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Are you making money in Real Estate or just talking?
blah…blah….blah….
near the stream….curious.
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"I have learned so much thanks to the searchable articles on the FHB website. I can confidently say that I expect to be a life-long subscriber." - M.K.
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Yes, but it took several years.You havent got payed yet have you?
*Aj, I'm just talking. I'm regurgitating a lot of stuff that I've recently learned.WEll, I guess I did make a little in real estate last year. 50k in, 130k back to me. I still own 50% of the deal and it's value is now in limbo....it's being rezoned for luxury condos! Hahahahahaha! Every one thought I was nuts! Hahahahahaha! Everyone thought the partner buying in was nuts! hahahahahahahaha!Our neighbors own a luxury hotel that he dumped a million dollars into (that was the number he told me when he was trying to buy my place). I've heard that he intends to tear down the hotel if the condo rezoning goes through. Am I making any money? No. Not yet, unless you call that 80k money from real estate. I don't. That was just dumb luck. That income is speculative, not investment income. It's not the same.I'm still working the business though. The ads are running, I'm learning a ton. I got sidetracked a little with my Pre-Paid trainings and stuff. I haven't been able to connect the buyers that have a down payment with the houses that I have in my inventory. The ones with no money are willing to live in the rural areas that I have the houses availabe. The ones with the money wont' travel. It won't be long now though. I just missed a rehab deal. The numbers dropped to the percentages that I needed. I was two hours late. You gotta move fast on the deals.blah blah blah, learning my lessons....blue
*The thing I don't understand (and no offense Blue) is I notice all day long he is on this site. How do you make money if your chatting with everyone all day? Now I work a 8-10 hour a day shift for a auto supplier and my job consists of sitting in front of this computer all day. That's how I know Blue is on all day.
*patango.. that 's one of the questions ur not supposed to ask....
*Oops, didn't know that!!!!
*It's easy Pantango. I run a business. I have a crew out there working. I have a foreman. I make money sitting here.That's the reward for doing decent business for a couple of decades.I said I was retiring from carpentry, not retireing from earning money.I worked on two houses last year and goofed off the rest of the year, dabbling and learning. You can put off your financial education as long as I have, or you can start now. The choice is yours. blue
*Mike, I'm surprised at you.I'd have thought you'd have taken a little more of the Cashflow Quadrant to heart.I did.blue
*That last line should be bronzed.Sean
*That last line should be bronzed. ( In reference to # 6 )Sean
*blue ,, u mean the part about making money wether yur there or not.. i believe it .. i do it.. and it gets easier every year..and i did like Cash Flow Quadrant.. my only comment to patango wuz tongue-in-cheek....but u nu that....besides..i've been called out on this board for making too many posts .. and people wondering y i wasn't working..not the most diplomatic thing , is it ?anyhow....u wanna be on me and fusco & aj's flame team... er the other 1 ?when i was living in P'town, this was the time of year when everyone changed partners...here on BT, they just start flame wars..it's dat lack of sun syndrome.. u no.. the one i knew the name of 2 minutes ago.. and now for the life of me...where did i put my beer ?ah, yes...as i was saying...hey, i gotta tell ya.. i'm having a hard time plowin thru nappy hill's book... the guy had some great ideas.. but he's no tom clancey
*I gotta admit, Napolean hill is no poet. I was fortunate to listen to an audio version. It isn't bad on tape. I think we (my son and I) could hear the entire version in one eight hour day. We re-listened the next day. I was so inspired and afraid that if the other guys (they were hunting) heard it, they might get up and go out on their own. The tape is now banned from the work site!I know you better than that Mike. I guess I just got a little riled when Ron slammed me for trying to help Caribouman out with some sensible advice. I guess it's okay to tell a jackpine savage to use a Paslode, instead of hand nailing, but it's not okay to tell a naive 1099 subcontractor to use a lawyer often, early, and always when some weasel is dipping into his retirement!I've been in Caribou's shoes, and wish I had someone giving me such easy mentoring! I had a drunk truck driving dad to cousel me in my business decisions!I'm with you and AJ....Bring on GABJO!blue
*That PrePaid Legal deal is really something. My ROI on my service was a documentable 900%Plus the jail time I avoided. (Long story... bad red neck cop... small mistake escalatated into a major deal. Lucky for the cop he backed off because there would have been major legal and PR repercussions)So if you are smart get hold of Blue... didn't get mine from him so nothing for me to gain.Hey Blue & Mike... wanna come over for a game of Cashflow tonight?
