Adams, MA · Member since 2013 · 24 posts · 3 votes
If you are uncomfortable answering this question, please don't.
Also what do you do to make your money(flipping, renting, building, etc.)? How many properties/units do you work with? Also how many years have you been working in real estate? Just a rookie trying to find my niche! thank you
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Nathan hit the nail on the head. While I have no issue disclosing how much I make, it really won't provide much information about anything -- there are plenty of people who make much more and plenty of people who make much less. Real estate income is all over the map -- many make close to nothing and many make six figures, high six figures and seven figures.
Focus on being the best at whatever niche you attempt (more importantly, focus on ADDING VALUE), and the money will follow...
Charlotte, NC · Member since 2013 · 10 posts · 0 votes
13y
With all due respect, this is not to be unexpected from a beginner. I say this because i am too a beginner and have another business and at one point i was, and many others i met was too, curious about these questions. However, you will be on here for days finding hundreds of different answers. The reality is how hard you work, network, and search for good deals will get you where you want to be. That sounds simple enough does it now? The real truth is its not how hard you work but, what you do spending your time working hard, not how hard you work. Then it's not how you network, but who your networking with....that one could be taken vice versa. And not how you search for good deals but where you search for good deals..... As well as how you search for good deals. I hope your not as confused as I was when I got that answer from my first bit of advice from someone from my other buisnes. If you are, then congratulations..... Welcome to the club.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
13y
Nathan hit the nail on the head. While I have no issue disclosing how much I make, it really won't provide much information about anything -- there are plenty of people who make much more and plenty of people who make much less. Real estate income is all over the map -- many make close to nothing and many make six figures, high six figures and seven figures.
Focus on being the best at whatever niche you attempt (more importantly, focus on ADDING VALUE), and the money will follow...
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
13y
Chris
It is more valuable to determine how much YOU want to make.
I have 2 buddies doing wholesaling one makes over 100K but can do a deal for as little as 1K if it only involves 2 phone calls. Another wholesaled a deal each week for a year 15K each earning 60K a month for properties they didn't own.
Flipping I have a friend who target 50-60K per deal, he is trying to build up to a deal a month.
For Cashflow the formula is 100 month profit per unit. If your goal is 10K month then you need 100 units. If you will be giving the investors 50% of the $ then you need 200 units. If you buy duplexes you will have to buy alot of them. Buy bigger you could hit that target in your first 3 deals.