This question is for Stacy and Tim,
I’m not afraid of hard work, please know this. But I am plagued by my current job. See, I service rich people. On an average day I book 10-12 $15,000+ flights. I have to look and know how much these flights costs and I want that. It’s begun to consume me with the need for it and I have a way to get to that level. So my question is this:
I don’t care how long it takes, I’m not trig enough to think that you can do it in a day or 5 years. Can you become disturbingly rich doing this and have you ever met anyone who has?
Sidebar: Yeah, I do know I should just quit my job it it eats at me that much, but for now I take it as a driving force and quitting is not an option for me just yet. Thank you for humoring my rather insane post.
Of course, it would depend on how you define “disturbingly rich”. I know real estate investors who are quite successful (in my opinion). They could have quit by now, but don’t, as they’re “dealmakers” and they’re addicted to the game. The vast majority don’t get to that level.
An unanswered question with your day-to-day clients is whether or not they actually have their financial affairs in order. It’s one thing to spend money and quite another to be set and protected.
Also, some folks I know who are financially successful are not just real estate investors; they’re entrepreneurs and business operators with multiple income streams.
So, the short answer based on limited information is that you can do quite well with real estate investing, especially if you keep the long term view.
And I’m not one of the “quit your job” proponents. The time’s right when it’s right. I did the creative investing gig for 18 months before I quit my corporate job. It’s an individual thing and there’s a ton of variables to consider.
hope it helps…
Go to start where your at…
And you have to figure out where that is…
In terms of 3 things…
Current Finances…
Current Education…
Current Emotional thought processs…
I wish it were just about money… It ain’t…
Then you have to decide you are willing to change your current paradigm…
Because if you ain’t where you want to be… And your aren’t getting there…
You should know you need change… ie…
Change Your paradigm… The exceptance of it… that there is a better way…
Start with the above…
From there you’ll start learning about building a business (s), Investing, Taxes, Corps, Entities, Passive Income, Portfolio Income, How to get expenses off your personal side, Generating Cash, and on and on… and not necessarily in that order… It all depends on the plan…
Your Plan…
It’s Your life… It’s up to you decide how you want to live it… We all have that choice… it’s your repsonsibility only to get what you want out of it…
David Alexander
P.S. One of my motivations years ago, was while working in restaraunts…
There were folks that would come in at 1:30 after the lunch crowd… sit. eat and talk for usually an hour and a half or more… sometimes up to 2 to 3… They ordered what they wanted… Not just the lunch specials… and then tipped great on top of it… They had time both Time and money… as far as I could tell…
Tim and David gave some great advice. As Tim pointed out, the term “rich” is a relative term. First, you have to decide what it means for YOU to be rich. Money is only one aspect of my definition of rich with family, friends, and quality of life also included. As David pointed out, it’s not totally about how big your bank account is.
The short answer to your question is yes, it’s entirely possible to achieve any level of wealth you desire through real estate.
On the upper end of the scale you have billionaire real estate moguls Donald Trump and Sam Zell. It’s worth noting they both made their money in different areas of real estate. Trump with high rises, casino’s and golf courses and Zell with apartment complexes and mobile home parks. I don’t personally know any Billionaire’s.
A little further down the scale, I personally know real estate investors with net worth’s between 10 million and 20 million dollars. I also know investors with net worth’s in the 1 million to 3 million dollar range.
Each person starts the journey at a different spot on the map. Some have advantages and resources others don’t have. Trump’s father had a multi-million dollar real estate portfolio which gave Trump a tremendous advantage because he wasn’t starting at square one. You can’t compare your success to others because everyone starts at different places.
Tim made another excellent point about some real estate investors also being entrepreneurs and having multiple streams of income. The people I know who’ve been in the real estate business 15+ years all have other streams of income in addition to their real estate.
For instance, some of them own real estate agencies and have agents working under them bringing in commissions. Some of them are hard money lenders. Some of them also own title companies or construction companies or property management companies. They don’t put all their eggs in one basket. They diversify their portfolio’s.
I also agree with Tim that you definitely don’t want to quit your day job until you know for certain the time is right for you. You’ll know when you have the right mixture of financial resources and education.
In short, you can make as much or as little money as you’re willing to work for with real estate.
I hope this helps some.
Thank you all. I do greatly appreciate all of your honest answers on this.
Thank you all again for humoring my post.
Brandon
Humoring…
I’m not sure I understand…
???
David Alexander
I just know it’s a true beginners question to ask and I appreciate the three of you who I know have experience answering me. That’s all. 