What comes after real estate?

Rental Property Investor · Springfield, OH · Member since 2014 · 104 posts · 63 votes

Real Estate is certainly exciting but I'm wondering what comes next.

I have NOT done it all regarding real estate but I've established a good foundation. We own and manage enough properties to retire and grow consistently. I've demolished, renovated, and worked my tail off on many occasions. I speak to tenants directly and enjoy auctions. I even wrote a decent article on BP a few years back. However I still want my next adventure.

I'm curious to get started in laundromats, or a franchise such as Raising Cane's. So I struggle with what's next. Any thoughts? Is there a path for growth besides more real estate? Just like buying my first home or when I joined military, I suppose I'll need to take a leap of faith.

Maybe I'm just tired of the Ohio snow.
DD

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Joe SplitrockPro Member

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Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes

This is such a personal question that none of us can answer it for you. Some people view real estate as a vehicle to financial independence. Others enjoy building a real estate business and continue adding properties long after they have plenty of income. Some people get bored or keep searching for that one thing to make them feel fulfilled. I can tell you fulfillment comes from within, but it also comes form feeling like your life has meaning. You can find meaning in many ways, but I doubt a laundromat or carwash is one of them. If you are amassing more money after having enough money, it will get less and less fulfilling.

You need purpose beyond money. Two of the most amazing ways to find meaning are raising children and charitable causes. In both cases you can build something bigger than yourself, that can impact the lives of others and create a legacy. You can also find hobbies or learn new skills. Take up golf, learn to sail, run a marathon, learn a new language, live in Europe for a few years.

I don't pretend to know what you want or need, but I am guessing it is more than a laundromat in Ohio. Figure out what you are passionate about by taking money out of the equation. If you had to do something for the next ten years of your life 40 hours a week, but didn't get paid a penny, what would it be?

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Ben Zimmerman
Rental Property Investor · Raleigh, NC · Member since 2016 · 393 posts · 995 votes
4y
What makes you think you need to move on from RE, or that you need a 'next'?
It sounds like you are still relatively small with your RE holdings due to how personally engaged you are with your dealings. Why not focus your efforts to growing the portfolio and scaling to the point that you are no longer personally involved in the deals, but rather manage your team and your team acquires deals. Either by continuing to find SF homes, or venture out into the world of apartment complexes. A transition to MF would be exponentially easier than trying to transition into franchises.
Do you know anything about running a laundromat or franchise? Why take the time to learn an entire new industry instead of focus on the industry you are already familiar with?
6 Reply
Joshua JanusBusiness Member
Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
4y
I would find as many ways to delegate your day to day tasks so you can use more of your bandwidth towards the larger projects.
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Tristan Scott Zell
Rental Property Investor · Bowdoinham, ME · Member since 2018 · 38 posts · 23 votes
4y
@ Darrel D.
You are definitely farther along on your journey than me but If I was in your shoes I would find the thing that excites me the most. Maybe it could be pretty daunting though intriguing, but making sure it is in aligned with your why will be key.
2 Reply
Darrell D.
OP
Rental Property Investor · Springfield, OH · Member since 2014 · 104 posts · 63 votes
4y
Originally posted by @Ben Zimmerman:
What makes you think you need to move on from RE, or that you need a 'next'?
Do you know anything about running a laundromat or franchise? Why take the time to learn an entire new industry instead of focus on the industry you are already familiar with?

Thank you Ben. I'm always looking at alternative ways to make more money. I don't need more but I would like to expand into something that is more passive. While I'm in Ohio and I've done well, family is located in Florida, Arizona, Nevada, and Idaho. I like having the ability to travel while making the most of my opportunities. A few people I watch on Youtube also have laundromats, car washes, etc. While these are real estate purchases, they are also unlike the traditional home purchase and they seem exciting. There is land available near me but it is getting more expensive. A small commercial building seems like a good opportunity. I have to say that whatever business I buy, I want to own the building. No leasing for me :-)

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Darrell D.
OP
Rental Property Investor · Springfield, OH · Member since 2014 · 104 posts · 63 votes
4y
Originally posted by @Tristan Scott Zell:
@ Darrel D.
You are definitely farther along on your journey than me but If I was in your shoes I would find the thing that excites me the most. Maybe it could be pretty daunting though intriguing, but making sure it is in aligned with your why will be key.

Definitely! My why is more about family than money. Growth is always fun but increasing my ability to travel to see family is very important.

