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  • Going it alone

    Hi All

    I have come to a crossroad. I am preparing myself for leaving work and going full time property investment at the end of this year. I am going to build up a cash reserve from do-ups and assigning deals so that when my monthly wage from my current job no longer comes in I will be ok as far as meeting my financial commitments.

    This is a big decision for me as I feel comfortable in the fact I know a wage is coming in every month, but I know I need to make this move if I want to follow my dreams and start putting all my energy into making it fulltime.

    I have a question for all who have made it fulltime successfully and that would be what system did you follow daily that enabled you to leave your paid job and go it alone, I know it will be different for each one of you but I would like to sift through the information and take out of it what I need. I would be looking at mostly assigning and do-ups for cashflow, while still looking out for the buy & holds.

    Your advice would be much appreciated.

    FH
    Home Buyz
    [email protected]

  • #2
    1. Got to know one area very well, VERY WELL.
    2. Made 10 to 20 offers per day.
    3. Advertised the best deals to grow a database
    4. Repeated 1, 2 and 3 until I had a good agent and a reasonable database.

    As a trainer and mentor of investors now I can tell you the 1 thing most people won't do that causes them to never get the results they want is No 1.

    Comment


    • #3
      Thanks Dean,

      As you know I know one area really well(Papakura) should I extend my area to include other areas of South Auckland?

      FH
      Home Buyz
      [email protected]

      Comment


      • #4
        Hi Dean, that's an incredibly simple summary of a powerful strategy. Breaking step 2. down thats about 5 -6 offers in the morning, afternoon and evening. Quite a bit of work!

        I remember reading one of your blogs when you were knocked for 6 when someone asked if you were a fake. All that person could prob. see was the great results you achieve and contracts with 50k - 100k margin in them. What they (and maybe most people) dont see is the pile of 20 contracts in the bin behind you that didnt make it over the net as you say.

        After attending your trading seminar I could suggest perhaps re-inforcing that fact a bit more and even including this 4 step system in your notes as it will help to bring home the message.
        payji-san dayo, SAN! sonkei shiro!

        Comment


        • #5
          Thanks Payjisan. I believe that if people will cultivate the habit of making offers it stops being onerous quite quickly. To stop it being a pain you end up using electronic versions of agreements that you can fax from the computer. You automatically make offers whenever you visit an open home etc. It just becomes a habit rather than a monster.

          Putting some pressure on yourself forces you to systemize things!!

          Comment


          • #6
            Good luck

            Good luck Patrick, I hope you get what you're looking for.

            Cheers
            Spaceman

            Comment


            • #7
              More and better advice.

              The advice you have already had is OK but here are some more tips from me after 45 years non stop in the game.
              (1) Put aside at least 6 months cash reserves when you "retire" to cover all basic living expenses. It may take a while to actually find a deal, purchase it, settle it, and then sell it or whatever.You don't need financial pressure during the start up period or you will make mistakes.
              (2) Be very self disciplined 7 days a week. It is only too easy to slip into a dream state without a regular job to make you get up in the morning.
              (3) Get a constructive hobby for those days when everything turns to custard.
              (4) Keep a good record of what offers you make or properties that appeal and rake over them regularly. It is surprising how often properties become forgotten as time passes and a new offer from you may nail a good deal in the end.
              (5) Making multiple low-ball offers daily as suggested by Dean is big ask and will irriate agents no end. The far better way is when you find a property with potential, do all the due diligence in secret and armed with the facts you can go in unconditional and hard and strong and know exactly when to carry on or stop. It works. I have done it hundreds of times.
              I have taught my methods to students for decades and when practised they succeeded.
              Best of luck
              Olly Newland
              Last edited by OllyN; 10-05-2007, 09:21 PM.
              OllyN [email protected]
              Independent Property Consultant
              Residential and Commercial Solutions

              Comment


              • #8
                Hey Patrick - have you wriiten your resignation on paper, printed it, put it in a sealed envelope, and writen on it the date it will be presented?

                Don't do it to scare youself and have second thoughts. Do it to motivate yourself and get excited about the future.

                Once you've done that find a way to make it happen sooner! Get that extra trade under your belt or whatever it takes, but wake up every morning and make it happen.

                Gerrard

                Disclaimer: I set a date and quit my job but then had it too easy and just cruised for a while. I ended up going back and doing some contracting work and acting retired for a while. It's only now a year on that I'm pulling finger to make it happen the way I dreamed. Make it happen for you from day 1.

                Comment


                • #9
                  Haven't retired/gone full time from property yet myself, to be honest don't really want to retire/go full time since I love what I do. However financial freedom makes a nice back up plan, so thats were we are heading, in a reasonably low risk fashion.

                  We did do as Gerrard suggests and set ourselves a deadline for being financially free which has helped us in terms of thinking about what we do next.

