Real estate is the way to build wealth--Isn't it?
So if this is true, I wonder how come everyone dosen't do real estate investing?
There are a ton of avenues to go about making money in real estate. So is it just a personality thing, and not everyone is cut out for it? Is it a little too much work for some people? As far as I know, people want to make money, so what is stopping them??
Would love to hear from you guys!
Real estate is a tool to build wealth but it's certainly not the only way. Everyone's taste, abilities, resources, interests are different.
Happiness and success are not a destination. They are part of your journey. Living the dream.
Real estate is A way to build wealth--not THE way.Originally Posted by littlekingaz
...And I think you're wrong about "people want to make money". Most people just want to HAVE money. There's a difference there. The former requires work, and most people are adverse to working without a guarantee of a paycheck and don't like to take on risk in any shape or form. ...IMO that's why.
As mentioned, there are lots of ways to build wealth and almost everyone of them requires a lot of hard work. The majority of people just aren't that motivated to get it done. Whether it's building a business, investing in real estate or other avenues, most people just don't comprehend the amount of time or effort or sacrifice involved. That's why so few are wealthy and so many just dream and are envious.
That is what I was thinking as well.
I also found this, Dwan Bent-Twyford - If Flipping Property Is So Easy, Why Doesn’t Everyone Do It? , Which I found to be interesting.
And also found this If Real Estate Investment Is So Great, Why Doesn't Everyone Do It?
But, I guess like you said; tastes, interests, and abilities are different.
I just don't understand if there is something that can make you a ton of money, why not learn it??
Sorry for the double post, but I while I was writing that there were two more replies. Excellent answers guys. I liked your guys' bits about the work ethic actually involved in it.
Don't focus on why other people do or don't do something, focus on you and what you want to do--then do it.
I have several rentals that I keep up with. I do enjoy the cashflow from them. However, I began buying them right after I had read Rich Dad/Poor Dad. In the book Robert talks about how many properties would you like to own if each gave you $100 a month? Of course the neophyte says hundreds without a blink. Hundreds may be OK but when you are dealing with just one or two rentals $100 a month each is not very much money for the time you put in.
The main idea here is that most of what I have read in RE books make rental properties sound way easier than it really is. Also, most of the books deal in black/white questions and answers, the reality is that there are different shades of gray.
Happiness and success are not a destination. They are part of your journey. Living the dream.
Your absolutely correct. However, part of my questioning comes from a standpoint of, where the is the fright factor that comes along with real estate? I have read 4 books in the past 3 weeks on real estate, and heard a few horror stories, but for the most part heard a much more success to failure ratio.
The rich dad poor dad mentality of 'mind your own business' only works to a certain degree, because there IS competition out there.
Runum, how weird that you mention Rich Dad Poor Dad, almost like a foreshadow. I literally just saw your post
I will add that a lot of what I saw the last few years in RE was not investing but speculating. People were buying properties at prices that made no sense to me. Now you read and hear about them being in serious trouble. Many of them were betting on appreciation to provide the profits and they ignored the fundamentals.
Happiness and success are not a destination. They are part of your journey. Living the dream.
So? Seriously--your time is much better spent learning and applying then focusing on why or why not someone else is or isn't doing something.
...I suppose my question is, "what are you getting at?" So what if there are people that avoid real estate for whatever their reason. Are you trying to see if their inaction can somehow give you insight somehow or in some area of investing?
I'm not being flip, or sarcastic-- so get ready:
For all of the questions/discussions here, insert "running a marathon" with "investing in real estate", and "making money" with "getting in shape"
It should immediately make sense to you:
See?Running a marathon is the way to get in shape--Isn't it?
So if this is true, I wonder how come everyone dosen't run marathons?
There are a ton of avenues to go about getting in shape. So is it just a personality thing, and not everyone is cut out for it? Is it a little too much work for some people? As far as I know, people want to get in shape, so what is stopping them??
Investing in real estate is pretty much the same thing-- it takes discipline, commitment, and (a biggie)-- you need to compete against YOURSELF, not others.
About the only difference I can see is . . . a bunch of guys haven't written books (or done infomercials) on how easy it is to get in shape by running marathons!!!
