I’ve been on this board for some time and have received some great information. Overtime I have found that a number of very successful people frequent this board and continue to passionately pursue real estate. By very successful I’m referring to being at the point financially where you no longer have to work and you are able to live very comfortably.
One person that fits this description is Gold River. You previously stated that,
My businesses make over $200m a year and thanks to the price of gold we are averaging about a 400% profit. I do not necessarily want huge personal income feeling gratified to obtain ownership in a series of trust's and corporate interests.
I’m sorry for taking this out of context, and it is certainly not my intent to embarrass you. I’ve read a number of replies where you have made it clear that you are still actively involved in managing rentals and flipping houses. At this point, what motivates you to continue to pursue real estate at such a hands on level? Do you just love what you are doing, and the money is a byproduct of that? Or, do you want your own island somewhere?
I ask because my financial goals are considerably smaller, and I don’t see myself pursuing real estate to the degree you do once those are reached. I’m wondering if my goals are too small, whether I don’t have the same passion for real estate, or maybe my motivation needs reevaluated
What motivates others?
Well, what are your goals and why are they your goals?
The goal for my wife and I is to not have to punch a clock for someone else for the rest of our lives. I don’t want to be 75 and be a Wal-Mart greeter b/c I HAVE to be. I’m in the military and planning on having a pension from retirement there at a relatively early age (although congress is doing their best to screw that all up at this point) as part of my plan to not have to work for someone else until I’m old. We’ve been doing the LL thing for over 4 years now. There have been periods of great frustration and lots of work, but it’s been manageable and I still think it’s worth the hassle as a great way of starting to build wealth. I see businesses all the time that people try to start, but you know they don’t make any money…and they’re gone in a few years. Everyone needs a place to live. If you buy right, you’ll still be around down the road. Obviously there are tons of ways to make money in RE. I’m really interested in being the bank one of these days like fdjake and rookienyc have discussed in the Random Ramblings forum, but I’m not there just quite yet. LL’ing can be a pain in the butt, but it has increased our net worth by several hundred thousand dollars over the past few years and I was able to write myself a check for nearly $4k last month after my mortgages and repairs were paid. That may not be the amount of money some of the people here are playing with, but consider it’s only 4 yrs into things.
I’d rather work for myself than someone else. REI will help me meet that goal. Very few things are ever an emergency. If I want to take a day off or sleep in late, I’ll be able to do that once I’m no longer in the military (and this gig is good too…I love my current job).
Giving back is always a great feeling.
I have been blessed to succeed in REI. In last 6 years I have been involved in over 200 deals of all kinds but always looking for new things. Now I am focusing on Hostels but first need to learn about them and then start investing in a new market for myself.
Plus I have a successful career with same company last 10 years where I have a decent 6 figure income as well.
I think some people find it just plain ole fun to make real estate investments …for some i guess the more “hands on”, the better. It’s like having a fun hobby or pastime, but the hobby just makes you money.
I would suspect the money is not the aim for someone doing it for fun and/or already being so wealthy it doesn’t even matter. I think the money then, for such individuals, is just a nice byproduct and thus a non-factor when it comes to their motivation to continue to pursue their passion/hobby.
re:
What motivates Gold River, others?
a loud radio…on a great radio station whereever I’m doing rehab work…
plus a yellow legal memo pad…or other writing source…for capturing critical thoughts…
coffee…
-Mike