I'm just curious on how many people honestly just do it because it's good money and makes sense. Or, they do it because they have a true passion? How can you tell if you have a passion? Honestly, I think it's just good business and good money since I dislike construction and smelling paint, dealing with drywall dust and the thought of construction makes me not like RE. Please let me know your thoughts.
I am VERY passionate about real estate. My wife constantly tells me how I *light up* when I talk about anything related to real estate. I read everything I can get my hands on related to real estate, post on BP like a crack addict, run financial models in my spare time, perform transactions, visit clubs, network, etc.
I think it is pretty easy to tell that you are passionate about something based on how you spend your time.
I find many benefits to investing in RE. Tax breaks, money, growing retirement funds and the fascination of watching properties morph.
If I had the time, could find the deals and had a team, I probably would be flipping. I love to take something that looks run down and turn it into something clearly livable.
I enjoy working with numbers and analyzing deals as well. I also enjoy investigating ways to improve profitability and adding value.
Since I was young though I have worked with my hands and did some of the less glamorous jobs. Some of these jobs though may be less glamorous but they do provide a sense of accomplishment.
So part of my passion for real estate comes from that sense of accomplishment. Succeeding in acquiring a good deal. Rehabbing an ugly duckling and providing a place for others to live in.
So much easier to succeed when you enjoy what you do.
I do love real estate, can talk about it all day long. Especially investment RE.
I also love real estate. I enjoy finding a home that is distressed, putting in the time and effort to gain the sweat equity and also to make it beautiful again and then renting it out for cash flow. I am a farmer as well, I love buying farms and cleaning them up and making them productive. To me Real Estate is the best job in the world and I get satisfaction out of it daily. Its not really a job to me, its a hobby that supports my family and I thank God for the oppourtunity to do so
Thank you for all the replies. Does anyone do it just for the money?
Money just happens to be the gravy on top. When doing a career search the first thing suggested is to find something you enjoy doing. Then you look for jobs that match your likes. Most people stuck in the 9-5 JOBs do not like what they are doing, but are there solely for the money or benefits. If given the opportunity, they would all look for something more enjoyable to do for 40 hours each week. The bills are pressing with the economy the way it is so people stick to the SAFE route and keep on doing the things they Don't Like "just for the money or benefits"!
While I don't do it just for the money, I also don't do it because I have a driving passion for RE specifically.
While I certainly enjoy certain aspects of RE, the thing that I have a passion for is building the business -- creating value out of nothing. If it weren't RE, I would be creating another business doing something else.
In fact, when I think about the day to day aspects of my business (dealing with contractors, stupid agents, lying buyers, annoying banks, etc), it makes me realize that there are a lot of parts about real estate I don't enjoy at all. Luckily, I can delegate most of that stuff out to employees, and focus on what I do enjoy...building the business...
I think it would be hard to argue that anyone engages in real estate transactions and is passionate if they are doing it just for the money. However, I do agree with JScott that many of the things I do not enjoy and building a business brick by brick is one of the primary passion centers for me.
I'd have to say that when I started it was about making some money on the side. My career really took off in the mortgage business. Initially it was about the money, but that changed quickly after making some dreams come true.
I guess no one has called you a "dream maker", but I had a young family that I put in a home and that's what I was called. I won't ever forget them. My attitude changed. My goal changed from making money to changing lives, giving others financial security, givng kids a safe clean place to grow up, providing self esteem and a sence of accomplishment to young parents and assisting others in meeting goals that were important to them.
It does not matter if you are putting tenants in a rental, providing a home loan for a small home, rehabing a median priced property or selling a 400K property, you are adding value to your clients' lives, and to your community. Look at the social impact a home makes to anyone and understand that you are part of that, making needs, desires and dreams come true.
It's easy to be passionate about RE when you consider the impact you really make around you. How can you not be passionate about that?
I am a very passionate person, meaning I tend to bring passion to whatever I am engaged in. I have known I was going to be an entrepreneur since I was very young, I just did not know in what area. I also knew I would serve my country, something else I am passionate about. Real Estate is one of the few areas that allows me to do both at the same time, so it just made sense for me.
Good point Jscott. I know exactly what you mean when you say lying buyers etc. It seems in this business; people tell lies because of the money. It's pretty sad, but reality. You don't really see it in other businesses. Thanks all!
You know, without passion, I don't think anyone will enjoy what they do; and that can only last for so long one would think before they burnout. One of my founding principals and a requirement of new agent hires is passion for real estate and I make sure to inform the public on my about us page, [LINK REMOVED], so they too know how important that quality is in the person they're considering hiring. I could even say that without passion or the love for the work, you'll not truly carry your client's interests throughout the transaction.
