Jealous of self employed peeps...

[momentum]

in houston... you can buy if you "know how" a house for 25-35% of its worth.....

Im about to buy another HOUSE for $13000 that is worth 60k easy....its a 2/1.1/1 ..... and already got buyers for $17-20k....as is.....

this house in houston can rent for about $900 monthly.....

[MidwestGolfBum]

Originally Posted by MP0WER

Another perk of being self employed is the duty of firing people. Which i have the unfortunate task of doing next week.

Isn't that the truth, certainly one of the worst (and sometimes hardest) parts of being self employed. There are certain employees, however, that it makes your day to get rid of, but that is very, very rare.

[Mr Tonka]

Originally Posted by momentum

in houston... you can buy if you "know how" a house for 25-35% of its worth.....

Im about to buy another HOUSE for $13000 that is worth 60k easy....its a 2/1.1/1 ..... and already got buyers for $17-20k....as is.....

this house in houston can rent for about $900 monthly.....

This is true. Knowing how and having the cash to operate with is the key.

Originally Posted by ecjohnston

Isn't that the truth, certainly one of the worst (and sometimes hardest) parts of being self employed. There are certain employees, however, that it makes your day to get rid of, but that is very, very rare.

Yes, in the economy we're in big business tend to get smaller and good small business tend to get larger. There are some great people out there sitting on the bench. And when you find a good one, you snatch them up. But that most of the time comes at the expense of of another employee's job. I wish we were doing well enough to employ both of them.

[m3an]

I didn't read all the BS but this is the best piece of advice: "the grass isn't always greener".. You don't know what it's like so it's easy to speculate from your 9-5. I work from home, and while the flexibilty is nice I do at times miss the 9-5 regimen, office comradery, getting excited for weekends (as when you work at home or for yourself you will work all the time).. Re-evaluate your priorities in life and do some homework. You're not getting a life/business/career answer on a car forum.

[Mr Tonka]

Originally Posted by talontid

I didn't read all the BS but this is the best piece of advice: "the grass isn't always greener".. You don't know what it's like so it's easy to speculate from your 9-5. I work from home, and while the flexibilty is nice I do at times miss the 9-5 regimen, office comradery, getting excited for weekends (as when you work at home or for yourself you will work all the time).. Re-evaluate your priorities in life and do some homework. You're not getting a life/business/career answer on a car forum.

I think he's actually getting good advice in this thread. Your post for instance brings up a point that was missed by most. The office camaraderie; when you're self employed it's easy to feel like you're out there all alone and it's all on you. It's easy for some to get overcome with that lonely feeling, even when you have employees.

[m3an]

Originally Posted by MP0WER

I think he's actually getting good advice in this thread. Your post for instance brings up a point that was missed by most. The office camaraderie; when you're self employed it's easy to feel like you're out there all alone and it's all on you. It's easy for some to get overcome with that lonely feeling, even when you have employees.

Exactly my point. You always want what you don't have. While I love what I do, when you work alone it can get very lonely when you talk to yourself all day lol. There's things that come w/ an office (happy hours, seeing same people every day, you can bounce ideas off others) when you're alone you also always second guess yourself as it's all you out there. People overlook the little things, hence why I said the grass isn't always greener. It's easy to look at someone else and say, "I want to do that", but once you're doing the other thing you'll miss what you did. Simple human nature.

[Cdnrockies]

Originally Posted by talontid

Exactly my point. You always want what you don't have. While I love what I do, when you work alone it can get very lonely when you talk to yourself all day lol. There's things that come w/ an office (happy hours, seeing same people every day, you can bounce ideas off others) when you're alone you also always second guess yourself as it's all you out there. People overlook the little things, hence why I said the grass isn't always greener. It's easy to look at someone else and say, "I want to do that", but once you're doing the other thing you'll miss what you did. Simple human nature.

I don't think that your scenario defines "self-employed".

There are many businesses that you can be self-employed in that still have a staff and social aspect.