*Read Hill's book 11 times now. I love to read. Got it on 6 cassetes too. Good stuff.
*Thank you Wet Head. I've been waiting for an independent review, either good or bad. My foreman already has a traffic ticket being handled. And he also is running his real estate stuff through them. He said that he was quite pleased at his face to face meeting last week in the atty's office.If they do as bad of a job, on my current situation, as my "full price" lawyers, that I'm still involved with, I'm suing them for malpractice! blue
*Wet head, I love those tapes. We were doing a roof listening to them. I kept watching my son and he was watching me. We both knew that there is more to life than a tossing osb onto a 14/12 roof after we listened to those tapes!My son's gone....he ain't coming back!blue
*I was sold a computer with the wrong recovery software. After 4 months of fighting it they said "sorry, we can't get you the right software"The retailer then said we can't refund your money or exchange it because it went 4 months now. I had contacted them within 10 days.I suddenly rememebered my PPL membership. Called the law firm. I was living in OK at the time and was on a job in CO. Since it was purchased in AR the AR law firm would have to handle it.The lawyer from the AR law firm called me 5 minutes later. Got the facts and promised to deal with it.2 weeks later I went into the store. Tpold them my problem and that I wanted to exchange it or get a refund.The lady started saying no then stopped. "are you Richard XXXXXXX?" I affirmed I was. "Oh, the manager told us about you... sure, whatever you want to do sir. The only thing we ask is if you trade on a new computer that costs more you will need to pay the difference."I went from a $1900 paperweight to a new laptop.Very cool and very smooth.And the cop I mentioned asked me if he could get access to an attorney at 12:30 am like I did. That only costs me a buck a month on top of my membership.I told him no. It was not available for cops. (giggles)Actually I think they even have a special program for cops. I called a lawyer friend of mine in another state to ask his opinion before I joined. He shocked me when he said he was a member. Seems they even gotta protect themselves from themselves. LOLShucks... this sounds like a commercial... well I just like a good thing when I see it. Don't contact me for more info though... Get hold of blue or someone else who sells it. I don't.
*Blue, I know all about pre-paid. One of my associates (in legal terms, an employee of my firm) works in the plan to fill in his empty time. It is not a scam, though I think you tend to over sell it a bit, as it isn't the cure for cancer either. I believe that it serves the interests of contractors pretty well considering the breadth of legal advice they can use in their business and the many, many statements about the law that I've read on this and other sites that is plain wrong.But you do hype it a lot, and that gets tiresome and annoying, no matter how good it is. People put up with it a lot more than anyone would with RK because you have been here so long and have contributed so much. But that's wearing thin too. Why not turn it down a few notches and bring it out a little less frequently.SHG
*Shg, I kinda wonder why you havn't told anyone about this, since you've already had prior knowledge. If you'd have mentioned this product two years ago, I might have an easy 10k in my pocket today, based on last years lawyer spending. Everyone here has seen hundreds of your posts on legal issues, which we appreciate, buy you've never offered the advice to young contractors to get hooked up with legal insurance, any legal insurance, to help them get their business' on track, or to solve the niggly little issues that abound. I've seen people post contracts here for review. And watched guys critique them. Yet, no one mentioned that there is a low cost alternative that will give the right answers from the right people. I would have taken your advice and searched for a legal plan, if you had mentioned it. I would have made my decision to purchase it, based on my local investigations, just like I've done with paslodes, hitachis and whatever other tool I use in my contracting business.I'll forgive you if you only recently learned about it. If you've been harboring this knowledge....shame on you.You can be sure I'll be mentioning a legal insurance plan every time someone new mentions a legal issue. I'll suggest a plan that costs $25 per month. You can suggest a lawyer that costs $200 per hour. That way, the guy with the problem will have two choices to seek out in his hometown. Or, he can do the usual....nothing. That's the third choice.blue
