We need to get more posts on this site!
I've been absent from the site basically since the forums inception. Got sidetracked with life.
In the time I've been gone, I've dropped out of college, got my general contractors license, and starting a painting company.
We're on track to gross about $120,000 our first year, and it only takes about 10-15 hours of my time every week. Recently my wife started staying home with the kids, so I know have time to get back into real estate. I never really got started, and have had my license for almost two years with absolutely no activity.
I recently scored a really awesome sub contracting job in a nearby town, and that should bring it a minimum of $2,500 a month with no activity on my part. Goal is to hire two more crews to do that work, which is difficult, but then it'll be closer to $7,500 per month, almost entirely passive. Painting is seasonal, so that'll dry up around late September or early October.
Short term goal by then is to have at least 10 transactions by the end of the year. I've got 6 months to do it. Target is going to be FSBO. I've gotten used to being uncomfortable, the majority of my painting has been marketed door to door. Which sucks, but now calling FSBO's isn't going to be so hard.
If I can accomplish my goals over the next six months, that will get me enough money to get through the winter, while keeping my best painters on staff(paid time off so I don't lose them). It will also put me in a position to substantially pay down debt. Moving multiple times in the last 2 years, and the transitions from military to college to work has done a number on my credit card balances. $6,000 for a new transmission on our main vehicle didn't help either.
After the majority of that is paid off, hopefully within that 6 month time-frame, I want to try and acquire my first property or two early next year. Depending on the market, it may be fix and flip, or buy and hold. Right now it is an extremely strong sellers market over here. It seems like 5%-10% of the the listings are under contract before they even get put on the MLS. Everything is going for over asking price. Possibilities for fix, refinance, and hold early next year, depending on finances and the market.
Aiming for 50 transactions next calendar year, $300,000 in gross for the painting company(should net $80,000-$120,000, depending on what type of work we get), and 4 fix and flips next year.