Being self-employed and working by yourself out of your home is only one option, and may be one that doesn't work for some people for the reasons you mentioned.

[MediaArtist]

I have an office with two dozen employees, we have great office camaraderie. No happy hours though (not many late night bars in Mission Viejo).

[m3an]

Originally Posted by Cdnrockies

I don't think that your scenario defines "self-employed".

There are many businesses that you can be self-employed in that still have a staff and social aspect.

Being self-employed and working by yourself out of your home is only one option, and may be one that doesn't work for some people for the reasons you mentioned.

it does to an extent. I may not have employees, but the scenario is there. and if he starts a company, he's not gonna have employees for a while either.

[roastbeef]

Originally Posted by momentum

in houston... you can buy if you "know how" a house for 25-35% of its worth.....

Im about to buy another HOUSE for $13000 that is worth 60k easy....its a 2/1.1/1 ..... and already got buyers for $17-20k....as is.....

this house in houston can rent for about $900 monthly.....

why such a high percentage?

i thought national regulations only require 20% down?

i'd really like to start investing in other states, because i can come up with $13k pretty quick, and the numbers on a $60k house that rents for $900 works well, i just don't know the area, or a good area to buy.

[momentum]

houston, dallas, austin is in the cheap

[smyles]

Originally Posted by momentum

houston, dallas, austin is in the cheap

I wonder what are the property taxes on these properties; are they calculated based on assessed values? TX rates are high, iirc.

[momentum]

lets say u buy a 13k house and its value at 60k.... you can protest the tax value you got it for; the goes value down to 13k.. and of that 3% of 13k...

[roastbeef]

nevermind... i was confused and thought you were putting 25-25% down on the loan. i misread. i see that you are buying homes at a fraction of their value.

cash auctions? cash bulk auctions?

i just bought a 1b/1b condo a mile from the beach in socal for $105k. should fetch $1,200 a month minimum.
if the profit marin is the same, i'd love to buy up out of state properties at a lower cost. might be a stupid question, but how big of a threat are hurricanes when they reach houston/corpus christi areas?

[hl0m4n]

hey momemtum, the houses your buying in houstin are foreclosures?

although having a successful business can be very rewarding, it does require cash to start and does have its risks. i am a strong believer in property as my parents have drilled into my head .

my parents have 2 rentals (upper west side & edgewater) along with their main residence. they are both paid off and it is a huge extra source of income on the side along with my parent's regular jobs. not only are you collecting rent, but you have will have 2 assets. houses are like a bank (your cash is there, tangible) & investment (house values going up).

i am currently unemployed out of college about 3.5 months now and am living in edgewater. having no expenses, once i do get a job i am able to save 100% and once i have about $250k cash, i too plan on buying a property and renting it out. the best thing about rentals is that you can spend alittle bit more on your budget. my budget is $250k but the houses in the area i want go for $300k; grab a $50k mortgage and pay it off with rent + your own contribution and you'll pay it off in no time.

ultimately money makes money and i can see how people with many rentals are able to buy the things they have and keep expanding their wealth by buying more houses with their rent income and always expanding.

o and btw a 458 italia lease can be had at $3,600 month with 3,500 miles a year. if you have your finances straight, you can use your rental money for such thing or buy yourself a used 430 scuderia and pay it off in a few years just from rental income.

^ one day ...

[momentum]

house.... it was a foreclosure house- i fixed up sold it within 3 months.... i rewarded myself with a first car ( 1996 m3) and a rolex....and a cell phone.... this is back then..cell phone was a big deal... now i buy houses weekly and pay cash... this month i got three contracts.

ok you need to find a JOB asap, get a mortage with as little $$ down as possible, then start looking for something foreclose and CHEAP..... dont worry about your taste, this is NOT your house- this is your client's house......

after you buy and sell one house, you will lean ALOT and you will get better at it in time....

send me an email or pm if you want to learn more or buy in houston....
people always ask me why am i passing my secrets out and making competition.... i say most can try but they are not on the same planet as me.....but to do these type of investments, all you need is BIG BALLS, not be lazy, a job to get the loan..... everything else you can learn....

