All Forum Posts by: Mike Jordan

Bro, I would first invest in some punctuation. My head hurt from reading that.

Originally posted by @Mike Jordan:

Originally posted by @Mike Dymski:

I recommend to keep on analyzing lots of properties, whether you purchase or not.  Real estate investing is not a complicated business.  It just takes persistence and putting lots of potential opportunities through the deal flow pipeline.

 What can I earn analysing  deals  since I cannot have cash and I could not borrow further money, currently I am reading books , listen to bigger pocket proadcast, networking.etc 

Learning how to generate deal flow and learning the market are they keys to REI. You already have experience in the other stuff...taking down and managing a deal.

I also recommend telling yourself a different story than "I don't have cash or financing"...there is all kinds of money looking for deals.

Originally posted by @Mike Jordan:

Originally posted by @Mike Dymski:

I recommend to keep on analyzing lots of properties, whether you purchase or not.  Real estate investing is not a complicated business.  It just takes persistence and putting lots of potential opportunities through the deal flow pipeline.

 What can I earn analysing  deals  since I cannot have cash and I could not borrow further money, currently I am reading books , listen to bigger pocket proadcast, networking.etc 

You'll have to figure out how this might apply to real estate investing, but the best way to learn how to invest in the stock market (in my opinion) is when you have no money. You identify companies you think are "sure winners" and "buy" $10,000 worth of each one. You can do this on Yahoo Finance where it allows you enter your portfolio information (you're just entering paper trades rather than real trades). When I've done this to see how much money I didn't make because I didn't use real money, I ended up learning how much money I didn't lose because I didn't use real money.

To each their own. Stay in your job if that is what you want, but quitting your job in a relatively short period of time is possible. I went all in on RE in 2008 and by 2010 I had quit my job and could have done it by 2009. Buying cash flowing rental real estate that you can add value to, will allow you to create a strong passive income. I was fairly aggressive and within a few years bought around 15 units, but even a less aggressive approach will allow you to get there in under 10 years (if done right). This can all be done with very little seed money (I invested $20k of my own money). 

One thing I will say, is that it is market specific. I think that doing what I did in todays market is much more difficult and has higher risk. It can still be done, but may end up taking a few more years. 

I recommend to keep on analyzing lots of properties, whether you purchase or not.  Real estate investing is not a complicated business.  It just takes persistence and putting lots of potential opportunities through the deal flow pipeline.

At a residential facility I work at clients often try to vape in their rooms. The oils are messy if spilt but the major issue is it will set of smoke detectors. I would assume if yours are hard wired they will be going off often and if battery the batteries will be removed the first day. Whether you care about that is up to you.

A little scepticism is a blessing that helps us plan for risk, see what could go wrong, and not take foolish risks. These are all good things. It's ok to go slow and find what works for you or find someone doing what you want to do. Don't let your scepticism interfere with your opportunity to learn new methods, techniques, and strategies. If it's still not right then find another wealth building tool. There are many out there. Good luck with your investing!

Just like any investment.... do your research and minimize your risk. There is never a bad time to invest in real estate, but there are certainly bad investments out there. Waiting to invest will always cost you money.

In my case, I always make rookie mistakes when starting something new. To limit the damage, I invest only a small amount of money ("toe dipping" or "pilot trading"). Then as I become seasoned, I'm willing to ramp up the amount of capital I put at risk.

@Mike Jordan I am not sure what your goals are, but there are few investments less risky than buy and hold rental properties in good areas. I think the average person can easily build up a replacement income over a longer time horizon. You are correct though, that this is not a get rich quick scheme. In fact, I would consider it a get rich very slowly scheme.