thanks Michael,
Yeah, I agree with you, I find this site to have some good daily action. Have also tried bigpockets, but sometimes I swear it doesn’t even load and let me in the forums.
anyways, thanks a lot for the suggestions, appreciate it. enjoy reading your posts.
taxlienadvisor
Youre Welcome
Do you think anyone would like to sit in on a round table conference call with Rob, Dennis, yourself me and a few others… It might be fun…
Just thinking…
Michael
absolutely Michael,
I would certainly make time for that on a one time, weekly, bi-weekly or monthly basis…whatever you have in mind I’m in.
I got a great web-designer & IT guy who is not the most real estate savvy person, but he is real intelligent and quickly learning, I think he would like to do the meetings.
Him and I are going to start a new side business building individual & business websites. We have found a great way to get all the leads we will need. He builds them, and I’ll find the customers. I’ve also been trying to learn what I can about real-estate based websites through the forums, we feel it may be quite profitable, he is sure he can build great sites If I can help him with what is most important. They discuss it a lot on real estate forum.
Anyways, please let me know if you need me to find other people. I’ll let you coordinate it, let me know if I can do anything to help.
Really cool of you to offer a spot for me, I’m always trying to network with very experiened investors & mentors like yourself and the others on this site.
Hope it happens.
Have a glorious & prosperous first week of February.
A one year deadline is very tight.
A few years ago I left my full-time job, to go full-time with investing (though investing in real estate is only part of what I do; I also invest in coin operated businesses/assets and stocks). However I spent 3-4 years prior to quitting my job building up my assets, and putting a years salary in cash in the bank AND a years salary in stock. And I had a years salary in credit ready too, for emergencies only.
Why? I had a relatively high paying & fun job, and I absolutely never wanted to work for someone else again if I left that position. And I had a (at the time) big mortgage payment, and a pregnant wife at home. So I refused to fail. Failure was not, and still is not, an option.
And I succeeded, and succeeded very well. Now I make money at a level some people would consider mind boggling.
IN SUMMATION - you should keep things simple. If you don’t have enough emergency cash in the bank (at last 6 months worth) and enough income coming in from your part-time business or investments whenever you leave your job - you need to find yourself another full-time job for the meantime. Once your part-time income meets and preferably exceeds your job income ---- you will be financially free and ready to move on.
Cash flow and savings my friend…cash flow and savings.
Run a spreadsheet on how much you need to live each month, then add 10-15% to this.
that is your cash flow number. I don’t think it is possible to make passive income if you are starting from zero in a years time to cover your nut but stranger things have happened.
I’d figure out a way to make your monthly income in the REI industry. Debt consolidation, loans, etc. Then focus on making money to grow your business.
Six months to a year of monthly expenses in the bank is also a good way to go.
Ideally you will have both.
Hi Michael,
point well taken on the idea of advertising as much as advising…I’m glad you mentioned that, I did not notice or was not aware of the advertising…but that is not the important thing here…the important thing is to answer questions honestly & truthfully, and give the best thorough advice possible…If people want more information from a particular party, that seems fair and is there right to do so…I will be mindful of what I’m writing and stick to the basics
A good friend of mine, and a wise man once told me my favorite quote…“You’re life really never begins, until you make a valiant effort, to do your absoulte best, to help another person, without expecting anything in return.” -Glen
I agree with this statement very much, I believe there is no such thing as something for nothing. The more you try, and the more you succeed in helping others, will bring more joy, wealth, and happiness into ones life. It is simple law of attraction stuff
thanks
I noticed many people have stated that one should have 6 months to a year in savings before considering going full time. I basically have 1 year worth of income coming from my job (including severance). I also happen to have alot of time on my hands to build this business while I am still employed.
This is my plan…please provide any feedback positive and negative
As I mentioned on my first post if I have to get another job next year I will. That would not be too hard for me but it would present another problem. I live in Long Island, NY and currently work on Long Island which is convenient. However, if I need to get another job chances are it will have to be in NYC which will eat up all my time. That would definitely make it very difficult to work an RE business because much of my time would be taken commuting and working. I would basically have to leave my house at 7am and return around 7pm. So I feel that this year is my only real chance to dedicate the time required to make this career change.
By the way I would love to be a fly on the way if you do a round table conference call.
MichaelQuarles…I just downloaded your “Setting Goals” e-book and I thought it was great. I used the goals worksheet at the end of the pdf and I agree that it helps to write them down so you have something to strive for.
Thanks for this…
I became an agent to learn the business and fund my real estate investments.
It worked.
The more income you have the better.
Figure out what you want to do. Determine how much time it will require. Decide what you want to do with the rest of your time.
Remember that your time is the most valuable asset you have.
You want to try and grow efficiently - so if you aren’t using 60 hours/week as a full time RE investor then you should have some sort of secondary income source.
good luck to you.
I wouldn’t pay for a mentor however education is key.
Taylor
Hey guys,
no one is trying to fool anyone around here.
I"m a mentor myself and some people do need hand holding to get their first deals done and when they switch strategies and techniques.
No one is saying that we wont’ mentor people or that it isn’t part of our business. The benefit here is that people with real needs can get ‘free’ information from people in the know. WE still provide valuable feedback here for free.
If someone feels they need a mentor then that is a choice they will have to make.
All I know is speaking for myself, I went for years reading books and taking home study courses. It wasn’t until I got with someone who was actually doing REI that I did my first deal in one week. I don’t think that is a coincidence.
Have fun
Dennis