Real Estate Investor · Atlanta, GA · Member since 2009 · 339 posts · 126 votes
15y
I couldn't care less about getting rich. What I want is to be financially independent and wealthy. Being able to wake up every morning and not HAVING to work.
Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
14y
Rich, My investing career just started so unfortuneatly im a little shallow than the rest of you guys! LOL...
However, Im willing to take my timeand build the business from the ground up. Im not looking for any instant gratification. I just have a strong passion for this business like the rest of you guys and i enjoy every aspects of it.
This site and my fellow BP members really gives me the inspiration about this business.
I know its going to be hard work but im ready to put the TIME in. I believe that it can be done. Just ask a few of our fellow members.
Investor · Diamond Bar, CA · Member since 2009 · 446 posts · 233 votes
14y
Disregarding the source of the linked document, it is actually a CitiGroup pdf and a very interesting read about being rich, wealth, etc - the argument being it is not simply hard work creating your own luck, it is also hard work attached with intelligence and creative implementation of that hard work that is the new paradigm. Where there is an increasing spread between rich and poor and increasingly difficult to move cross over.
For every person working hard as Rich mentioned, creating his own luck, it is only because he knows what to work hard doing that makes that luck more likely. This is critical as the masses want work hard, but have no idea what exactly to do.
I found it interesting.
Once again the link below is the only source of the Citigroup paper I found, I know nothing source site, but given the name, it is likely I do not endorse it in any way. At the same time this too is interesting the same research can be looked at by two different groups with a totally different "take away".
Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
14y
Education-I don't mean a college degree, but learn your craft as complete as you can.
Goals-Decide what you want to acheive.ON PAPER!
Mentor-Find someone who is/was successful that you can learn from and emulate.
Stategy-Determine your path to your goals. How/What are you going to do to realize your goals. ON PAPER!
Discipline-Don't get distracted, tired, or down. Stay focused.
Or, another way to answer the question of "can you still get Rich?"...Ask Mrs Rich Weese ! :)
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
14y
Originally posted by Tod Radford:
Mentor-Find someone who is/was successful that you can learn from and emulate.
This is one of the big keys to me. I have had a couple of really great mentors for years now and there is no way I would have achieved what I have achieved without them in my life coaching me through things. Mentors don't receive very good press on BP, but I think the right mentors are absolutely essential.
Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
14y
I agree Bryan. "Mentor", or "coach" , does sometimes carry a negative connotation but I think you have to have a trusted expert that you can talk to, and learn from. I also think you can learn from historic/public figures that were successful as well.
Flipper · Indianapolis, IN · Member since 2011 · 20 posts · 1 vote
14y
Hard to get wealthy without truly understanding the "rule of 72". The 'Rule of 72' is a simplified way to determine how long an investment will take to double, given a fixed annual rate of interest.
Become a master in getting the best yields you can for your investment and do it long enough, you road to wealth will be shorter.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
14y
You are making the rule of 72 sound like a magical thing. It really isn't. Simply divide one number into another. If you want to double your money in six years, divide six into 72 in your answer is 12. It will take you 12 years to double your money. If you can figure out some way to earn a return of 18% divide 18 into 72 and you get the number 4 which represents four years to double your money. This is simply the way compound interest works.Rich
Real Estate Investor · Member since 2009 · 34 posts · 8 votes
14y
I should start another thread because I have been wondering about this for a while... but I will post here.
I am like a lot of folks on this thread, I don't need to be mega rich. I make really good money now (according to the article most people would already call me "rich" I guess) and I really like my career.
But I do really look forward to the day where I can work on my own schedule.
My business partner and I have enough properties right now to get by in retirement (about 20 years away) but that isn't my goal.
I read a lot of stuff on this forum and it seems like most people are using real estate investing for retirement income not as a "career replacement."
I hear people talk / dream about real estate as their only source of income but does it actually happen? Are regular everyday folks out there really doing JUST property investing with long term buy and hold properties as a career or is that a pipe dream?
I think it is possible to do but I only know a few folks who are doing it.
Real Estate Investor · Chattanooga, TN · Member since 2009 · 191 posts · 47 votes
14y
Interesting article, Rich. Great name, by the way.
I agree with Jon that sometimes it's a matter of making the right decisions at the right time rather than working harder. Actually, real estate investing doesn't feel like work to me. Well, except for some of the paperwork.
