I’d like to hear your thoughts on the possibility of creating a real estate lifestyle business.
By this, I mean one that really does make consistent profits, but without all the hassle of having to do everything yourself, dealing with crises and deadlines, etc…you know, 4-hour workweek kind of stuff.
I’ve had a lot of success from just wholesaling and cutting out the hassle of getting funds, fixing up houses, landlording, selling retail, etc, though you have to have good, consistently effective marketing methods to pull it off.
And teaching a virtual assistant to do as much as possible has been crucial in cutting down the time it takes.
Anyway, I’d like to hear your thoughts on what you would do (or I guess the least you would do) or have done to create a consistently profitable real estate business that takes just a few hours per week to run.
But do it without work? I doubt it very much. Maybe if you only buy commercial and lease it out triple net. Of course, this year a lot of those commercial rentals are sitting vacant.
Maybe over time I average 4 hours a week. Many weeks go by with nothing much to do, but then there might be 4 months of 10 hour days doing a rehab, or miserable week after week interviewing applicants.
I haven’t had much luck in hiring people to take care of my real estate, so to me it’s a hands-on business. As far as I can tell, real estate can have big rewards, but the money isn’t free, You have to work hard for it.
It’s time for condos or small houses at an affordable price. Due to current recession the real estate market is in hybernation but people never sleep under the sky. So they prefer less luxury and more affordability.