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Thread: ITT We escape the rat race
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02-19-2017, 10:48 PM #31
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02-20-2017, 01:42 AM #32
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02-20-2017, 07:46 AM #33
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02-20-2017, 08:47 AM #34
Got preapproved for a renovation loan by my bank a few weeks ago and put in an offer on a HUD foreclosure. I did some analysis and figured I could offer up to $49,000 but they're asking $65,000. They countered with a firm $57,000, and I told them to take a walk. It's still on the market so I'm hoping maybe they'll keep my offer on hand if they get desperate.
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02-20-2017, 10:15 AM #35
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02-20-2017, 10:44 AM #36
In on this thread.
I've been dabbling with FBA and trying PL but no success yet.
Would be cool to get some sort of mastermind going to help keep everybody motivated and accountable
Also been thinking about flipping some sht from liquidations on Ebay. Not as scaleable as PL but still a good potential source of income
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02-20-2017, 10:49 AM #37
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02-20-2017, 02:08 PM #38
Nike store near me has a huge 50% sale on. Literally $7 for a new drift shirt. Not seem them online for that cheap. Anybody else think buying say 30 and selling them for 2/2.5x the price would be worth while?
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02-20-2017, 10:51 PM #39
Just contacted some manufacturers for private label products. And now we wait. Das it mane.
I saw you in the Amazon thread as well. Got any stories/advice about private labeling?
The mastermind thing was kind of what I had in mind with this thread. If we had some guys all working toward the same goal and sharing info they learn along the way, we could help each other get to the top.
If you were thinking about liquidation.com, I had one order from them and the quality was chit. The items were listed as new, but they were more like returns, a few on them even had some damage. Luckily they actually let me return it. If I were to order from there again, I would only buy something if they specifically say it is still factory sealed.
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02-21-2017, 10:00 AM #40
Exit strategy #1 is fix and flip. Should sell for $100k, give or take $5k. We estimated about $20k in repairs, hence our low offer. It wouldn't be worth the risk if we didn't make more than $20k after it's all said and done.
Exit strategy #2 is rent it out and refinance the loan, likely with positive equity in the house after repairs, so hopefully we would be very little out of pocket. Rent in the area for a small house like that will be about $650- $700 per month, and the mortgage+PMI+taxes+insurance would be in the 400s. Not bad cash flow for hopefully little out of pocket.
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02-21-2017, 10:32 AM #41
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02-21-2017, 11:07 AM #42
- Join Date: Feb 2015
- Location: Houston, Texas, United States
- Posts: 3,931
- Rep Power: 43794
In.
Working in accounting, saving as much as possible to retire early. Really pushing for a promotion this year in June, but we'll see. There's one position open and like 4-5 people that have the same amount of experience.
Got a ton of hobbies that I'm going to try to capitalize on once I'm a lot better and more accomplished at them within the next few years. Overall just trying to have a balance of work and fun, and eventually the work will be fun. Never been interested in FBA but definitely interested in flipping houses or doing some REI for passive income.
Best of luck to everyone.
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02-21-2017, 09:25 PM #43
Good to see so many real estate brahs in here. I heard it's a great way to make money. Good luck guys
Ok I have 2 questions:
-The manufacturers keep giving me high MOQ numbers. Has anyone been able to talk down the MOQ by a lot? Or do I need to just bite the bullet and buy the 200+ units? Not trying to spend $1000+ when I don't even know how well the product will sell.
-Anyone know a good place to have my mail delivered? I work business hours so I'm never home to sign for packages. It would have to be somewhere that can accept large packages(not some little mailbox) and preferably open 24 hours.
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02-22-2017, 06:41 AM #44
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02-22-2017, 06:18 PM #45
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02-22-2017, 08:17 PM #46
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02-22-2017, 09:52 PM #47
Thanks brah, PM'd
Well I'm kind of learning as I go, but I've done product research and I know people are searching for these products. They also have some competition, so not sure how that will play out. I'm trying to buy a low amount so that even if the products don't sell, I will learn a lot from the experience without losing much money.
How did your experience go?
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02-22-2017, 10:19 PM #48
Very bad. I wound up losing $2.4k AUD on shirts and tanks nobody wanted.
Depending on what you're offering, the market you want to enter, etc. you'd need a **** tonne of capital to buy all the gear and then a place to store it (unless you have space at your house).
Are you able to start out by drop shipping? It's lower risk."No citizen has a right to be an amateur in the matter of physical training...what a disgrace it is for a man to grow old without ever seeing the beauty and strength of which his body is capable". - Socrates
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02-23-2017, 09:15 AM #49
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02-23-2017, 10:40 AM #50
- Join Date: Jan 2015
- Location: Idaho, United States
- Posts: 12,775
- Rep Power: 249785
I am also interested in real estate, saving up for a down payment + emergency money now.
By about May or June I should have more than enough saved to buy my first property. I would love to get a multi-family, live in one unit and rent out the others, but given my area I will most likely be buying a house and renting out the spare rooms to my friends.
This is my first step towards building real wealth, I am extremely excited.* Rawdog crew * Creampie crew * Poverty crew *
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02-23-2017, 12:33 PM #51
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02-23-2017, 12:37 PM #52
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02-23-2017, 09:38 PM #53
Just curious, how much money do you need for real estate? Are you guys doing like 20% down payments and then renting it out?
Hmmm were you selling on Amazon? I'm planning on spending a lot less than that for my first order. And I'm doing FBA so I'll just store everything at the Amazon warehouse.
I never liked the idea of dropshipping. It seems kind of dishonest, and then there can be issues when the customer notices it came from somewhere else, or when they want to return it etc. Then again, if it can make some decent money then I'd consider it. Is it worth looking into? Has anyone else here tried dropshipping?
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02-23-2017, 09:50 PM #54
- Join Date: Jan 2015
- Location: Idaho, United States
- Posts: 12,775
- Rep Power: 249785
If you live in it and have good credit, you don't need 20% for a down payment.
I am planning on doing 5% even though I will have to pay PMI (private mortgage insurance until you reach 20% equity) because living in the property and paying extra on the mortgage every month is a better use of my money/time than continuing to rent while I keep saving for a bigger down payment. And if you can make money off it (like I plan to by renting rooms) then it's that much sweeter.* Rawdog crew * Creampie crew * Poverty crew *
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02-24-2017, 01:30 PM #55
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02-25-2017, 01:15 PM #56
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02-25-2017, 07:36 PM #57
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02-26-2017, 01:14 AM #58
Good luck. I purchased an investment property recently.
I'm expecting to have it rented once everything has settled and use that to pay half the repayments.
It was expensive, but the next goal is to be ready to purchase another at age 24 and then again at age 28; maybe less.
The market has blown up here.
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02-26-2017, 01:41 PM #59
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02-26-2017, 10:47 PM #60
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