Quote:
Originally Posted by youthpastor
hmmm. I wanna build hot rods!!!
I am just nervous on when to jump and leave a good job  |
You don't "jump" until the opportunity is right... timing is everything... and you do have to live and eat while you're watching for the correct moment to make your move.
It's like what I said earlier - albeit a bit differently... but sometimes you have to work 2 or 3 jobs until you get noticed and can make a move.. which means in your case - you work full time - and build hot rods in your other full time... It takes longer and you won't have a life...
A quick story about a friend of mine. They owned a restaurant - worked FRIDAY and SATURDAY nights etc... made homemade soups - she has hilarious stories about chopping carrots etc. They bought a rental house - and in between tenants etc - did their own painting and cleaning. With this modest amount of success - they bought another... then bought a duplex... all of this over a 4 year period... but now they're running the restaurant AND still doing their own painting and clean up etc... which was becoming too much work. So they sold all of the rentals and bought a small apartment complex with about 20 units in it. They gave a "deal" on one of the units to a guy that worked full time - but doubled as their handyman. They continued with the restaurant and acquiring a couple more small apartment complexes. This was about 25 years ago... at some point they started to buy larger properties with the tried and true "LLC" investment style. They sold the restaurant and invested in their first "larger" complex with about 200 units. The LLC (limited liability Co) model is where they find the property - put up the earnest money (tie up the property) - then sell "shares" in the investment with a 'return' percentage (the ones I own with them pay 7%)... they raise 35 or 40% of the price from their investors and use this for the downpayment and improvements - they maintain 51% ownership and their company runs and manages the property for a percentage. They now control or own 100O's of units... and bought the house across from me (my old house on Yarrow Point) for 6 million dollars...
Did this happen overnight... oh hell no! It took YEARS of hard work... but I can tell you now that they're certainly enjoying the fruits of their labor.