Can Real Estate Investing Really Lead to the Good Life?

[LTL]

I've hired hundreds of people in my career... That experience is enough to know that if I tried hiring a general manager, he wouldn't last long. If you had any real world experience, you would understand it as well.

Have you tried improving your hiring process ? if not..why not ?
Have you even looked into why managers don't care enough about your business ? why not ?
Have you automated the hiring process so only the best candidates
that fit a certain pyschological profile even get interviewed ? Why not ?

Oh because you know everything ...right ? LOL

That's the cool thing about real-world experience. When you have it, you don't have to do something stupid to know it's not going to work. Perhaps you'll realize that some day...

It's the cool thing about complacency and laziness....because while you are busy knowing everything
and invalidating concepts ... Others are gaining market share and killing it

Blockbuster and the rail road companies had a lot of "real world experience" too....

I rarely flip houses anymore. I use the money I've already made to lend to other investors and to partner on deals as a passive investor.

That explains it... passive investors who don't wanna do/research sh!t but know everything
and invalidate everything LOL

I have a few of these old codgers begging to join my teams VIP alert list for Pre-IPOs

Funny how they knew the UK would stay in the EU until yesterday hahaha

 

[LTL]

Still haven't told us what you pretend to do. How about a link to your website or a linked in profile?

Let me guess... You are unable to produce either of those...

Why are you deflecting from this ? ....

Have you tried improving your hiring process ? if not..why not ?
Have you even looked into why managers don't care enough about your business ? why not ?
Have you automated the hiring process so only the best candidates
that fit a certain pyschological profile even get interviewed ? Why not ?

There's no shame in admitting you are too comfortable and complacent
to research it or too proud even find people with that knowledge or too
lazy to implement it.

That's my "real world experience" from dealing with people like you.

You know everything there is to know about everything......

I don't and I admit it ... It keeps me hungry and inquisitive ...

I even asked about your business...and the problems
you faced there.

Had you stonewalled... I'd just interview more successful residential flippers until
I got what I needed.

 

[LTL]

I have never had an employee quit from one of my personal start-ups... So, I think it's safe to say that my hiring process is just fine.

Now, back to your website or Linked In profile... Safe to say you're too embarrassed to share either?

That's great but here are the questions I asked....not the one you answered to

Have you tried improving your hiring process ? if not..why not ?
Have you even looked into why managers don't care enough about your business ? why not ?
Have you automated the hiring process so only the best candidates
that fit a certain pyschological profile even get interviewed ? Why not ?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[LTL]

Simple question, WHAT DO YOU DO? You have no credibility here.

If you want to know what @JScott has done, take a look at his website 123flip.com or read one of his great books here. I have personally used his books and systems to make hundreds of thousands of dollars. What value have you added to anyones life?

Quit being a know it all e-badass and answer the simple question. WHAT DO YOU DO? WHY SHOULD WE LISTEN TO YOU? Until you gain credibility, then no one will listen to you. Better yet, I bet @JScott would be happy to hop on a quick phone call and we can clear this all up.

I don't care about credibility or anyones validation. It doesn't matter.
Whether you think I'm full of shit or the real deal...doesn't really affect
my team, me, my investors or close partners.

You shouldn't listen to me at all . You aren't part of my team
so do what's in your best interests.

I'm not a know it all... at all. I've admitted that already
My hunger for knowledge is a ravenous beast that cannot be sated

The same cannot be said for @JScott because he knows everything

 

[LTL]

BTW, you already admitted I was right above.

Now, where that website and Linkedin profile?

Some more of that of these "snippet conclusions" eh ?

Nice one mate! hahaha

Why ? You looking to invest or something ?

 

[LTL]

Credibility does matter in real life and especially on the web, get real.

As for @JScott, thank you for the value that you have created in my life. I use your spreadsheets and checklists daily in my business. I appreciate your well thought out posts and replies.

Please stop wasting your valuable time responding to this guy, it is not providing any value to you or the forum.

It does but my credibility matters to those who work with me.

Last I checked, we've never done business. So why care ?

Its not like you are potential investor that requires my teams
corporate brochure, a conference call with studies and metrics,
and verifiable testimonies from law enforcement/charities I've worked with

I don't take it that seriously. lol

 

[LTL]

I'm always looking to invest. In fact, I have invested in two other people on this forum over the past couple years.

Of course, that's why I'm pretty good at separating the doers from the fakers... And that's how I know which you are.

