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Author Topic: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???  (Read 30527 times)

Offline GOD WNZ

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #30 on: May 08, 2007, 06:34:41 pm »
Guess I've just been smokin' salmon. :eyecrazy
Creating and Retaining Wealth Through Real Estate

Offline DealMakerGH

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #31 on: May 09, 2007, 09:29:59 pm »
Does anybody out there REALLY net over $200,000 per year investing in real estate?
Faith, hope and courage. Don't leave home without them.

Offline Roger J

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #32 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
www.HickoryNCHomes.com Search for all Hickory NC Homes for Sale.

Offline DealMakerGH

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #33 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
Faith, hope and courage. Don't leave home without them.

Offline Roger J

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #34 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
www.HickoryNCHomes.com Search for all Hickory NC Homes for Sale.

Offline DealMakerGH

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #35 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
Faith, hope and courage. Don't leave home without them.

Offline GOD WNZ

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #36 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
Creating and Retaining Wealth Through Real Estate

Offline Roger J

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #37 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
www.HickoryNCHomes.com Search for all Hickory NC Homes for Sale.

Offline DealMakerGH

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #38 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.
« Last Edit: May 11, 2007, 09:25:00 am by DealMakerGH »
Faith, hope and courage. Don't leave home without them.

Offline Roger J

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #39 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
www.HickoryNCHomes.com Search for all Hickory NC Homes for Sale.

Offline DealMakerGH

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #40 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
« Last Edit: May 11, 2007, 09:52:47 am by DealMakerGH »
Faith, hope and courage. Don't leave home without them.

Offline Roger J

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #41 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
www.HickoryNCHomes.com Search for all Hickory NC Homes for Sale.

Offline DealMakerGH

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #42 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
Faith, hope and courage. Don't leave home without them.

Offline propertymanager

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #43 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   
www.1MinuteToRentalPropertyRichs.com 
This No-Hype, No-Nonsense Book is a step by step course in making money and building wealth with rental properties!  Everything from buying properties at a discount to dealing with terrible tenants.  Now In Paperback!

Offline ericmedem

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Re: HOW do YOU make over $200,000 per year FLIPPING or WHOLESALING ???
« Reply #44 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.....


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