I feel rich. I think the sooner you feel rich, the faster you will be. McK
Investor · Garland, TX · Member since 2010 · 99 posts · 92 votes
14y
Yes, it is possible. You have to have multiple streams of income though. You can't have real estate as your only source of income if you want to become extemely rich or wealthy. Donald Trump is known for real estate, but he has other businesses in other industries. So use your real estate money to start another business. I am using some of my real estate wholesale money to start a T-Shirt design business. My ultimate goal is to start a real estate development company where the focus will be on developing state of the art shelters (mini hotels) for homeless families.
Investor · Member since 2009 · 132 posts · 30 votes
14y
It takes a certain mindset and an incredible amount of motivation. It can be draining, frustration and rewarding. You have to have specific and attainable goals (near term and long term). My over-arching goal is to be financially free and leave the corporate world by the age of 30 but I have small near terms along the way. I think it about every day. I loose some deals at the last minute but I have also tripped and fell into some of my best deals with no effort. (I just had a closing delayed by 45 days today because some foreclosing attorney forgot to sign a paper. It sucks but its part of the business) You need to stay balanced and learn to be super efficient with your time. Its all about creating systems and having good resources. We have an incredible opportunity to buy properties at prices not seen in years. (recently bought a property for 19k in good area that sold for 55k in 1990)
Buy, buy, buy but don't waiver from your valuation standards and do it in a controlled and well thought out manner!
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
14y
I am one that did it COMPLETELY in Real Estate, so it can be done. I include buying, selling, rehabbing, building and managing all in the same category. Yes, it can be done. Rich
Real Estate Investor · Chicago, IL · Member since 2009 · 178 posts · 62 votes
14y
Can I ask what is defined as really rich? One of the first posters said $10mm cash on hand, what about Mitt Romney rich? In the hundreds of mm? 20-50mm per year?
Investor · Diamond Bar, CA · Member since 2009 · 446 posts · 233 votes
14y
To be honest the article sounded ridiculous. I like how his big advice is to sell direct to consumers, then mentions consumer goods which is one of the most competitive niches in which to compete.
His number for rich is $7.5MM.
He makes it sound like the American Dream was to get rich, I thought it was to have a home and a high standard of living. Which by the way, can currently be had even by those on minimum wage. All this talk of the spread between rich and poor is ridiculous, the working poor can live very well, as for the rich, let them have it all, as long as the poor are better off also. I remember M. Thatcher debating this in Parliament, she made it clear, let the gap get bigger as long as the poor are doing better also because the alternative is a smaller gap with the poor being worse off.
Either way, compared to the rest of the world, the Dream is very real and easily obtainable. As for getting your $7.5MM, that can be had also using leverage, interest spreads, etc all of which we learn in RE. It's hardly impossible.
Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
14y
Yes this buniess does require alot of self motivation and determination but it WORKS!!!!!!
I think the chips are definitely stacked against us, but we have people everday on this site, showing and saying what this business has done for them and there family. Im convince it can be done!
Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes
14y
I would say definitely it is still possible because you see people that have done it in today's world. It's definitely not easy though. I believe it takes determination, hard work, focus and a bit of luck as well. The thing is it seems that real estate offers the best hope of becoming rich versus the alternatives (working a job,etc). As mentioned in the article only .3 (a third of 1%) of the working population make over $1,000,000 a year from their jobs.. but it seems that a much higher percentage of full time real estate investors would probably make over $1,000,000 a year if you combine cash flow, appreciation,etc.
Getting and working at a good job isn't the path to wealth, but unfortunately everyone believes it is because that's what is told to us from the time we are young. The other thing is these high paying jobs especially usually require a lot of your time..over 40hours a week. So unless you really love it ,and would rather work your job versus anything else...then you still might be money rich , but time poor.
I think most people would rather have time versus a BUNCH of money.
For example would you rather make like $100,000 a year and have most of your time free or
$200,000 a year but have to work 60 hours a week...
I'd rather take the $100,000 and a bunch of free time..
of course these are hypothetical situations , but still.
Grays, Essex · Member since 2012 · 37 posts · 3 votes
14y
Interesting article, but I agree it is still possible to "get rich" it's just not easy. I think the world has changed and a lot of things come to us much easier than they did before. The mistake many people make is believing that money will just fall into their laps too.
To become rich, you have to be prepared to plan, educate yourself, sacrifice and work your butt off. Unfortunately, young people tend to think it'll all come easily to them.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
14y
I met with a few guys over lunch on a beautiful day in Austin today. One of the guys made $1M on a single real estate deal when he was still working his corporate job. He simply worked hard and arranged a development deal where he added enough value to develop a seven figure net worth in one deal.
Getting rich after a single deal like that doesn't seem very hard. As someone else stated earlier in the thread the harder one works the luckier they get!