The funny thing about the book is it's actually motivating me to do what he's saying. I don't like 80% of what he says, the other 20% I think is true but it's common sense, so common that I'm not doing it right now so I'm starting.
My personal opinion stemming from my own home buying experience plus working for those that buy/sell/or rent is that if you were to put 40 hours a week into your own real estate business, a $50,000-$100,000 a year income is not unrealistic. However THERE IS NO SUCH THING as "Retiring" from it after a few deals and you are NOT going to make millions, no yachts, no helicopters, no interviews for FORBES, none of that stuff. Instead you'll be patching holes in the basement, replacing pipes, painting and sweating your *** off for your money.
The house I live in was a gift from God, a once in a lifetime thing. Paid $13,000 for it, thru in a $4000 heater and maybe $1000 more of paint and stuff like that and now it's appraised at $30,000. It took my wife and I about a month to get it ready and move in and we did it all while working at our other jobs and I learned SO much from that experience.
1- Doing that as my main job is about as fun as doing the job I'm doing now.
2- It wouldn't be that bad if that was my only job but IN ADDITION to working full time to pay bills? Very tiring. Impossible to have any other life whatsoever.
3- If it wasn't such a fixer-upper it would have been alot easier but of course it probably would have sold before we found it so it's a catch-22 type thingy.
4- Doing 3 or 4 of these types of deals would be realistic and if the profit is in the $5000 or higher range for each one then that's $20,000 a year extra and that's not too shabby.
Given the fact that most working people make minimum wage the reason most don't do this type of thing is because they can't save the money to get going.
