What would it take?

[investinAK]

Ok, as some of you may or may not know-when I set my goals, I set them high! I have major aspirations, and plan to achieve them all. My mom once told me, "if you are going to dream, you might as well dream BIG!" Now, I understand that goals also need to be "reasonable" so that you can achieve them and so you don't get disappointed, but I believe these longer term goals to be reasonable. Here is my question:

In thoery is it possible to make more than $750,000-$1,000,000 per year in the real estate investing business? Within the next 5-7 years, I would like to advance my business to net close to $1,000,000+ per year. I want to run a large investment corporation. Are these things possible? I know it will take hard work and long hours, but these are things that do not frighten me in the least. I also want to invest nationwide, in all types of markets. Now, should I continue on my chosen path or should I take the one below?
:SM040: (rock star!) :)

[Aldo]

Yes, there's a difference between dreams and fantasy (no, the other kind). The dream (say, fantasy) you ask about might equate to climbing Mount Everest while wearing tennis shoes. I won't say that it can't be done, however.......................

[investinAK]

Guess I better buy some really good wool socks then eh? :)

[Dan Auito]

You're twenty years old Ryan! Nobody gave me support like your getting at 20 years old. This technology did not exist! If you decide, which I think you have, to pursue real estate for the next twenty years with the dogged determination and will that you have shown here, than I can almost certainly guarantee that you will be more well off than 95% of the population at 40!

You're probably not going to make a million dollars in your first year, but continued learning, application and management of time, talent and resources practically applied to achieving reasonably stepped goals will take you places that only 5% of the population ever goes! Harvard studies prove this.

Take some business classes at the community college and enroll in a real estate law class to begin preparing yourself for the future, in your spare time do real estate deals, take an appraisal class and a business law class as your first two steps.

You my friend have the opportunity of a lifetime! Class is is session :SM017: :SM117:

[investinAK]

That is excellent advice Dan, and advice that I will most certainly take to heart! :) I do plan on eventually getting my MBA,(a dream of mine for as long as I can remember) when I can afford it through some RE deals, so hopefully that will cover my business classes at the community college! I will also take the R.E. law class and appraisal class in the near future--do you know of any appraisal class teachers up here? I have tried searching the internet for them and cannot find any.

Now, while I most certainly don't expect to make $1 million this year, maybe next year I will! Just kidding. :) I hope to someday make $500k-$1M/year, so that I can entertain my other passions. (Disneyana, travelling, exotic/classic cars, flying, Star Wars etc.) As well as put my kids through the best colleges possible-should they decide to take that route when the time comes. I feel this site will help me with not only my short term goals, but also my long term goals as well. I have a yearning for learning, and I know that it will pay off in the long run!

:)

[REIaddicted]

SPEAK POSITIVE

Instead of saying " when I can afford it" get that CAN DO attitude now...

I am going to take an appraisl class
I am going to take a business law class
I AM going to send my kids to the best college

THEN put feet to those words. Get a schedule of classes and cost from the local community college, plan a schedule, one class at a time...

Save your change every night.... buy store brand TP instead of the $5 rolls, Eat Balonga for lunch instead of buying lunch out... Toss all that extra savings in the jar. When the next class starts, go sign up and TAKE the class.

Those are just examples, but you get the drift! Keep looking for properties diligently everyday and soon the $ for the classes will be there.

Speak in the positive son ! Step out in faith and put action to the words!

[Dan Auito]

Ryan, you might look into finding a multi-unit complex near a college and working a deal with the owner to try and acquire it. If you have five rooms to rent AND actively manage the property while you live there too, this could be a springboard for the future.
Stay in the college environment near the university and work that area for the long haul, it has proven to be a lucrative niche but only for those who are young enough to undestand the clientel and have the fortitude to go through with it!
Check with real estate schools locally and the colleges for those appraisal school classes! :icon_mega MOVE OUT SOLDIER

[Dan Erickson]

"And the word became flesh"

What we say, how we speak affects how we act and what we believe. We can do whatever we set oour minds to do. Rip the word impossible out of your dictionary. Thomas Edison attepted to creat electric light over 10,000 times, but he was determined and did it. The Wright Brothers were told they would never fly. Believe in fairy tales... there is always a lesson in them.

And yes you have a great head start.

As far as being a rock star, that is possible too. It's all up to you. For me, music is my biggset passion and I am also currently working toward creating a music publishing company. My goal is to create wealth through business, real estate, and music.

[investinAK]

As far as being a rock star, that is possible too. It's all up to you. For me, music is my biggset passion and I am also currently working toward creating a music publishing company. My goal is to create wealth through business, real estate, and music.

That is great that you are pursuing your passion Dan! Music is wonderful, and it is one of my passions-though not at the top like you. I have played guitar since I was 13 or 14 (6 or 7 years) and have loved it since I bought my first guitar at the local thrift store. :)

Thanks for all the advice peeps! I am staying positive, and I am most definitely saving my pennies every day. Only time will tell which path leads me to great fortune! :) Hey, at least I said "When" rather than "If"!! :) I was just reading one of my books, and the guy started investing in real estate PART-time at age 34 and then retired at age 50 with a SEVEN figure annual income, just from his properties. Now, I know this is not typical, but it proves that it IS indeed possible, especially if I am starting 14 years earlier than he did! :)