How YOU Play Monopoly in Real Life (Share Your Success Story)

[Michael Ealy]

Hi BPers and Happy Monday!

Let's encourage one another with success stories on how you guys play Monopoly in real life. Let's encourage the newbie investors most specially because, let's admit it - real estate investing is not easy. It is not for the faint-hearted. When I was starting out I was encouraged by what other experienced real estate investors were able to do and I told myself: "Well if they can do it, I can do it too!"

Here's my super short encouraging story:

I attended a "guru" seminar (I didn't know BP at that time) back in 2004. She was a big wholesaler in town. About 200 people attended that 1-day seminar and I was so excited. I went out and applied what I learned, specially on how to analyze deals and making offers. But I was struggling initially.

In 2006, I finally found my niche. I would buy cheap houses, fix them up and rent them out. And then I "graduated" to fixing small apartment buildings. I found out that property management is the key to successfully making money with rentals. Then, I moved up to 100+ unit apartment complexes.

Now, my biggest project is a hotel development. I literally traded from renting houses to hotels - just like the game "Monopoly". The 3 keys to success are:

1)  Learn how to find, analyze and secure good deals. Without good deals, nothing happens.

2)  Learn how to become a good property manager and build a team of excellent property managers. Property management, done right, makes a good property better or more valuable.

and

3)  Don't give up. It's not easy and it's not for everyone. You lose the game if you quit. So stick with it through thick and thin and eventually, you will reach and even surpass your goals.

What about you? Are you playing the game Monopoly in real life? If so, how did you do it? What did you learn?