                  There have been some great threads on this sort of topic before:
                  http://www.propertytalk.com/forum/showthread.php?t=7060

                  Good luck with it Patrick!
                  Cheers
                  David
                  New to property investing? See: Best PropertyTalk Threads for New and Old Investors And/Or:Propertytalk Wiki

                  Comment


                  • #10
                    Originally posted by FreezingHot View Post
                    Hi All

                    I have come to a crossroad. I am preparing myself for leaving work and going full time property investment at the end of this year.FH
                    FH,

                    congratulations, a HUGE step and improvement from when I first met you. Bloody well done.

                    You have some great skills in your work field and an in-between step for you would be to open a home based business and doing say 4 hours a day for 3 days a week on gaphic design, and the rest property.

                    You can set your charge rate to control your work flow that way.

                    As p/t takes over you either raise your prices, or employ staff/other contractors to cover your workload or sell the little business or close it. You could offer your graphic skills to other investors.

                    That way you have a foot in each camp for a while if you are uncomfortable jumping all the way. Worked for me.

                    Fritz.
                    Argue for your limitations and sure enough they're yours. - Richard Bach

                    Comment


                    • #11
                      Originally posted by OllyN View Post
                      (1) Put aside at least 6 months cash reserves when you "retire" to cover all basic living expenses. It may take a while to actually find a deal, purchase it, settle it, and then sell it or whatever.You don't need financial pressure during the start up period or you will make mistakes.
                      Thanks Olly, I really have thought hard about the financial side and not having the crutch of a monthly wage, so from now and between the end of 07 I will do everything I can to get those reserves and the practise will be good also, as you say I dont need the pressure of finding money to pay bills while hunting the deals, so thanks for all your advice. I have seen you on TV at various times and was very impressed with your acheivements and knowlege, so to get your advice here on PT is brilliant.

                      All the best
                      FH.
                      Home Buyz
                      [email protected]

                      Comment


                      • #12
                        Originally posted by Fritz View Post
                        FH,

                        congratulations, a HUGE step and improvement from when I first met you. Bloody well done.

                        You have some great skills in your work field and an in-between step for you would be to open a home based business and doing say 4 hours a day for 3 days a week on gaphic design, and the rest property.

                        You can set your charge rate to control your work flow that way.

                        As p/t takes over you either raise your prices, or employ staff/other contractors to cover your workload or sell the little business or close it. You could offer your graphic skills to other investors.

                        That way you have a foot in each camp for a while if you are uncomfortable jumping all the way. Worked for me.

                        Fritz.
                        Fritz,

                        I have never forgotten our first meeting, I was so new to everything property, and remember being so amazed at the help you where willing to give, I think at times we all need encouragement from others who know better, I think if I did'nt get the encouragement I got back then from people like yourself I probably would'nt have perservered but I have been known to be VERY stubborn

                        I hope your doing well as I know you are, I'd love to catch up some time, from memory you are in Taupo.
                        I am down there in a few weeks for my sons cross country meeting and would love to catch up.

                        All the best
                        FH
                        Home Buyz
                        [email protected]

                        Comment


                        • #13
                          Living life without a JOB...

                          Originally posted by FreezingHot View Post
                          I am down there in a few weeks for my sons cross country meeting and would love to catch up.

                          All the best
                          FH
                          FH,

                          yes, still in Taupo, catch up when you are here. Plenty of time for friends. PM or email me.

                          Forgot to comment on your headline, you are not actually going it alone, you are never alone. Look at all the people sharing and supporting you.

                          Do you want to re-phrase ? How abou: Living life without a JOB...

                          :-)

                          Fritz.
                          Last edited by Fritz; 11-05-2007, 05:36 PM.
                          Argue for your limitations and sure enough they're yours. - Richard Bach

                          Comment


                          • #14
                            So right Fritz, what was I thinking
                            We are one big family now. Very cool.

                            Will pm you shortly for the catch up.

                            FH
                            Home Buyz
                            [email protected]

                            Comment


                            • #15
                              You have some great skills in your work field and an in-between step for you would be to open a home based business and doing say 4 hours a day for 3 days a week on gaphic design, and the rest property.
                              Yet another great piece of advice from Fritz.

                              FH, this is what I did after going cold turkey last year. Handing in that resignation letter is the best thing that I did - it felt like a huge weight had been lifted off my shoulders.

                              I am now working more hours in my own business than I was for my employer, which wasn't quite the plan - but business is business beit property or anything else.

                              It is so much easier being able to control my time so that I can spend what I need on my property investing. And not working for the man - that is awesome!

                              I can remember how nervous I was on the morning of my resignation, and I did put it off for a few months....but I can tell you now that there are no regrets whatsoever.

                              Great move FH and good luck with it all! Keep us posted!
                              No Regrets

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