I know this may be premature - especially, since I haven't made a successful deal yet - but I am setting in stone a (maximum) date when I will "retire" from my present JOB. Initially, I heard that investing can take 10, 15, 20, or more years before one can get to a point of supporting themselves and their family solely on REI. However, I've heard others say that the process can be much quicker depending on how aggressive you want to be - for example, 1-2 years, and in some instances the time is measured in months. Therefore, I've set my JOB "retirement" date for January 31, 2007 (roughly two years from now). I originally expected it to be realistic 10 years, and then 5 years, and then 2 years from the date of my first successful deal. But I realize that those dates were not aggressive enough.
January 31, 2007
I've made both a mental copy and have plastered the date on everything that I could find.
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3 comments:
That's great!
I set my date for June of 2005! I was lucky and I found a new construction deal that should net a profit large enough to give me and my family one year of living expenses, plus a good amount of cash to reinvest in other deals. I should realize this profit around June, therefore that is the date I set. Then I will have one year full time to work on REI and earn income to keep it going beyond that.
Best of Luck!
Dozer
Dozer - Glad to hear that! I feel setting a (realistic) date makes me plan my attack a lot better. I actually hope to quit my JOB sooner, but I have to see how well I get up-to-speed. No sucessful deals yet, but I'm learning a lot. I figure with the 100:30:10:1 rule, a deal should be just about to happen. ;-)
Scott - Thanks! Not sure if the spreadsheet is public domain, but I'll ask my RE agent. Frankly, I'm more used to the spreadsheet at the REIClub web site (http://www.reiclub.com). Just click "Free Real Estate Forms" in the left-hand column. On the resulting page, click "Cashflow Analysis" to download the dpreadsheet. I tweeked mine to include appreciation and several other things.
Hey Joe -
I wish I could say the same. Perhaps I'm just in the wrong career. I am a software engineer, but my daily duties are more administrative than technical. I am in charge of our department's hardware inventory, handle accounts payable, put out a monthly newsletter, and handle content on our internal web site. Oh, and I'm in charge of product QA when I'm not doing any of the preceding stuff. Add to that the ever-increasing feeling that my job will go to India or China any day and having to work 45 hours (minimum) every week, and I am ever ready to quit. Discussing the ever-increasing workload to the higher-ups should be the normal course of action, but where I'm at the littlest objection to your work can put you on the black list.
The only problem is my - ok, to be honest, OUR - lifestyle has kept pace with my salary. I make near six figures and completely replacing it with another career completely (like REI) will require substantial passive income to keep pace. This is one of the issues I have with my spouse. I was born poor and can easily live well below my means without blinking an eye. Conversely, my wife's life has been almost the complete opposite. :-(
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