I rather read the inputs that can help instead of “Guru” bashing. I wanted to jump on the bashing bandwagon because I went with a Guru who said they would mentor me. They didn’t, just some agents that wanted me to buy property and didn’t know how to invest.
This is what I want to do:
#1. Wholesale Real Estate to earn enough cash to quit my day job.
#2. Buy rentals with the income from Wholesaling Real Estate.
#3. Buy Multifamily buildings, strip malls and build Office buildings here in Florida.
I guess getting started is the most difficult because it has many pitfalls. Words like: “Put it all on your credit card and you can pay it off with your first deal seem commonplace”
Javipa thank you for all your help so far. That scenario was a great indication of how someone might go about reaching financial freedom.
As for Furnish, i am currently a college student who’s bored with the everyday drag of school. Im trying to educate myself now so that eventually ill be able to quit my job and become a full-time real estate investor. I am from rhode island and am also looking for a mentor who i could shadow for a couple weeks this summer. If anyone knows someone in my area who they could refer me to that would be great!
Your best bet is to start attending your local rei club and meet the people who are doing deals. There are plenty of people at the meetings who are just interested. But get educated by reading the forums and reading books and blogs. Having knowledge shows that you are more than a lookie loo.
To get rich, you need loads of hard work, patience, perseverance, experience and knowledge. But to get “filthy” rich, a stroke of luck is required alongside the aspects above.
Who real believes in luck these days? Lottery scratch off ticket players? lol. Or better yet, Undercover Boss employees lol. Blood sweat and tears is what I believe in. :bobble
Wait, what? I thought I got to do one magical deal and id be vacationing for the rest of my life. I give up. I quit. I 'll do the blood and sweat, but tears? Nooo Waaaaay!
My personal feeling is that $1 million dollars liquidity just sitting in the bank is not making your money work for you (unless you are retired but we are talking about active investing)…If I had a million dollars I would want it invested (diversity is a key to limit your downside…maybe 1/4 goes to private lending, 1/4 goes for buying houses, 1/4 goes towards apartment building investment, and the last 1/4 stays as an emergency fund for the unexpected) to make a million more and so forth…I want a comfortable living for me and my family, I don’t need a million dollars in the bank to do this…the first million is the hardest to make…but you won’t get anywhere without a solid business model (plan), education, and action…there are so many way to get there, just have fun doing it. The key is to get out of the “rat race” of an everyday job so that you can become financially independent.
I have been looking at this thread for a while now and we have all kinds of advice and points of view here. So let you give me mine. Rich is a function of lifestyle not money. If you make a million dollars a month and live under a bridge as a hermit then what is the money for?
What makes a person rich? My definition of rich is that you have to pass 2 tests. Test #1 do you have the lifestyle you want (not settled for but really want) There are a lot of people with that lifestyle that are not rich because they have not passed my second test. Test #2 is if you stopped working and are not allowed to touch your savings do you have to go to work. If the answer is no you are rich.
First let’s address the lifestyle. The lifestyle costs differ depending on where you are. People may ask how much money do you have to make to be rich. But I ask a different question. I ask how much do you have to make to be poor. Well in the USA it costs the same to be poor in every city. If you only make $6,000/year I don’t care what city you are in you are poor. It costs the same to be poor everywhere in the USA, but there are some places that it is cheap to be rich. I read an article about this lady that sold her company for $1million she lived in New York City and she said she does not feel rich in the least. You need to ask yourself why you want to be rich. If you want a big house and sit out back by the pool, then ask how much do these big houses cost. In Los Angeles they cost millions, In Houston they cost a couple hundred thousand dollars. If you want a big ranch with lots of land where is that cheap. In Colorado it will costs you a bundle in New Mexico it won’t. So my advice is that you should go where it is cheap for what you want. New Mexico instead of Colorado, Houston instead of LA, Pensacola instead of Miami.
It also depends on what you do to get rich. If you are buying and selling houses, I contend that that is work so it fails the second test and you are not rich if that is what you do. If you buy a house fix it up and sell it you are probably going to make about $15,000 per house. If you want to live a “rich” lifestyle you will probably need to do that 6 or 7 times a year every year even in Houston. If I buy 10 houses and rent them out for a cash flow of $500/month that will definitely provide enough money to afford a rich lifestyle in Houston (or Pensacola) and all you do is cash checks.