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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y
@Darrell D. have you done vacation rentals? Buy one in an area you like to visit to get away from the Ohio snow. Then buy another in a different place you like to visit. And another. You can make some income and travel to different parts of the country/world for vacations and tax write-offs.
Self storage is another great income producer to consider.
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Austin McClainBusiness Member
Real Estate Agent · OH · Member since 2021 · 347 posts · 602 votes
4y
Congratulations on your success and getting the chance to focus on family. I'd echo what others are saying above. Build a team to make your Residential Real Estate more passive. Use that to expand your deals and have the freedom/time to do other fun projects. Since you're pretty set for retirement, I'd do whatever project sounds the most fun and make it into more of a hobby.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
charity ???
I looked at the laundry mat niche and its pretty sophisticated these days with set up being 500 to 1.5 million so pretty major expense.. I looked at touchless car wash's but then you have employees to run them correctly and 2 to 3 mil up front.
Buying some small business might work like any sub contracting trade that is used in real estate those guys are doing quite well in good markets Not in markets were there is no real money but in higher priced markets a lot of those folks are making significant incomes in the trades.. U own the bizz and run it.
Also with your experience you may want to look at pooling your friends into creating your own lending arm.. this can be very passive for the experienced real estate owner who knows values and knows how escrows work.
Over the years you will see many many landlords be infected with burnt out landlord syndrome but be addicted at the same time to cash flow.. They then get introduced to being the bank and a light bulb goes off.. And someone with your experience could do very well at it.
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7 Reply
David Bain
Agent · Honolulu, HI · Member since 2017 · 97 posts · 48 votes
4y
Originally posted by @Darrell D.:
Real Estate is certainly exciting but I'm wondering what comes next.

I have NOT done it all regarding real estate but I've established a good foundation. We own and manage enough properties to retire and grow consistently. I've demolished, renovated, and worked my tail off on many occasions. I speak to tenants directly and enjoy auctions. I even wrote a decent article on BP a few years back.  However I still want my next adventure.

I'm curious to get started in laundromats, or a franchise such as Raising Cane's. So I struggle with what's next. Any thoughts? Is there a path for growth besides more real estate?  Just like buying my first home or when I joined military, I suppose I'll need to take a leap of faith.

Maybe I'm just tired of the Ohio snow.
DD

Hope you have been well Darrell. I always love seeing other military vets doing big things in RE. I too am always interested in the next business venture. RE is a great vehicle thats for sure. Theres also a lot of other options out there. When do you anticipate making the next move?
0 Reply
Jeff T.
Rental Property Investor · Culver City, CA · Member since 2014 · 221 posts · 79 votes
4y
@Darrell D.
Actually I’m a little confused. It seems like you want something new but then you also said you wanted to be more passive. Laundromats and franchises are not passive as I’m sure you know.
You are in a great position. It seems like maybe you have been working hard towards this goal and now you are there and not quite sure what to do next. As I’ve gotten close to goals I’ve gotten more conservative with everything, but that’s me.
What is it that seems exciting about laundromats and franchises? If you can answer that maybe that will help sort out what you want next. Probably not helpful, but just my thoughts. Good luck .
2 Reply
Doug Spence
Investor · San Diego, CA · Member since 2016 · 1k+ posts · 975 votes
4y
@Darrell D. Have you considered devoting more time to helping others achieve their real estate goals? I started doing this recently and its be extremely rewarding. Many people have helped me out along the way so I want to do my part to help others out as much as a can while growing my portfolio and looking to expand into larger deals!
2 Reply
Joe S.Pro Member
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
4y
Double your holdings first IMO. Your portfolio is still very modest according to your profile. I would suggest placing more of your properties with a PM going forward.
I’m following the advise I just gave you. Thanks for serving our country.
3 Reply
Matt PursleyPro Member
Investor · Greensboro, NC · Member since 2020 · 96 posts · 73 votes
4y
@Darrell D.
I firmly believe is metaverse real estate. Problem….it’s at least 25k for a single block of insignificant property. Purely speculative, but If you have the cash to buy up land parcels in the major players metaverse you’ll be insanely passively wealthy.
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Account Closed
Member since 2021 · 217 posts · 190 votes
4y
What comes after Real Estate is freedom and generational wealth, if you did it right.
At that point, some people might need to learn to hacksaw off the golden handcuffs of the grinder mentality that got them there.
That, or you can spend the rest of your life grinding till the end and miss the whole purpose of achieving financial freedom in the first place.
4 Reply
Tracy Selfridge
Contractor · Lexington SC · Member since 2019 · 36 posts · 46 votes
4y
@Darrell D. congrats on the well earned success. If laundromats or car washes, etc is something that interests you then I would at least reach out to someone that owns those and ask how passive it is in practice/reality. We all know how things can get fluffed up on Youtube.

If being passive is really important then maybe look into private lending too? It'll be some up front work but fairly passive after the initial due diligence.

And perhaps a NNN property is something to look into also.
2 Reply
Joe SplitrockPro Member
Moderator
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
4y
This is such a personal question that none of us can answer it for you. Some people view real estate as a vehicle to financial independence. Others enjoy building a real estate business and continue adding properties long after they have plenty of income. Some people get bored or keep searching for that one thing to make them feel fulfilled. I can tell you fulfillment comes from within, but it also comes form feeling like your life has meaning. You can find meaning in many ways, but I doubt a laundromat or carwash is one of them. If you are amassing more money after having enough money, it will get less and less fulfilling.

You need purpose beyond money. Two of the most amazing ways to find meaning are raising children and charitable causes. In both cases you can build something bigger than yourself, that can impact the lives of others and create a legacy. You can also find hobbies or learn new skills. Take up golf, learn to sail, run a marathon, learn a new language, live in Europe for a few years.

