re:investing and age
« Reply #26 on: January 26, 2007, 04:01:05 pm »
glad to hear that you are excited. Keep learning and ask as many questions as you can with your friend.  

Offline TSH_Investor

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Re:investing and age
« Reply #27 on: January 26, 2007, 06:43:26 pm »
23 here. We have been in investing for about 10 months now. We have bought 12 properties sub-2. Learning something new every day. Everything is going fine...we are just in survival mode until we have some cash outs. Best of luck to all.

Offline Jaffman

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Re:investing and age
« Reply #28 on: January 26, 2007, 10:18:38 pm »
I'm 43 and bought my first house back in 1992. I bought programs from Carlton Sheets, Russ Whitney and books from Robert Allen the Seven Habits one. "Yes" this is it. This is what I want to do for the rest of my days. Well I didnt apply any of the good tips and knowledge. What a waste on my part. There was no cashflow, bought it at 98% market value and basically was a headache from the day I signed the contract. That experience put me off RE investing for years but I always had the bug. So here I am over 15 years later. The bug is no longer dormant and this time I've never been more determined in my life. I am SICK of my Just Over Broke and the fighting to get a seat on the train. I am Soooo ready.

Offline melizg

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Re:investing and age
« Reply #29 on: January 27, 2007, 09:47:22 pm »
me i started when i was 22  it just happened so quick i always wanted to get into real estate  i prefer just rentals well i was working in afghanistan  making  pretty good money so i used that  money  to pay of this house i was buying  since  i was 20(with parents help and credit) well i paid it off cash and seen i had a 35 grand equity loan that i could get  its a cheap house well i took the equity loan out and started hunting for houses thank God  and  i really mean it thank God i found a house for 28grand i wrote everything i could think of that the house needed CHA ,getting it level , new roof , new exterior paint , etc..
well i told the realtor and to tell the owners i would give them 20 grand the house the neighbor told me was on the market for a long time well they accepted i put maybe close to 6grand into it  CHA  being the most expensive everything else is still the same  painted the inside and left the out side the same dont want taxes going up actually i got the taxes lowered cause i told them the house was not worth like around 45 grand they where taxing me for i just paid 20 so they lowered the taxes well that said im still working in afghanistan my wife and parents doing the footwork and  bought two more homes  3 rentals in total plus the one i live in  well i did all that in one year and all i could say is i could not have done it as fast as i did with out Gods help and me making good money in afghanistan i dont know about the no money down stuff i used my own money the 3 rentals are all paid for i just pay a low monthly payment for my  equity loan  one of my homes is not yet rented i  had to come back home  so fixing it up slowed down a bit dont want to get over my head well all im trying to say is dont think about it too much  if you dont risk you dont gain and i mean that for everything risk smartly and you will be all right i  know  alot of  people out their dont have the opportunity of making  the money i was making in afghanistan but like i say if you dont risk you dont gain and if you are intrested  in going  out their and make some money send me a message i cant promise you any thing but i will try to send you in the best direction  cause i know it help me out  alot

 




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