All Forum Posts by: Mike W.

I always find it interesting how I come into these forums and I talk to people in everyday life and they all say the same thing. "How do I get from where I am now, to where I want to be in life?". Often referring to financial freedom, or becoming a millionaire through real estate investing.

There is only one real answer to these questions. Consistently spend less than you make and then save and invest the rest for a long long time.

Any other answer will set you up for failure. Life is all about income, wealth is only a tool. It won't last long if it isn't properly cared for.

I must say that your post was well executed and affirmations are key to many folks. Some call it affirmations, others call it prayer...Both folks swear it works. Whatever you call it, it can't hurt any, thats for sure...

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Originally posted by "horsesense":

We don't want to be landlords but we do want to stay in the game. What have people found profitable besides flipping or managing property, (we've tried management companies). We know there are a number of options but difficult to know a direction to go in. Any feedback?
Thanks,
Dianna

Dianna,
I have to make some inferences here since this is my first post here and don't have any history on you.

With finances there are 2 things to consider first. The world revolves around income and wealth is only a tool, it doesn't pay for groceries for long.

The investment of Real estate is in owning real estate and having tenants cover your expenses.

The income of real estate is self employment. This is no different than any other business you buy into. If you are not a landlord, you are only as good as your next deal. It is fine to flip, rehab, lease to own or whatever, but it is not a lasting investment, it is a cash flow business like any other. If you truely want to stay in the game as it were, you need to understand that what you put into it is what you will get out of it. There is no compounding ball that gets bigger and bigger while you do it with anything but landlording in real estate.

If your risk tolerance or personality does not fit a landlording mentality, then first decide whether the steps needed to be successful in business are your strengths before deciding to spend any money with aspirations of being a successful flipper, rehabber or papa murphys franchisee.

Learn first about being a business man/woman first, then make decisions based on your expertise's to decide what business you want to be in before taking the steps.

Good luck in your next venture.

Mike

[i]Steady Plodding brings prosperity, hasty speculation brings poverty...

To be a successful investor, you must spend less than you make and then save and invest the rest for a long long time.[/i]

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All Forum Posts by: Mike W.

Mike W. has started 5 posts and replied 92 times.

Post: The key to unlocking massive wealth and riches....

Post: Ideas please