What is YOUR definition of success in real estate?
To fellow BP members - I would need your help here - to share your perspective on personal success.
Do you aspire to be the next Donald Trump? Are you content with being a landlord with several properties that will bring you passive income to allow you to live comfortably and not worry about retirement?
How would you measure success? What would be your relevant indicators to success? e.g. Would it be "I define Success in real estate as owning 50 units free-and-clear, with a total property value of $5 million". Or something completely different?
One recurrent theme I noted was people ‘want to be successful’ and ‘make more money'. But what does that exactly mean? With no clear measurement of personal success, it is difficult to define your goal, thus your next actionable items. There is no right or wrong answer here. Success is subjective and specific to your life goals. While this is the case, it is imperative that we formulate our version of success to accomplish our objectives.
Understand that this is not an easy question and hope it will provoke some thoughts. Of course our perspectives will change as we age and that’s ok! Your thought will be valuable and enable the entire community to better respond to each other's posts in the future!
Looking forward to hear your opinion!
Sample Criteria
The number of units own?
Total property value?
# hours of work week?
The amount of Passive income? Active income?
-C.C.