-Russ H.
Beer & Pancakes 2011-- The EVENT
"Control everything. Own nothing." -John D. Rockefeller
"Don't confuse motion with action" -Ernest Hemingway
Littlekingaz - Here you go. I think this thread: http://www.thefastlanetomillions.com...get-there.html will help answer some of your questions and help you decide on what the right "fit" is for you, as far as what your Fastlane / wealth vehicle is going to be.
By the way, I just found the above-linked thread tonight. It's amazing how much good info is out here on the forum. I really appreciate all of you that take the time to share your insight, experience, and knowledge with all of us. I love you guys.You guys are like the family I always wished I had. (I am willing to be adopted by the way
)
One last thing Littlekingaz, please Rep++ AroundTheWorld for me, for starting the thread in the link above - apparently I have Rep'ed her too much lately - need to spread the speed around before Rep'ing her again.
Thanks!
"If you want to be rich, add VALUE to people's lives."
- Brian Sher
Russ, you said everything perfectly.
Great example. Speed++ (whoops, I'll have to get you later with that one, apparently I need to go throw NOS in someone else's vehicle before you again!)
G. Alexander
Real estate is not the only way. It is just one vehicle of many. AND there are so many avenues in the real estate industry (if that is what you have an interest in) where you can focus your time. Think real estate development, real estate agent, real estate management, real estate brokerage, real estate trading (meaning flipping buildings), real estate accumulation (buy and hold an collect rents) and real estate chain development (one type of building concept that is sold in chains worldwide).
The same goes in all kinds of industries you may want to engage in. Real estate is one of the most talked about though. And it is, after all one of the biggest industries on earth so it is no surprise.
To me real estate is a drug,I love it. I get up every morning and can,t wait to start. It has been 13 years now and I still feel the same way. I love the chase much better then I do the catch. You must have some interest in what you want to do.
Real Estate is A WAY, but by far, not the only WAY. I will argue that Real Estate is Wealth 1.0 whereas the INTERNET is Wealth 2.0.
In fact, for me, I find real estate far too slow since internet businesses have the same great wealth characteristics as real estate -- like real estate, internet assets can be created, valuated, devalued, appreciated, bought, sold, cash-flowed and guess what, web business can be built for NOT $200K, but for <$10K, sometimes <$1K.
Real estate has made many millionaires and billionaires no doubt however...
Do you know any self-made REAL ESTATE millionaires who made millions by the time they were 20 years old? (And without Daddy's help?) I don't.
Do you know any self-made INTERNET millionaires who made millions by the time they were 20 years old? I do.
Lots of ways to make money, real estate is only one of them.
I'm not very computer savy, and I like buying dirt so I'll stick to RE.
"Starvation is God's way of punishing those who have no faith in Capitalism."
R. Cobb
(9) Cadillac
Most people don't get involved with real estate because they think they need money and good credit. And most people don't have either one.
The reality is that you don't need much money ( less than $1000) and you don't need good credit to get started and to make a lot of cash, cashflow and wealth with real estate.
Most people don't get involved with real estate because they think it is "rehabbing" old run down houses which takes a lot of time and money.
The reality is that there are a lot of much better ways to make money with real estate than buying, fixing, and flipping.
Most people don't get involved in real estate because they think it involves being a landlord for problem tenants who don't pay on time and tear up the property.
The reality is if you buy nice houses in nice areas you will attract good tenants who do pay on time, don't require handouts from the government, and take care of the property.
Most people don't get started with real estate because they have FEAR of failure. I did a survey recently asking what are you most afraid of about real estate investing. I got 1500 responses. The fears all involved making some kind of a mistake.
The reality is that the chance of making a mistake are greatly reduced or eliminated if you spend the time to get properly educated about how to do things the right way. Education should be a life-long pursuit and you can't learn all that you need on a forum
You can also eliminate fears and the chance of making mistakes if you get started in real estate investing with the most risk free techniques and strategies - things like wholesaling and sandwich leasing.
Real estate investing is a great business. It can produce large checks, cash flow, appreciates and build wealth which all give you financial security and independence without a J.O.B.
An internet business can do the same thing -- they are BOTH great businesses.
You can DO BOTH!
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