[momentum]

and it better to have multi cars for each needs.... fancy cars only get you notice from dicks... women only care about your wallet.... this is my experiance.....

a friend of mine owns a TV station- i ask him if i can produce a reality show..... its yes all the way.... so i'm looking for a situtation- concept or whatever..... now to start my new career as a producer.... that will get you ladies like crazy.....i talked to two ladies at the gym today and they smile said yes to everything... that was easy....... i was thinkin of a set reality in a hair salon... with babes of course...

WHAT DO YOU GUYS THINK.... ANY INPUT PLEASE....

[momentum]

bid today and win tomorrow.... no waiting like a bitch with realtors and banks foreclosures..... dont even think about short sale- there isnt anything short about..... short sale are from losers losing their houses because they dont pay taxes, leins, loans, HOA.....and bank loans.... most banks will not willing to give houses away and they take forever....

[kevinbahnz]

Originally Posted by momentum

bid today and win tomorrow.... no waiting like a bitch with realtors and banks foreclosures..... dont even think about short sale- there isnt anything short about..... short sale are from losers losing their houses because they dont pay taxes, leins, loans, HOA.....and bank loans.... most banks will not willing to give houses away and they take forever....

Can you write me a book. I want to do this in a few years while i save up.

[Torn]

Originally Posted by momentum

house.... it was a foreclosure house- i fixed up sold it within 3 months.... i rewarded myself with a first car ( 1996 m3) and a rolex....and a cell phone.... this is back then..cell phone was a big deal... now i buy houses weekly and pay cash... this month i got three contracts.

ok you need to find a JOB asap, get a mortage with as little $$ down as possible, then start looking for something foreclose and CHEAP..... dont worry about your taste, this is NOT your house- this is your client's house......

after you buy and sell one house, you will lean ALOT and you will get better at it in time....

send me an email or pm if you want to learn more or buy in houston....
people always ask me why am i passing my secrets out and making competition.... i say most can try but they are not on the same planet as me.....but to do these type of investments, all you need is BIG BALLS, not be lazy, a job to get the loan..... everything else you can learn....

Hey, I am very interested in learning about picking up property in say the Houston area or out of state. Currently I live in NJ but I own a shop in NYC. Would very much like to get involved in property. Very viable for me and a loan is a piece of cake. Any way you can send me an email or something? Much appreciated brotha

[Bobble]

Not going to rehash what Media, Mpower and other's have said, solid advice there.

To the OP honestly you need to find it within yourself as too what you can do and can you sustain that to make a living for yourself. Change and fluctuation in the job market will always dictate your prospects and horizons. You need to be able to endure the challenge and change to sustain your business and remain relevant.
Case in point ,myself. I've been a self employed IT consultant since 1991, worked for AA out of college, late 70's early 80's. Worked a shit ton of hours, saw what I got billed at and figured I could do the same thing. Viola instant business, clients and income, no capital needed made a lot of money. Then the late 90's hit, influx of H1B applicants, internet based systems, no real need to pay top dollar for back end old school ERP systems guys. Well I saw a lot of people who would not change, could not accept the challenge to work further way longer hours for less money and most of them, honestly 60% of the people I would see on project after project, left self employment, left IT and left the workforce. I adapted and while I do not make anywhere near the same money I still work regularly just not big projects but long term back fill gigs. The moral of all this even if you do find your self employed niche, always always always be looking and planning for the next one or next thing or you will get made irrelevant and passd on by.
As far as 9 to 5's go, the wifey is an estimator for a fire and flood business, she does really well and works like 4 hours a day. Makes close to 70% of what I do and I work 50+ a week. There are nice 9 to 5 jobs do not dismiss them entirely.

[IFX]

Hm, some slumlords in here?

If you have the money OP, that would be a good idea. Start off with a small property, fix it up, rent it out.. Dump it when the market gets back on it's feet. Or keep it for income.