Passion is definitely the key ingredient to greatness in many endeavors. Passionate people will do what people who think something is "work" will not and will knock down barriers to MAKE IT HAPPEN. One of my favorite videos of all time is Randy Pausch's "Last Lecture:"
There is so much wisdom in that video. The walls are there for a reason. They let you know badly you want something!
i'm obsessed with RE....good thing it also makes me money..ottherwise i'd be broke with an expensive hobby :D ...i think about it a lot...of course there are bad things that i think about a lot too...tenant problems, huge repairs, frivolous lawsuits, etc.
I am (like everyone else replying to this topic seems to be) obsessed with RE. I sometimes catch myself when walking down the street just admiring and thinking about the buildings surrounding me. Not only if it had beautiful architecture I could admire, but the age of the building, its historical significance if any, the effort to construct it, etc.
I am still in the process of absorbing what I can of RE investing knowledge everyday, but I know that I will enjoy seeing my hard work payoff in something tangible and real. I haven't slaved over hours of painting, or dealing with tenant's problems or the like yet, but I have prepared myself for these situations and certainly think that the pro's outweigh the cons.
I'm in agreement. My passion runs very deep...to the point of obsession. People often tease me that I "work" too much. I remind them that it's not "work" if it's also your hobby and in your blood lines. The money is just icing on the cake. As a matter of fact, I've never taken a distribution of money from my s-corp. All the profits just get rolled into new real estate related endeavors. Thankfully, we can live very frugally off my wife's income.
Of all the things real estate related, what I dislike the most is landlording. It goes back to the 80/20 rule...80% of them are a hassle and that gives it a bad name for the other 20% that I genuinely like.
I do not have a passion for RE and feel about it pretty much the way J Scott described. My passion, instead, is for business and investing. RE happens to be the industry in which I do both and I, too, suffer from the "working too much" ailment because I enjoy what I do.
It takes drive to accomplish something but the drive can come from different motivations and interests than the activity in which one is engaged.
Having passion about RE is one thing actually going out there,doing deals and living that passion is another.
Truer words have never been spoken! It is consistently puzzling to me how people can spend so much time "learning" about real estate and so little time doing.
I knew from a young age I was destined to be different.I was the one always thinking outside the box to find creative ways to make things happen.
Working a 9 to 5 job for the man would be literally like DEATH to me.
When I got into real estate about 8 years ago my first broker said "Be passionate about what you do and help people first and the money will take care of itself".
I do get satisfaction out of solving a really hard problem and being able to do what not many other people are able to do.
That's why I love commercial real estate because of the complexity of it.
On flipping properties I am debating that versus flipping businesses.I am a natural at taking an existing business and locating the problems and fixing them.
I'm going to add myself as someone passionate about real estate- You know the funny thing is I would do it even if it made no money. I look for houses to flip first thing when I wake up kinda like my coffee, I talk to my family who are partners in the buisness on my way to work, every boarded house, fire burnt, abandoned house is an amazing rehab waiting to happen. I drive to my job doing what(You guessed it) mortgages, I come home and between the kids, school (Yes I'm in my 30's and I go to school full time- I'm jamaican geez we like having tons of jobs) I want to search for homes instead of doing my homework- Its the last thing I think about before I sleep and the first thing when I wake up- I will talk and gush about it like a lover if I found someone willing to listen long enough..A great house or a great deal actually gives me butterflies in the stomach. So yes that it I guess I qualify as having a passion for real estate. :lol:
Absolutely! I think it is the most exciting biz in the world. I would really do it for free. I honestly do make decent coin in the industry, but it really is more about the game than the rewards.
It simply makes me feel good to help people in what is often one of the largest investments they will make. I take pride in performing proper DD and knowing the answers while being considerate & empathetic enough to take the time to educate those I work with to the best of my ability & expect the same in return.
"the more I know the more I know I don't know"
I envy most of you because the reality is that I don't have a true passion for it but I want the success and wealth that it could provide for me. There are a lot of things I don't like but a few I actually enjoy. I didn't grow up working on houses and math was not my strongest subject (for crunching #s). I do enjoy meeting new people and creating relationships.
The funny thing is that when I started about 3 years ago, I was very passionate about it. It gave my life a vision and spark that I never had before. Thinking about the success this business would bring really excited me as prior to this I didn’t have much of it. After a lot of hard work, I achieved success and my mind went something like “is that all there is to this”? What I mean is that my life had not changed as much as I would’ve hoped except for just having some more money in my life(which is not such a bad thing in itself)
I think my problem with this has to do with some things that happened to me in the past. I didn’t have the easiest upbringing in a lot of ways and still affects till this day. I also came from a very poor and negative mentality and sometimes that’s not easy to let go. I am in the process of doing some soul searching to get to the bottom of all this.
So hopefully is me that’s the problem and not real estate. I really want to create an empire and create something special of myself. I also look at it this way, if not real estate than what? I guess will have to see
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