Get Rich Slow

Many people dive into Real Estate because there is a misconception that you will "Get rich quick." The reality is that could not be further from the truth. Don't get me wrong there are the one percenter's that grind 80 hours a week and hit that six figure income in their first year. But most people lean to Real Estate to set their own hours, work at their own pace and the average agent sells 1-5 properties their first year; Which after brokerage splits and taxes, does not usually equal anywhere near a six-figure income. It can take years to build a loyal client/referral base.

Despite the reality check offered here. I'm here to encourage wealth through Real Estate. That doesn't mean you have to run out and get licensed today and sell a home next month. Investing is a great way to earn that passive income and that you're looking for. Again, investing is not a get rich quick scheme. Once you become a Real Estate investor, you are playing the long game. You may not even have cash flow your first year. You may actually bring money to the table each month. Guess what? That is okay.

I like to ask people to think of their home as a bank. You move a tenant in and they are responsible for paying down your principal and interest which builds your equity and net worth. Over time you will have a lot of money in the "bank" and with that money comes options. You can take out a line of equity to purchase your next investment. You can use that money to pay off debt, pay for school or purchase that new car. Even after you take the money out someone is still putting it back for you over time.

"But I don't want to pay for things that break, home upkeep can be expensive." While that is true, maintenance on rental properties is tax deductible, did you know that? Also, if you hire a management company to manage the grunt work for you, their fees are also tax deductible and who doesn't love a good deduction that simultaneously is making them money?

Now, the point of all of this, the "Get rich slow" of it all. I want you to fast forward to retirement. What does that look like for you at this point? Are you dependent on social security? Are you hoping your kids will be there to take care of you? I can tell you what my retirement looks like. Ten investment properties that are paid off and cash flowing. It is beyond possible for anyone to do this. There are so many ways to invest in Real Estate aside from putting 20% down on each investment and spending yearly savings to acquire assets. I encourage anyone to reach out to a local Real Estate professional preferably an investment specialist and build a plan for yourself.