I promise the day you accomplish anything, you won't be too shy to tell us all about it in detail...

Have a great day... And enjoy summer vacation!

That's cool.

Maybe one day I'll let you join in on one of our Pre-IPO deals
or new construction deals or business financing deals....

You'll have to be quick though because my list snatches 'em up
in hours now....

It ain't like the good old days so I've heard

P.S. I just went into detail about how I stop top tier talent from
leaving my business... but you know everything so it doesn't matter

P.S.S. Have a great day too. I need to Load up on some more physical Gold ETFs
this Brexit thing might get uglier.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[21elnegocio]

Hey guys, as I have said before, I am a 16 year old who joined this forum a week or so ago. I have been absorbing all the info I can through past threads and I read one specifically, @SteveO s thread about his amazing golf course purchase. Before reading about him and a few other guys on here, I saw real estate as a slowlane that only is a fastlane for the top 1% guys in that industry like Donald Trump. Now I see it seems to be a fastlane as long as you are good and work hard at it am I correct? I have always loved to watch HGTV shows on flipping houses and such but never thought of being a real estate investor. I think I could really have a serious passion for it. My purpose behind this thread is to ask if anyone here would be willing to offer me some advice in learning the industry and what I can do now to position myself to succeed. Also, if anyone has any books or resources on the topic of real estate investing that are good and comprehensive, I would also be very appreciative.

It is definitely not a fastlane path however it does pay you good chunks of money to throw into your fastlane project ! Look up wholesaling properties, you basically end up flipping a contract for more money. I gotten really god profits from wholesale deals, one of my biggest checks up till date was $108,000 I know guys making $150,000-$400,000 on luxury homes by applying this technique. I am still trying to break into that market, it is a bit of a different monster.

 

[458]

Yes but it's only quick if you raise money, consolidate your niche and then take it public. Otherwise your gonna be playing the refinance game for 10-20 years before you have a nice nest egg.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[458]

If you buy 12-cap properties at today's interest rates using fully-amortized loans, you should easily be able to pay them off within 10 years to achieve full cash-flow potential. If you can get control of $1M in property (which isn't too hard if you have $100-200K and some negotiating skill), that means you'll have passive $10K/month in income in 10 years.

For a typical person who wants to be an entrepreneur, I'm guessing the chances of getting to the point of $10K/month in passive income in 10 years is pretty low (I'd say 90% of the wannabe entrepreneurs I know never make it, and of the other 10%, many take longer than 10 years).

I know plenty of real estate investors and plenty of business entrepreneurs (and I've been both) -- in my experience, the likelihood of success in real estate eclipses the likelihood of success in business for the average person (which most people are).

So, the real estate avenue doesn't seem too bad...assuming you have some cash and some negotiating skills, of course...

lol, 12 cap..

 

[NameBoat]

i have lots of friends in the realestate business who are living the good life. too bad for me i didnt have the money until the market was hot, its a tough business to jump into. but i think reward out weighs risk if you find your way. i think finding someone to shadow would be a good idea. but you can try biggerpockets .com its realestate forum lots of good info there

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Samuriscimi]

Wholesaling real estate is a tough job. What you say above is great in theory, but I don't know many people who do it successfully over long periods of time. Most people I know who try end up never seeing a first payday...and when you're working with commercial RE, you're dealing with more sophisticated buyers and sellers, so plan to work for a couple years learning the industry before you expect to make much/any money.

Here's the thing with real estate -- unless you are generating recurring income from the underlying asset, you're going to find that all you have is a job. Potentially a lucrative job (I've flipped 200+ houses and made a lot of money doing it), but a job nonetheless (if all I did was flipping, the day I stopped would be the day I stopped making money). That's the problem with flipping houses or wholesaling or any other active real estate strategy -- the day you decide to stop sourcing deals, the income stops. Also, it's very difficult to scale a real estate business for most people, it's very difficult to put a real estate business on auto-pilot, and you'll almost certainly never start an active real estate business that you can sell.

My advice to anyone who wants to get rich in real estate: Find an active source of income (could also be real estate, like flipping houses) and then plow all the profits into buying and holding assets. Take your time, consistently work to build a portfolio and in a few years/decades (depending on your effort/success/goals), you'll find that your real estate is paying you enough that you can focus on other things.

Question here:
I've been researching real estate investing methods for a while- I'm chomping at the bit to start buying properties.

