I’d like to hear from some of you who are in the biz. (no, i’m not yet.)
I don’t think I’m truly passionate about REI. I see the value in it, but admittedly, I’m hesitant to get into it because I don’t have a passion for it.
Anyone have any thoughts about this? Anyone simply using REI toward wealth rather than having a passion?
I am using real estate to get me where I want to be, FREE!!! I enjoy the process and am getting better and better at it each deal, but I can honestly say that I am not passionate about it. I am passionate about financial freedom!!!
I would hate to think that someone would do REI and not be at least somewhat passionate about it. If not, then maybe they should do something else to generate cash flow in something they ARE passionate about. REI is just another business, if you get down to the core, so one could venture out into another business they enjoy.
I hope to generate decent cash flow from REI (something I enjoy), but use it as both a stepping-stool for more lucrative bsuinesses (something I’ll enjoy doing) as well as for supplemental income in the future.
REI used to be my passion. I’ve had a good run, but now I’m getting sick of it. It’s a chore for me to go into my office anymore and attempt to contribute. I’m going to keep my company for a few more years before I sell it. Right now I’m trying to phase myself out completely of the day to day operations so I can start quite a few other companies I am passionate about. Real estate is a long and boring industry. I’m too young and have too much energy to enjoy the monotony.
I’m young, and I have yet to buy my first property, but I am very passionate about REI. To answer your question REI is both passionate and a means to the end for me. I love reading about it and I’ll hopefully be doing it at one point. Also, it’s going to be a great way to gain financial freedom through hard work and vision.
I enjoy REI, but it is not my passion. It is a business that allows me to do what I want to do when I want to do it. My passion during the winter is snowboarding! In a couple weeks, I’ll be in Utah doing some serious snowboarding. That’s what I’m passionate about!
To me, any business is about one thing - making money! The best way to destroy something that you love is to turn it into a business. I have enjoyed having my own businesses for the past 15 years because it gives me FREEDOM! And, I don’t like working for someone else!
Mike
The best way to destroy something that you love is to turn it into a business.
I agree in most instances, but helping people is something I’ve always loved to do and it gives me a great sense of joy knowing I can help someone avoid foreclosure.
Ive been investing full time for a few years. I really enjoy many aspects of rei and focus on those areas. And I delegate other aspects of the business to others who are better in that area.
The attraction to real estate for me has always been primarily freeing up my time to pursue other activities I truly love (travel, family, etc.). Its also an industry where you are always learning and discovering new things and meeting great people! And no boss (other than the Mrs.) is a bonus.
Happy Holidays Everyone,
Lance Waddle
The best way to destroy something that you love is to turn it into a business.I take it you don't own any strip clubs?
I think real estate itself may not be your passion unless you focus on a niche or something you’re really interested in. Passion usually develops around something you enjoy. For instance, I like marketing, research, and analysis, so I do this for my clients and myself.
I don’t like driving around or looking at houses, so when I first started as an investor (and later, an agent), people thought it would not work. Anyone can fall in love with real estate investing because you can build your investments around something you truly enjoy.
If you like golfing, focus on golf properties. If you like traveling, vacation homes can be your niche. Other people like the “art” of finding and negotiating a deal, so they focus on volume. Some prefer condos or certain property types.
Assess yourself, your hobbies, your interests, your skills, your expertise, etc. and incorporate it into your investment strategy. It’s the same thing you’d do if you were starting any other business, even if it will only be part-time. If you aren’t passionate about something, you can end up not really wanting to do it.
I love making deals and obtaining the freedom real estate can afford you. My real passion is spending time with my family.
You guys -and gals- rock. Thank you.
I take it you don't own any strip clubs?
I don’t think I’m ready for that!!! Danny, I’ll leave those to you. That’s the kind of passion I don’t need and my wife wouldn’t appreciate! By comparison, my low income tenants, even with the occassional drug dealer and criminal are a lot safer.
...helping people is something I've always loved to do and it gives me a great sense of joy knowing I can help someone avoid foreclosure.
Yeah, right up until one of those people you “helped” sues you for stealing their house. I appreciate your willingness to give, but don’t confuse charity with business. They are two completely different things. Let’s be clear, when you pick up a bunch of equity from someone else’s misery, it is not a win-win like the gurus claim. Their credit is already ruined at that point. You win and they lose.
Mike
RE for me is just another way to make a revenue stream…I can see the allure and remember once Donald Trump was asked why he wasn’t more invested in the equity markets and his reply was simple * I love real estate because I can touch it and see it*…I also feel that overall RE is a great way to diversify one’s holdings but it is not my passion…My passion is doing absolutely nothing for my money…Besides my businesses I have a very good monthly income stream from closed end funds and canroys…This is my area of expertise and if you are properly hedged the volatility for me is quite tolerable all the while taking in monthly distributions,they can be bought at a discount…More importantly it’s my passion…But there is room for another…
I believe having the freedom to do what you truly want to do in life is what it’s all about. For me, I am most passionate about spending time with family and friends and having fun. I love the freedom I have come to know through real estate but it is just a means to an end.
Seems like everyone is passionate about the associated freedom. I really like to start successful companies. I hate managing them though and RE is a boring industry in itself so that doesn’t help. Planning and executing the creation of companies is one of my favorite things to do. It’s hard to get enthusiastic about houses, buildings, and land. There are certainly RE ventures that are more fun than others but once you do them a few times, it’ll suck the fun out of it.
My passion is spending time with my family…
REI is the reason I can do that. For anyone to say REI is their passion might be a little conflicting to me (my opinion) because REI is a job, it’s not as easy as the Guru’s make it seem to be. You will have to work hard at it and if hard work is your passion then maybe REI is your passion. Don’t get me wrong I love REI, It has given me alot, it’s fun and the way to financial freedom, but it’s work and it requires alot of time (more than the 10 hours a week that Guru’s talk about).
It’s certainly not a passion…I enjoy finding deals, tweaking marketing, negotiating, and seeing a beat-up house look nice again…but it’s certainly not a passion.
It sounds so good in theory to turn your passion into how you make your money, but I think that’s a bad idea.
The reason most people hate their jobs or careers is because they slave away under someone else’s management for bad pay and no appreciation or reward.
I just started in real estate this year (May, actually), and I’ve done four deals that will net me $90,000–and I’ve hardly been putting in 20 hours/week on it, and I don’t do any of my own repairs.
Where else can I have that much time to do what I like on my free time and make $250,000 per year while not really busting my hump?
Real estate is not my passion, but it will allow me to spend more time (and admittedly, money) with my wife, son, house, and “toys,” as well as kick things up a notch with respect to charity, etc.