What is YOUR definition of success in real estate?

7 Replies

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.

Hi All - Anyone with good idea to below?

What's your definition of success?

Sample Criteria

-The number of units own?

-Total property value?

-# hours of work week?

-The amount of Passive income? Active income?

@Che Chiu Wong , for me it's not a matter of dollars or doors.  I have one main goal in mind.  I want to be able to comfortably support my family without having to work, outside of dealing with my real estate investments.

Of course, the amount of money that takes will vary depending on location, as living in San Francisco costs a lot more than living in Gator Swamp, Florida.  That's why I avoid using dollars or doors in my definition of what I consider success for me in Real Estate Investing. 

Also, different families have different lifestyles.  One person may wish to take multiple vacations a year to foreign destinations, while another person might be content with a trip to the beach in the summer and a ski trip in the winter -- one person might need a Ferrari and Porsche in the garage, while another person might be content with a Camry and a Ranger.

Originally posted by @Randy E.:

@Che Chiu Wong, for me it's not a matter of dollars or doors.  I have one main goal in mind.  I want to be able to comfortably support my family without having to work, outside of dealing with my real estate investments.

Of course, the amount of money that takes will vary depending on location, as living in San Francisco costs a lot more than living in Gator Swamp, Florida.  That's why I avoid using dollars or doors in my definition of what I consider success for me in Real Estate Investing. 

Also, different families have different lifestyles.  One person may wish to take multiple vacations a year to foreign destinations, while another person might be content with a trip to the beach in the summer and a ski trip in the winter -- one person might need a Ferrari and Porsche in the garage, while another person might be content with a Camry and a Ranger.

 Thanks for your input @Randy E.  You are absolutely right. Real estate investing, especially with cashflowing properties, is a great way to support our families without having to work.

success could be:

wholesaling/lease option one house per week at a average net profit of $6k per deal

Che Chiu Wong thank you for this topic! It is really interesting to know what do we use as success indicators. For me they are: net monthly cashflow, equity, leverage control (risk control) and headache (my personal time and energy involved)

@Bhekizwe M.

Thank Bhekizwe for your input.  That would be a pretty tidy $3mm a year!

@Jane A.

Thanks Jane. I agree that these are the factors that measure the success indicators. For yourself, do you have a specific goal to hit? Would you want to build an empire/conglomerate, or would you want to stop once you are financially set entirely?

My success comes when an investor/buyer calls me and says, "Jeff, I just sold that last property - it was a slam dunk." 

I work for a company in Tampa that buys then sells REOs and off-MLS properties. After my buyer/investor rehabs and sells a property, or puts a tenant in one, they usually tell me they are ready for another property. As long as I can keep feeding my buyers good properties, I am successful.

As Randy stated above, its not "doors or dollars". I think if you're trying for a specific number of doors or dollars you may actually be limiting yourself.

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