Real Estate Investor · Cebu, Philippines · Member since 2008 · 297 posts · 5 votes
First off I hope this is the correct sub forum (BP is over loaded with sub forums)
I am wondering how many BP members live solely off of their real estate. By this I mean a person who doesn't have a job and isn't living off of a trust or some kind of investment other than real estate.
I know only one person personally who is one hundred percent supported by their rentals. He hasn't had since he was twenty and he is in his seventy's now.
Travis
not sure if I understand your request, but I think a lot of your replies are from folks that are having to flip and work real estate to survive. My story is pretty well known on BP and I actually retired and walked away from having to continue working to survive at an early age.
My timeline is as follows:
1. At 19 (67-69)I went to Brazil to serve a mission for the Mormon Church.
2. At 21 married my sweetheart and tried College.
3. At 22, had a janitorial company and obtained CA real estate license.
4.From age 23 to 29 bought and sold real estate. (lots of real estate!!)
5 At age 29 retired to Nipomo CA owning a lot of real estate and 1.6 million in notes. These were the days of 10-12% interest on notes and HIGH inflation. I was receiving approx 17K per month without leaving my home.
Other than a job as a janitor, and working for a Broker for 2 years, I've never had a job. During the last 34 years, I've continued to dabble in RE with my own properties adding more net worth. I've personally owned over 1000 sfrs and thousands of apts, built 75 spec homes, flipped 30+ homes,and started 2 different property management companies for a couple daughters.
I use 3 different management companies to manage properties and a personal assistant to oversee the managers!
In my spare time, I travel: Have visited 105 countries,47 states (last 3 will be next summer), all the continents and taken 43 cruises. I also spent 6 years as fulltime RVer.
Other than "dabbling" in real estate, I've lived off the income generated and properties owned since 1979. Please count me as the second person you know that has lived completely on my real estate owned and income generated. I'm 63.
It is 4 a.m and I've been up 2 hours. I bruised/broke ribs yesterday and difficult to sleep!
For more info on my RE involvement, check the Meet the Investor section on BP and/or see me in Denver for the BP 1st annual seminar in March. Merry Christmas. Rich
Bumping this since it is very ispirational to me as a newbie, so thought it would do the same to other newbies.
Too bad I didn't find this forum much earlier. We just started actively investing in RE just 2 years ago, although we started renting by accident a few years before then. We are doing quite well so far and hubby actually quit his job 4 months ago and I'm following suit in the next few months to make it full time in RE. We do have some reserve to make sure we can make the ends meet but were confident that we'll make more opportunities by not having full time job and be more focused on RE.
Started out through Fortune Builders (I know, right?) 18 months ago, went all-in with a business partner to do flips.
Roughed it for 6 months on our own, had our first deal under contract (from a bandit sign), HML bailed the day AFTER we were supposed to close. Called our entire buyer list, someone took over the deal the next morning. As we were talking that morning, the founder of the company offered for us to come on board with his group to learn, the rest is history.
It's been a year since that first rollercoaster deal, now directing acquisitions for the company, getting free mentorship (risk-free learning), our team has doubled from 4 to 9 in the past year, now mentoring other folks trying to get started as well.