"Make A Living Quick" Scheme?

2 Replies

So I've began reading "The Ultimate Beginners Guide To REI" for the third time now. I've decided that this time, after each chapter, I'm going to hop on the forums and ask any questions I have concerning that chapter. I've just read chapter one so here is my first question:

I know that real estate investing generally is not a way to "get rich quick", but how about "making a living quick"? I don't have any fantasies about getting rich. All I have is a "dream" of freeing myself from the regular 9-5 working life, and I see real estate as a potential way to realize that dream. Am I correct on that assumption? Then to my next question:

In order to make a living investing in real estate, will I need to go at it full time or can I get a way with part time investing while still working my job to eventually free myself from that job? Third and last question:

What are some of the best ways to invest in real estate to make enough to live doing it?

Thanks ahead of time for any responses. I would especially appreciate hearing from anyone who currently makes a living through real estate investment and how they reached that point.

Hi Terry,

Glad to see you here on the forums. First of all, I think you have some valuable questions, and you seem pretty realistic about your expectations. I can say from experience that what you´re looking to do is pretty realistic, but the overall answer is ¨It Depends.¨ The simple key is making your investments for cash flow, not appreciation, as you´re looking to replace your income working for someone else. The easiest way to get started in that is to minimize what your actual expenses are in the first place, so when you´re looking to replace the income required, the lower the amount the easier it is. 

From there, it depends on what your living expenses look like. Are you single with no dependents? Married with three kids? Obviously the options look a bit different. If you´re single, I´d recommend a tactic commonly mentioned here on BP, and that is to buy a multi-family property to start investing and lower your own living costs (potentially living for free). That may be a feasible way for you to move towards full-time work more quickly. If that´s not realistic for you, then I would say it´s more plausible to remain in your W2 job for now and invest on the side in projects that maximize cash flow - when your cash flow exceeds your current income (or meets your comfort level), you can transition to full-time investing. 

Thanks David. Great reply! Yeah I was thinking the multi-family unit would be the most feasible option, but then again I was thinking maybe there was an easier way, like investing in notes...

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