*Blue,I've largely stayed out of this for a reason. I do not agree with all that you have to say on the subject, but do not want to get into a disagreement. For people who are interested, they should investigate it and make their own decision. There are issues with pre-paid and it is not a perfect solution. While I will not disparage it, and I can state with honesty that it is a legitimate program and fills a niche, I also do not endorse it because it has its failings. However, I will not discuss what those failings are because I have no ax to grind with pre-paid any more than I have with any other law firm or program. To each his own.SHG
*Shg, I'm not naieve enough to think that anything is perfect. I am excited that I can test drive something for such a small outlay. If I'm not thrilled with the advice that I get from these attys, I can always seek a "full price" second opinion. The "full price" route is not perfect either. I've got a stack of legal bills on my desk right now proving that. The worst thing about this stack is that we did the "right" thing when we purchased our property, back in 1996. We used an atty all the way. It was a full priced, recommended atty, and he, along with the seller's atty, didn't even read the front cover of our title policy!Legal insurance is as perfect as health insurance is.blue
*Yep, there are shortcomings. Your response is fantastic SHGLaw. Here is why I think it actually may help non-provider attorneys.1. The people who are getting coverage usually aren't going to use your services anyway. Now they are protected and may see (will see) the value of an attorney. If they ever drop PPL I believe they will be quicker to call YOU! 2. This one is a proven fact. We all agree lawyers can use all the good PR they can get. PPL members are usually quicker to defend lawyers in general due to their happy experieinces. 3. It can only help your profession to have average middle class citizens speaking positively abut the need to get a lawyer. Not everyone will use PPL. But, they may call you now.Doggies... I sound like I am selling the stuff myself. LOL For the record I am not.I personally think it is a win win for lawyers as a whole. I still tell lawyer jokes. Just don't ever tell one about plumbers OK? I might feel hurt.Kidding! I collect plumber jokes and cartoons. If you can't laugh at your profession you need to lighten up. Not directed at you SGHLaw... just rambling on in general. Again, your last post impressed me.
*Hey, I love lawyer jokes. No cracks about plumbers though. Seriously, I'm not a big fan of lawyers or the law in general. There is a need, and I'll defend that need, but I have seen far too many incompetent, lazy, greedy and self-serving lawyers to be a cheerleader. As far as I am concerned, every lawyer stands (or falls) on his own, and his or her treatment of clients and their interests speaks for itself. SHG
*Fo get bout the lawyer pyramid selling crapolla...I asked if $$... green... is being made... with all the zillions of hours and $$ being spent on it.Blue.... how much $$ have you spent to make how much $$ in how many months?near the dream fishin in a real estate fantasy stream,aj
*Aj, I already answered. I'm doing the business, just haven't connected the right homebuyer with the homes that I have available. I'm probably being overcautios, and only seriously considering placing "A" credit type people. I've finally gotten a few of them, and several with enough down payment, but the houses and locations don't fit. It's just a matter of time, as long as I stay in the game. After that, each pop will be a minimum of 10k, some up to 20k.I'm not doing this full time. I still have a rough crew to run after. I'm also getting my education. I don't really care if you think this is real estate fantasy. It's a business. I'm doing it. I'll be doing it for the rest of my life. blue
*blue: Good luck with your new venture--- anytime one can use his brain instead of his back, my hats off to it.
*Anytime he uses his brain and brings home the bacon.
*Blue.. i finally ran into the guy in town selling PPL.. he gave me his card.. said he's making about $500/ month on residuals.. and he signed up for their website..http://www.prepaidlegal.com/scripts/odb-get?wit_Template=GENERIC_CONTENT&Content=MAS_INFO_B&Assoc=info_jgdennen&Session=0tell him mike sent ya...
