As a real estate investor with more than 4,000 properties to my name and a million dollars in the bank you could argue that I am a little more qualified than most to give advice on how to make it big in real estate.
When I was starting out in my career there were no courses, no help and no advice I could really tap into and, as a result, I ended up making almost every mistake in the book and learnt from each one and this is one of the reasons I decided to run courses and give workshops to real estate investors ready to take their career to a new level.
I know that in order to make a million dollars in real estate you have to be in for the long haul rather than a fast stake in and out kind of deal and this is exactly where the professionals from the amateurs really stand out.
In order to make that million dollars in real estate you need to get into it with a vision and a coherent strategy. I know that this is news to you because when I first got in I too was in there chasing almost every deal I could and the result was that I used to get fragmented ways of working and was finding it difficult to make much headway in anything.
I learned the hard way by falling down and picking myself up that you need to have that focussed strategy so that when an unexpected deal does come along you are very clear in your head why you are taking it and where it is going to get you.
Most of those who come to my real estate investment workshops know that I favour multi-family dwellings as a means of creating robust, parallel income streams, minimising risks and achieving economies of scale which then make it easier for me to automate some of the processes such as the day-to-day running of more than 4,000 apartments which would otherwise be crippling.
This does not mean I do not deal in single-family properties however. Quite the contrary, but I do deal with them in a way that fits within my real estate investment strategy, takes my plans further and helps me to further my goals of building a robust real estate portfolio and continuing to be financially independent.
Making it big in real estate is not easy but it is achievable, as my case proves, and the only way to achieve your dreams and become successful is to make sure that, just as in life, you have clearly stated goals, a philosophy you can stick to and a strategy that fits in with the way you work and allows you to make the right decisions.
Watch the video related to real estate homes
Veteran Realtors and Las Vegas top consumer advocates for Vegas home owners and home buyers, Kendall Trotter and Steve Hawks continue their discussion about new home builder fraud.The fraudulently inflated new homes caused values to rise beyond what they should have been in the free market with add ones like cars and cash back. This unknown cash back also caused the resale market to sky rocket beyond what it should have done since many of the resales pricing was attributed to the cost of a new home. It also caused the unsuspecting home buyer to over pay based on the fraudulent cash back prices of some new homes. It also has caused consumers to doubt what the real value is.This is not a problem for current buyers and sellers though. Kendall Trotter,Steve Hawks and The Las Vegas Real Estate Update will clear up all your doubts with the real facts and the real market value.
Help answer the question about real estate homes
As a real estate agent can you buy homes and sell them to make a 7% commsion on your sale?As a real estate agent can you buy homes and sell them to make a 7% commsion on your sale?
This would mean you buy then home make the monthlys until sold then break even plus your 7% commission then repeat the process?
Current China Market is not stable. You might want to check first.
When the Government use to issue 30 year bonds, the rich would go and buy a 30 year bond for 50K then go to a bank and trade the bond for a million dollar home, even. The maturity on the bond would be 1.2 million in 30 years, but they get the house for only 50k, pretty smart!
Work smarter, not harder!
Most who own these houses are in the know, and are self employed, a select few are doctors, but not many.
The first thing that I want to point out is that if you are trading stocks “for a living” you might need to have your series 55 and 7. Depending on how much money, and how much you have in a certain stock (making a market). With that said….there are TONS of companies that will allow you to day trade with there money from your home. What they will do is match your money up to 100 to 1. So if you put up 10,000 they will gave you a million to trade with. If you are NEW to the business, they will start you on a 5 to 1 or 10 to 1 to see how you perform. If you can show a track record, they will give you more, and the more you make, the more money they give you to trade with. The catch is, when you make money, they take a chunk of it, and if you lose money, depending how much and the time frame, you will have to pay it back.
I have been a financial advisor for a few years, and I know a lot of people that are/were equity traders. This is not an easy job, and no matter how much you think you know or ideas that you have, they can go sour very quickly. I know someone that made 100K take home in a day, and a week later he lost 95K and had to pay it back. His contract was that at the end of the week, he HAD TO be even. So if he lost any money, he had to fund the account, and what ever he made, he kept 85% of it. Not a bad deal if you know what you are doing.
I thought about going into the business, but after talking to the guys, it is to stress full for me. Most of them made about 100K-250K, and some made a TON MORE (2-3 million) a year 2002-2006. However, most of them got out of the business because they made 1 wrong move and lost almost everything. A friend of mine bought a 2 million dollar home in cash 2 years ago when he was day trading. He was trading 8-30 million every day. I don’t know what he bought, but he is now a financial advisor living in a condo that he is renting. Things can turn, and they can turn fast. So it has its perks, but you can also lose everything too. These companies will hire anyone, and lend money to anyone because they make money either way. If you make money, they make money. If you lose money, they get there money back.
Go to brokerhunter.com and search equity trader if you are interested. Take care and best of luck.
thank you. always a great refresher. you must go with times of the market too..like 12 month comps maximum. 6 months is what most like to use. however in a down turn market 90 days is truly best.
this happened to me. talk to the financial aid people. ask them if there is any way you can override the independent status. they will give you a form for your parents to sign.
