Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
Everyone today seems to have a course or preach about financial freedom, passive investing, and how real estate provides passive income—but let’s be real, it’s not all rainbows and unicorns.
For those of us in this full-time, we know the reality: long hours, unexpected headaches, wearing many hats, getting yelled out and tasks we dread but have to do anyway. Whether it’s dealing with difficult tenants, endless paperwork, chasing contractors, or the emotional rollercoaster of deals falling apart at the last minute, there’s always something that makes you question your sanity.
Real estate also isn’t a get-rich-quick scheme. It’s not as easy as it was the past few years, and appreciation isn’t infinite. It takes real effort, smart decision-making, and a willingness to grind through the tough parts.
So, let’s provide those just getting into the space a dose of reality—what’s the one thing you despise doing in real estate?
I’ll go first: Taxes - I am not a procrastinator but this is the one thing I despise doing - and I have a bookkeeper and a CPA doing my books and I still despise doing it. It is also not cheap to have your taxes done - so for those creating LLC after LLC and trying to get creative, I will tell you to keep it simple stupid and not get overly complex. I did it early on and thought to myself - wtf am I doing.
Accountant · Denver, CO · Member since 2020 · 394 posts · 183 votes
1y
I can agree to keeping it simple, so many people are disappointed when I tell them that they can't combine all their LLCs under one subscription because that doesn't allow for proper Accounting Reporting and it would eliminate any Liability protection they thought they had, so now they have to pay for multiple subscriptions to get their books done correctly.
Everyone today seems to have a course or preach about financial freedom, passive investing, and how real estate provides passive income—but let’s be real, it’s not all rainbows and unicorns.
For those of us in this full-time, we know the reality: long hours, unexpected headaches, wearing many hats, getting yelled out and tasks we dread but have to do anyway. Whether it’s dealing with difficult tenants, endless paperwork, chasing contractors, or the emotional rollercoaster of deals falling apart at the last minute, there’s always something that makes you question your sanity.
Real estate also isn’t a get-rich-quick scheme. It’s not as easy as it was the past few years, and appreciation isn’t infinite. It takes real effort, smart decision-making, and a willingness to grind through the tough parts.
So, let’s provide those just getting into the space a dose of reality—what’s the one thing you despise doing in real estate?
I’ll go first: Taxes - I am not a procrastinator but this is the one thing I despise doing - and I have a bookkeeper and a CPA doing my books and I still despise doing it. It is also not cheap to have your taxes done - so for those creating LLC after LLC and trying to get creative, I will tell you to keep it simple stupid and not get overly complex. I did it early on and thought to myself - wtf am I doing.
Dealing with upset separated/divorced co-owners who tell me to meet them in the desert alone and we'll settle this. Whaaa? It wasn't me you divorced.
Guns have their place, just not pointed at me. Gulp.
Everyone today seems to have a course or preach about financial freedom, passive investing, and how real estate provides passive income—but let’s be real, it’s not all rainbows and unicorns.
For those of us in this full-time, we know the reality: long hours, unexpected headaches, wearing many hats, getting yelled out and tasks we dread but have to do anyway. Whether it’s dealing with difficult tenants, endless paperwork, chasing contractors, or the emotional rollercoaster of deals falling apart at the last minute, there’s always something that makes you question your sanity.
Real estate also isn’t a get-rich-quick scheme. It’s not as easy as it was the past few years, and appreciation isn’t infinite. It takes real effort, smart decision-making, and a willingness to grind through the tough parts.
So, let’s provide those just getting into the space a dose of reality—what’s the one thing you despise doing in real estate?
I’ll go first: Taxes - I am not a procrastinator but this is the one thing I despise doing - and I have a bookkeeper and a CPA doing my books and I still despise doing it. It is also not cheap to have your taxes done - so for those creating LLC after LLC and trying to get creative, I will tell you to keep it simple stupid and not get overly complex. I did it early on and thought to myself - wtf am I doing.
Dealing with upset separated/divorced co-owners who tell me to meet them in the desert alone and we'll settle this. Whaaa? It wasn't me you divorced.
Guns have their place, just not pointed at me. Gulp.
I just had a potential buyer on a property we have a under agreement with them allegedly appear to "manipulate" the inspection report to add additional items in order to renegotiate the price of the property.
Accountant · Denver, CO · Member since 2020 · 394 posts · 183 votes
1y
I can agree to keeping it simple, so many people are disappointed when I tell them that they can't combine all their LLCs under one subscription because that doesn't allow for proper Accounting Reporting and it would eliminate any Liability protection they thought they had, so now they have to pay for multiple subscriptions to get their books done correctly.
Real Estate Agent · Boise, ID · Member since 2017 · 566 posts · 377 votes
1y
Love the post, Less is more when it comes to properties. Everyone has a certain capacity that the operate the best in, find this and stay in your lane. Not everyone needs to 10x and own 100's or 1,000's of doors.
Investing in real estate is like planting a fruit tree, it is going to take ~10 years to start bearing any fruit. This is a long game in my opinion.
In order to be successful you have to run a business and operate according to you business plan.