Who is right? Poor Dad or Rich Dad's Son?
Here's the scenario:
I'm taking the real estate exam in April and need your advice. I'm currently the owner of a small dog walking business. It's tough to scale and I'm stuck in it. My dream is passive income and an automated business that gives me more time to snowboard in Lake Tahoe.
Growing up, my best friend's dad had all the time & money in the world because of his investment portfolio. My dad, on the other hand, has only one investment property and is unable to retire. Both dads & my best friend are in commercial real estate. Here's what they have to say:
Poor Dad says, "Investing is not easy & you need to get started in brokerage or property management to build a foundation. You'll get burned if you try and jump right in. Close shop on your dog walking business and get a job in real estate first."
Rich Dad's son says, "Keep your dog walking business in operation. Look for deals at night and in your free time. We're looking for multi-family properties with 20-60 units, C+ to B, built after 1980, etc.. Find a deal, bring it to me, we will partner on it, and bring it to our investors. We just need one deal together to get started and everything you'll need to know you will learn by doing."
Who is right?