*Thanks Stan. At this point, my brain isn't that good, but I'm trying. Learning the market is essential and I've learned a few things about mine...find another! Actually, mine is alright, but I haven't been searching hard enough since mid December. I'll be back in the hunt this coming week....blue
*Aj, don't be so hard on me. If I started my new business in the Tennis Court installation field, would I turn a profit in the first months? Would I turn the profit, if i didn't have basic construction skills?I'm getting my education, and planting the seeds for my future sucess. It will come. Don't be so angry at me. You kinda remind me of my high school friend who resented me when I quit drinking. I guess I made him feel guilty. He only wants to associate with other drinkers. Now, I'm leaving the construction field, and my construction buddies are resentful. Aj, I've worked over 25 years in Carpentry. That's enough for one lifetime. I'm starting my next 25 years in a different field and attempting to create two different streams of income. I'm doing this, while I still have some "residual" income off my carpentry. I'm sure that'll dry up this summer, especially if things get hot around here (I don't think they will). Basically, I'm diversifying. Since I'm the sole source of income in my household and I don't see any future in building a large source of income in Carpentry, I have to make a change, or head into my twilight years with substantially reduced income stream.I'm hoping I'll be able to look back, ten years from now, and be thankful that I took these baby steps.blue
*Mike, if he's getting residuals, he must have business on the books for more than 3 years. I just completed two days of group training that certified me to market the plan to employers and their employees as a fringe benefit. The frumpy old Grandma that teaches the course started about 10 years ago. The Michigan industry died a year after she started (the state provider firm, in cahoots with the top group marketer, decided to steal the business for themselves, causing massive cacellations and distrust). She was instrumental in resurrecting the business starting about 7 years ago. She is not what we would call a supersalesperson. Anyways, her residual income is $30,000.....per month! That income doesn't include any new business that she's writing. She now has 7000 members on the books here in the Detroit area.I'll share some of her secrets. 1) Get in to see the decision maker, show how the product will make him more profitable in ten minutes or less, as promised. The sole goal from that meeting is to secure permission to speak to the employees.2) Assume that the employees will accept the new benefit and get their presentation over in 8 minutes or less.3) Bring donuts to the bookeepers and make their job as easy as possible by handing them organized paperwork.4) Check in on each business at least a couple of times per year (she has over 100 groups opened).5) Work diligently on every problem that might arise.This lady does not recuit anyone, never has. She does have people in her downline that came to her, wanting to learn and do the business. She only accepts serious "players". She won't "babysit" anyone. She won't sell an individual membership. She simply hands them off to someone in her downline. She won't accept an associate from any of the employer groups, unless they are retired, legitimatly.If all of the employers in Michigan already had some sort of legal insurance benefit, I'd be leery of entering the field. I'm sure you know that less than 1% of them do.... I like the numbers.....If I work as hard at this, as I did carpentry......blue
*I started in rentals 10 yrs ago with no money.I spent a lot of time not getting paid to build inventory while I worked for the public. Its been a hard road to hoe. I now enjoy an income from the rentals that will be there the rest of my life unless something bad happens in this town out of my control. For me, it was never about the money now.It was about an easier future. Everyone knows what we do is hard. We certainly have the choice to change that and make it better. My dream is to one day worry about which hole Im going to fish today. I still have more inventory to buy, and many hours with out getting paid ahead of me. Im ok with it.
*Tim, I like your attitude. I am strivng to learn to delay gratification now for a better future. The stupid things I have done in the past are haunting me to the tune of $40K. But in 2001 I increased my networth from -$35K to -$25K. This year so far by another $2K and by the end of Feb I will have whacked off another $4K.Feels so good. I know all about RK's teaching on debt, etc but this is BAD debt that has to go. Next month I will also put aside $2K to invest.Hey Blue... as soon as Cashflow is available to play online I would like to play a game with you...???
*Wethead, we've played that Cashflow game. It is an interesting game indeed. Its not worth the money that it's sold for, but then again, if you need that lesson, it's a cheap buy.My brother benefitted from the game (he bought it). It made him see the light and he has made significant strides to repair his poor financial situation. I easily have a much higher net worth, although I've always lagged far behind in yearly earnings (he's a Senior Project Engineer, in charge of the Jeep light division at Daimler Chrysler). His credit score is significantly lower than mine, even though there were some years that I qualified for the EIC. Keep up the good work on that debt whacking. And don't wait for your net worth to get in the black to start your investment business. As long as you have some holding power, jump in.blue
*thanks man...did you get my e-mail offering the tapes?
*Yes I did! It is a very generous offer indeed. My address is:Jim Allen4665 Cusenza Dr.Otter Lake, MI 48464-9721You can call me toll free at (888) 284-2264I'll have to send you a package of tapes in return...as collateral. What are you interested in hearing? Um...real estate? Asset Protection? Motivation? blue
*i I'll have to send you a package of tapes in return...as collateral. What are you interested in hearing? Um...real estate? Asset Protection? Motivation? Debbie does dallas...
*Luka, I'm way too old to be interested in that....You'll have to find a better source...blue
*truly a classic ...<>
*I've never seen it. Heard it referred to on a sitcom once. Kinda stuck in my head since then. I wuz yanking Blue's chain.b : )