I don't pretend to know what you want or need, but I am guessing it is more than a laundromat in Ohio. Figure out what you are passionate about by taking money out of the equation. If you had to do something for the next ten years of your life 40 hours a week, but didn't get paid a penny, what would it be?
9 Reply
Fred Cannon
Rental Property Investor · St Augustine, FL · Member since 2019 · 264 posts · 279 votes
4y
@Darrell D. Is there something that you like to do as a hobby. I am a botanist at heart so plants are my thing, especially the edible kind. I am looking at self contained computer operated hydroponic cells that come prepackage. One small cell, a freight car, can grow as much as two acres of land and it's all computer controlled. That is my next adventure. Not sure about profit margin but if I broke even it would still be fun and rewarding. Plus I could employ my grand kids
2 Reply
Andrew HoganPro Member
Rental Property Investor · Indianapolis, IN · Member since 2016 · 559 posts · 463 votes
4y
@Darrell D.
I think you're officially in Phase 2 --
Pase 1: earn your degree in the real estate school of hard knocks, occasionally getting your teeth kicked in.
Pase 2: Become successful and get tired of the same day to day nuances.
Phase 3: Harvest and transition into something more passive.
I see a lot of active investors transition into passive through taking their hard-earned crops and systemically diversifying it with an experienced syndicator that can yield them consistent cash flow so that the investor can move on to something more fulfilling and meaningful to them.
The trick is to find someone that you trust.
Congrats and best of luck:)
3 Reply
Joe S.Pro Member
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
4y
Originally posted by @Andrew Hogan:
@Darrell D.
I think you're officially in Phase 2 --
Pase 1: earn your degree in the real estate school of hard knocks, occasionally getting your teeth kicked in.
Pase 2: Become successful and get tired of the same day to day nuances.
Phase 3: Harvest and transition into something more passive.
I see a lot of active investors transition into passive through taking their hard-earned crops and systemically diversifying it with an experienced syndicator that can yield them consistent cash flow so that the investor can move on to something more fulfilling and meaningful to them.
The trick is to find someone that you trust.
Congrats and best of luck:)

I’m sure you can make a recommendation of someone you feels trustworthy. 😉😉😊

4 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Originally posted by @Jim K.:
I'm going to get divorced and buy a strip club. Spend my days letting the dancers convince me that they should work the Friday and Saturday night shifts.

Having met your wife I think you would end up well maybe in a bad place you did that !!! :)
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1 Reply
Henry ClarkPro Member
Developer · Member since 2020 · 4k+ posts · 4k+ votes
4y
@Darrell D.
Do family.
Do a reverse 1031 into a larger property near them
My buddy has both a laundromat and a car wash. These are not passive at all. You need to be mechanically inclined, be able to cover people leaving and put in cash control tools.
Go with your mountain time relatives near the same time zones. Have more relatives in the same or near time zone.
If that doesn’t get you warm enough check out Belize. That’s one of our pineapples last week. If you have military benefits pick a country with resources for you. Go for a week or two in January, February, March. Makes the winter shorter. I’m in Iowa.

4 Reply
Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
4y
Originally posted by @Jay Hinrichs:
Originally posted by @Jim K.:
I'm going to get divorced and buy a strip club. Spend my days letting the dancers convince me that they should work the Friday and Saturday night shifts.

Having met your wife I think you would end up well maybe in a bad place you did that !!! :)

LOL, truer words never written...it just seems a silly idea that there's ever going to be a time when there is no real estate. My wife wants to retire to a boutique hotel on a Greek island, maybe 20-25 guests. We'd run foodie tours, ceramics and woodworking workshops, maybe sunset cruises...but since Dad died at 63 and Mom died at 57, I'm not sure I'll make it that long. I suspect I'll go and leave my wife with a mess to clean up.

When it's over-over for both of us, we've got an extensive charitable plan for the money. Really, even now that's what I'm mostly working toward.
2 Reply
John Bartlett
Member since 2021 · 62 posts · 46 votes
4y
@Darrell D. Florida is full, but I'll make an exception of you bring a raising Cane's here!
1 Reply
Tim DelaneyPro Member
Buffalo, NY · Member since 2018 · 790 posts · 530 votes
4y
@Darrell D. If you are thinking about purchasing or starting a business, especially a franchise, be aware that cash flow is often not that great if you are not running the business yourself on a daily basis. There can be huge upside in businesses, but just be sure you know why you are doing it. I have met numerous people that bought themselves a UPS store, Subway, or Fantastic Sams as a “retirement” gig only to find themselves working in those places more hours than they ever put into their jobs with only a modest income.
That said, I think purchasing a small business can be a great way to grow wealth. You just need to have a plan to grow the business quickly with management or be prepared to roll your sleeves up and work long hours for a few years. You can use low down payment SBA backed loans and tie in seller financing to make these deals even more lucrative.
Just keep in mind what Ray Kroc and Robert Kiyosaki say about a business: The purpose of a business is to buy real estate.
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Bud Gaffney
Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
4y
Follow your passion :)
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