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Okay I knew it was coming for a while but I will become
an ex employee in 2008.
The company I work for will be aquired by a chinese
company and my services no longer required.
What to do next.
1. Get a new job – Not my 1st,2nd or 3rd choice.
2. Go at real estate full time.
What should I do first.
I have a few ideas, what do other people suggest.
I know other people on this board musthave been through this including Jack.
I am looking forward to this new challenge.
Any words of wisdom are welcome.Anonymous
I have not had a JOB since 1994 so it would be hard for me to advise you. I QUIT voluntarily after I discovered I could make more money doing real estate full time.
The answer to your question has a lot to do with
1) do you have financial reserves to pay the bills until you start making enough money regularly with real estate
2) do you have a spouse who is working full time that can support the family while you are getting your real estate business going
Give me more details — email them to me if you like at email@example.com and I will ASK JACK then record the call for you on Wednesday.
p.s. This is probably the best thing that ever happened to you. I know it must seem scary now, but it could be just the push you need to go full time.
Jackie’s questions are valid, and the same ones I would ask. If you can survive financially and your wife is behind you, I would go full-bore into real estate.
We have enough money to last at least a few years if need be.
There are so many areas in real estate to make money.
What I am struggling with is the best area to focus on.
I am sure there is no right answer to this question but any
help getting and staying on the right track would really help.
I will ask Jack tomorrow. Where do you live? Southern CA? that will have a lot to do with which thing you latch on to with real state.
I will send you an email as soon as your AUDIO answer is online.
Hang in there buddy! We’re right here to help!
My suggestion would be to go after master leases hard and heavy. That will create cashflow and could get lead to even better opportunities later. You don’t want to buy any houses unless you can get them way below market and with seller financing – preferrably with 0%! Rentals will be a hot commodity because of all the foreclosures. So a master/performance lease would put you in a good position.
Let’s see what Jack has to say tomorrow.
Thank You everyone for the words of wisdom.
I do like the Master Lease idea.
I am at Walter’s Loveshak this week, so I am getting lots of ideas from both the great members of this website and all the super people at the loveshak.
Lots of food,wine and real estate discussion.
What is a master performance lease and when should it be used?
Jack’s AUDIO answer to your question will be in the Learning Annex under Jack’s Q & A later this week.
Jean, A master lease is where you lease someone’s house ( no option) and then sublease it to someone else.
Example, you get a master lease for $650 a month and you sub lease for $1000 a month.
You can learn more about this in the Learning Annex under Landlord Tools – watch David Tilney’s video lessons.
GREAT – and SAFE strategy to use these days!!!!
I got fired and I while I was attending a Steve Cook seminar and he said “congratulations”. It was the best thing that ever happened to me. One thing I learned in Corporate America “promise the customer everything and give them barely nothing!
If you have enough money spend it very wisely. You can learn so much on this site and Jackie is alsways here to help you.
You can even get a part-time job to tide you over. Don’t waste this golden opportunity.
First let me say CONGRATULATIONS!!!!!
That’s my response whenever someone tells me they’ve been laid off. It’s an odd response and can sometimes be misunderstood, but I really mean it. You have no idea how good this is for you!
I was laid off in 2003 and haven’t looked back since. The specifics of your situation are unknown, but one thing I’d say do is study EVERYTHING on this sight, but narrow it down to what your needs are NOW. And keep it simple. Don’t over complicate things. Do deals and make $$$$.
I just finished listening to Jack’s answer. – TOUGH LOVE
Everyone should listen to it!
I don’t think I gave Jack all the information he needed.
I am 39, my background is Electrical Engineering.
The last 3 years I have been in Sales and Marketing.
I have been studying real estate for about 3 years,
I have 6 rentals.
I have a large Real Estate Library which
I actual read and listen to every week.
I have read all the books to get a real estate license,
real estate principles, real estate law etc.
I have attended David Tilneys classes.
I attend 4-5+ real estate seminar a year.
I am not just diving in without some prior thought and study.
I have been evaluating several deals a month on a very part time basis.
Jack Classes I have attended.
Negotiations,Options,Land Trusts,2 Cruises,
Las Vegas Pow Pow.
I have also attended classes by Jack Shea,Peter Fortunato,Dyches Boddiford,John Schaub, Walter Wofford.
I have listened to something from probably every guru out there.
So do I have a basic understand of Real Estate – YES.
Do I have some sales and marketing experience – YES
So I hope to have clarified my position, I am not diving into real estate. I have planned this for at least 18 months, the job lose is just the catalyst to jump start the effort.
Okay this is my preliminary plan.
1. Markering for Leads
Direct Mail Letters – Landlords,Out of State, NOD etc
Website with adwords
Network – Realtors, Mortgage Brokers + Others
I am going to be looking for subject2,master lease,lease option and wholesale type deals using the above marketing system.
Some marketing will be more focused for master leaseing or subject 2.
I also like the idea of options tied together with a highest bidder type round robin auction.
This plan is subject to change and will be refined as required over the coming months/years.Anonymous
I made arrangements for David Phelps to be out guest speaker on the Super Tuesday conference call tomorrow. About a year ago, he made the transition from having a job ( business) to full time real estate. Now he really had his ducks in a row before he made the switch, but there was still a huge paridigm shift for him and for everyone who makes the transition so I thought it would be helpful to have him talk about it.
You need to be sitting by your computer if possible so you can email in questions for David. I will be sitting by my computer to ask them. Unfortunately, there will be too many people on the line to open it up for live questions.
But I do think David’s insight will help you and others who are considering making the transition to full time real estate.
The call starts at 7 pm central time.
Congratulations on your recent accent into freedom!
In any business, it takes twice as long, costs twice as much, and profits half as much as planned……meaning, insure yourself as much as possible.
All the best to you,
Yeah I am fed up with the corporate BS, lots of politics and back stabbing.
Congrats! I am so happy that you can leave that corporate world.
I also have a degree in electrical engineering and plan to never use it again!
I left the corporate world after climbing that crazy corporate ladder until it made me puke.
Real Estate has made me unemployable. The head hunters still call me and they laugh when I tell them I an unemployable because of real estate.
There are so many niche markets, just find the ones you enjoy the most and you should find that life has never been better!
Best of luck
If you work at what you love…
You’ll never ‘work’ again !
I use to think that I loved climbing the corporate ladder, promotions, etc, etc. It was not until I had no job that I realized that I was really just another corporate prisoner.
True freedom comes when you can rely on your real estate investments
Simon, how are things going? I am curious what the last 7 months have brought you.
Thanks for asking!
Not read the board for a while!
I am making progress.
Bought a few rentals.
Made a few Loans.
Just need to more cashflow deals.
Cashflow is King !!!!!
Buying and selling is a bit tough in my market, San Diego.
There are plenty of buyers if you can offer them seller financing.
There are more house buyers than good houses at the lower end of the spectrum <250k several of agents and broker friends are telling me.
I have stayed away from short sales and REO’s
but that is where all the action is.
The people with equity are sitting on there hands just waiting.
How does the song go ‘I will survive’.
I won’t allow myself to get voted of Real Estate Island!!
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