Also, you could get married to a friend. explain to them that it will be for legal purposes only. i don't think it costs very much to get married under the table. that will make you an independent. then, you can receive financial aid (i think).
good luck.
You can indirectly contribute up to $50,000 or so per year to your IRA if you own a small business. You do that by combining a traditional IRA ($4K) with a company-sponsored 401k ($15K + match) and Profit Sharing plan ($42K minus 401k amounts), and then moving everything over to a Rollover IRA when you quit the business.
You only need about 6 to 8 years to accumulate $500,000 in this manner, more or less depending on your investment returns.
Wow, that is a lot on your plate for an 18 year old. You have much to learn about managing your money and financing.
Good news is that you have a lifetime to do it and you are essentially set up for life, if you don't make any big mistakes.
Not making big mistakes is your first goal. You have plenty of time. Move very slow and carefully.
First, you can't just "give" money away without incurring taxes. You are limited to $12,000 per person per year. That would be $24k a year to a couple. The best way for you to do that if you wanted to give them $100k would be to do it over 4 years.
Since the property is being rented and generating income whether you want to sell it or not is a wash. Right now though property values have tumbled this is one of the worst years, in years, to sell. I would guess you likely want to sell eventually but I would wait a few years on that as long as the management, maintenance, and care of it are being taken care of. So give that time too.
Remember you will become a "landlord" and many people don't want that. It can be a pain. It is also a business in itself.
You have two issues. One, is managing the money which you will have to start doing right away, and second, learning to invest well which we learn a little at a time over a lifetime. Some never learn or never save. But have the advantage of the money but that means you are being forced in to it but again, no hurry.
On managing the money:
If I were advising you as a friend. I would tell you to put all the money coming your way in to a money market account or a couple of them at some place like Vanguard Mutual Funds. Then I would have it invest a little at a time in other investments with automatic transfers, one or two thousand a month each into a number of funds. The Dollar Cost Averaging (DCA) aspect of that method reducing risk, it averages your buy prices and reduces risk.
I would also have all dividends and gains the accounts produce go in to a separate Money Market account (MM) and I would have that account send you a check every month direct deposited to your checking for income. I would NOT have the accounts automatically reinvest. I recommend that for two reasons. If I want to invest in something I like to make the decision on what, where, and when rather than do it blindly. And of course, second, you want money to spend and live on.
You will get a lot of people wanting to be your adviser. Remember this is their business and they will want to make money off of your money. So some have your interests more in mind than others. So be a little wary. And of course there are plenty of scammers or even advisor's just a "little" slimy. And big crooks too. (Madoff ring a bell? lol)
NEVER sign any papers on the spot. If ANYBODY says you need to do something, take some action "RIGHT NOW!" that is a huge red flag and you should NOT do it. You will have to be strong. Always take time to consider. The harder they push the more likely it is wrong.
If any adviser recommends you buy annuities I tell people to DROP THAT ADVISER because annuities pay the highest commissions to the sales person they are advising you on what will make THEM the most money, not you. At your age you shouldn't buy any annuities. I have read that annuities are bad investment for anybody that makes less than $150k per year in income.
But truth is, if you invest well, you could get there. But they are not right for you now despite how tempting the pitch might be for a consistent income and some tax deferral. Also be aware because of penalties in withdrawals for annuities they are a long term contract and hard to get out of.
More good news is that many decisions you make, if you are careful, will not be permanent ones and you can change and adjust things over time.
And until a few years from now when you start to learn about investing I would stick with mutual funds that have professional management teams making the stock picks and investing for you. It will give more "average returns" but that is not a bad thing. And learn about "asset allocation" to divide your investments in to different types which also averages returns and more importantly increases safety. You might want to look at balanced funds or even so called "life cycle funds" or "target retirement" funds that do a lot of balancing for you. Vanguard's target funds use indexes which means great diversification.
Be aware your money is probably currently handled by a trustee. They will NOT want to give up the money and will want to handle it for you as they are likely making 1% to 2% off the total value of the money they are handling. So their advice must be taken with a bit of caution as they too will be looking after their own interests.
Do it all in small steps.
Good Luck, best wishes
I would give the money back.
Clearly you have no idea what you are doing.
1. You would not be able to purchase a MCD franchise with $1 mil. It is very hard to qualify, and buying a franchise is no guarantee to make money. You actually have to RUN the business. It does not run by itself.
http://www.thefranchisemall.com/franchises/details/10357-0-McDonalds.htm
http://www.aboutmcdonalds.com/mcd/franchising/us_franchising/purchasing_your_franchise.html
2. Chipotle info:
http://www.businessfranchiseworld.com/chipotle-franchise/
I am also confused by your conflicting statements:
"I am getting 1 million dollars from investors…"
"They don't want me to invest in anything"
which is it?
How are you supposedly receiving these funds? Do you know what a fiduciary is? Are you planning to be registered as an RIA? Do you know what a PPM is? Do you have one? Are the investors qualified or accredited by definition? Do you know what these definitions means? Do you have an attorney because you will need one when you get sued or arrested (by state or federal regulators) for failing to take prior legal action and comply with basic securities regulations.
To answer your question…Donald Trump floated stock on his casinos, and then filed for bankruptcy, and left the stockholders holding worthless stock.
If anyone should be fired, should be Donald Trump.