How can I make a "LIVING" in Real Estate-NOW?
I use to flip houses, and sold some on LP's. When the market crashed I got out asap.
Last-year, spent over 3-months looking for a deal/flip and came up with nothing! Networked, letters, cards, you name it. 10 years ago I could find a deal in a week. I was a full time Realtor then, retired my license to flip houses. I still have MLS and CRS access too.
There is only one real wholesaler who is actually "doing the business" in Nashville that I know of, and he has yet to find me a deal. He's on TV with mega ads during prime time, office staff, marketing, etc, etc. He gets plenty of junkers/low income/rental houses, but nothing in areas that I want that I'm use to being in. Non-ghetto in other words. At the local REIN meetings it's all wanna be wholesalers trying to build a list, they never have any deals. Some call occasionally with no deals and comps that aren't even real comps, then I have to explain to them what MAO is and 70% minus repairs is the only way it works, and that buying a property for 80% of ARV before 1 dime of repairs, does NOT work. If I wanted to make-"nothing" I'd keep buying and selling cars thru my friends dealer.
I need to make a "LIVING"-NOW, could care less bout 40 years from now, or chasing dead-beats for rent every month. Flips/rehabs are all I care to do, get in, get out. I'm trying to stay in my own backyard, and not have to leave my family and run off to south Florida, or Phoenix. I talked to a guy on here last year that lead me to a wholesaler in Phoenix. I'm still on his list, but in a phone call to said wholesaler he told me the market had got soft, and a former wholesaler in the area also told me the same and recommended I look other places for now and that was October last year.
Anyway, as much as I despise rentals, if I knew how to make-a-living-NOW at it, I would get into it. I currently have about $230,000 cash available, and a 805 credit score. But with bank ridiculous requirements, limitations, etc, how does it work without private money? Buy land, build a 200 unit apartment complex, ok... how can I put that together and make it cash flow $200 or more per door and meet all other obligations?
Any suggestions/explanation of how I can make a "LIVING-NOW" doing anything in Real Estate and stay in my home area would be greatly appreciated. I can scrape by for now on $5,000 a month but need $10,000 to live or gonna have to sell it all.
Thanks.