However, to really get involved and know investors, whole salers, property managers and contractors, I think I need to work in the field for a little and hover until I can find a good deal to get started.

So I'd like to start a small active real-estate related business. I want to start a product managing business to meet local investors and know what's happening with local houses. But I'm open to other suggestions.

What other needs do investors have that can be met with a small active business?

thanks guys

 

[Samuriscimi]

Can you make a ton of money in RE? Yes.

Is RE slower than business? Usually much slower, yes. But it's all relative.

I've watched my brother build a real estate empire much faster than I would have thought it could be done. HOWEVER- it's more of a business than just "real estate". + he's busting his a$$ it's not the passive stuff you read about from 'get rich' stuff. He's got systems, teams, a huge network now and is basically hustling 24/7(his phone is blowing up all the time- bankers, wholesalers, employees, contractors, other leads, etc) He's getting the returns he's getting because he couldn't just "outsource" to someone to get the type of deals he's getting. He's not just clicking "buy it now" on houses and collecting checks like a lot of people would want you to believe.

I know of an RE investor in Austin who raised a massive amount of capital, bought up a chunk of prime real estate in Austin, and got filthy rich in his 20s. Like, big money rich. He's one of the only ones I know of that became that level rich through real estate so fast, most other RE guys can get rich, but it's more of a grind it out and the math works out long term so you get rich game. There's nothing wrong with that game at all, it's just usually slower than business success.

I know a lot of guys who start businesses and have made a ton of money very fast, and after the start up phase it's often significantly more passive than RE(referring to biz vs RE as 'wealth growth' not preservation). For example several friends I caught up with recently who raised money and did well with their businesses, are 4-5 years into their business and are basically passive, and are already worth a LOT of money. They already reached the stage where they brought in a CEO to replace them and they can either live the 4 hour workweek, or they can go start another biz and try to build even more wealth. Don't know many RE guys who do it in anywhere near that timeframe.

You're young so it's important you understand that the goal isn't to just make the most amount of money the fastest though. I can tell you from experience that the 4 hour workweek is boring as hell. You can only travel and 'hang out' for so long before you'll want to go back to actually doing something with your life. This is important:



I can't stress this enough. You HAVE to have passion either for what you're doing, OR the end result of what it will bring you. It has to be legit value you're adding, but if you just do something because it supposedly makes more money than something else you'll eat up your life.

The more you like something, the longer you'll stick it out and the better you get. The better you get the better results you'll get, and the cycle continues. Where, if something else could have made more money but you didn't like it as much, you would have made more at the thing that would normally make less.

Why does my brother do well at RE? Because he REALLY likes the stuff he does. He's also really good at it but he's really good at it only because he was in the game long enough to get good at it, and he was only in long enough to get so good at it because he liked it a lot.

If I tried the same style of RE my brother does I wouldn't like it, so I wouldn't make the money he makes from that style of business/RE investing.

And vice versa if he tried some of the stuff I'm into he might not do as well because he wouldn't like it as much, so he wouldn't stick it out to rise above others in the space, and that's where you reap the rewards in any market, not from dabbling in what's theoretically better money than something else, but in rising to the top of a market, which can't be done without sticking it out to be better than others in that market, which usually can't be done without really enjoying what you're doing, or at minimum enjoying the end result of that(usually the former though).

You're 16, so besides that here's what I would tell you:

Find out what you want out of life. It will change in time because you don't know yourself well yet, and even if you don't intend for it to happen you'll subconsciously think you want things because of what you believe others will think of you if you do them, but if you're always as true to yourself as you can be, and you pick a certain route that gives you a chance to have those results that you want in life, and you're doing something you enjoy, you'll be on a good path. A good way to do that is to find people who have been where it is that you want to go. Ignore EVERYONE else.

Example:

If your goal was to become a successful multi family investor, find someone like SteveO and read everything he has ever written, take action and find someone like that who could help guide you along the way.

Someone else may want to teach you RE- have they been where you want to go? Doesn't matter what their website says- have they? If not, IGNORE, and stick to the plan.

The game only gets hard when you complicate things like this- chasing money, taking advice from those who talk about the game but haven't played, doing things you don't like because that's supposedly where the money is, quitting too soon if you're following these rules, etc...

Keep the game simple.

Your brother's doing exactly what I want to do.

How did he get started?
He's not on this site, is he?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Stephen Hall]

Thanks for sharing this information.