Last week, I was in Orlando, Florida for a conference and I ended up attending a local Real Estate Investor Meeting down there. Yes I am a real estate geek; I’m always trying to learn new things. It was great connecting with some new Investor friends in Florida, and discuss what strategy they focus on in the Orlando area. This was a great group of people.
It could have just been this particular meeting, but there was a lot of focus on the creative side of real estate strategies. There were many people in the room who were just starting out and a few experienced investors.
This is probably due to the advertisements we see and hear, but many people seem to come to real estate investing from the perspective of you can make “easy” passive income by buying investment property.
The truth is the process is “simple” but it isn’t “easy”. BUT … if you can work harder than what others are willing to do for up to 5 years, YOU WILL GET what others will not have in their lifetime. … Money and Time Freedom.
So what is money freedom? If you stopped working today, you would be fine for the rest of your life. Many people who get to this place love the challenge of creating something bigger than themselves, so they continue to grow their wealth.
So what is time freedom? You can choose what you would like to do each day for the rest of your life. You have the flexibility to be where you want, when you want to.
And truthfully, there are quite a few DurhamREI members that are already have time and money freedom. They just choose to continue on in their jobs, or experiment with new opportunities, like superheros in disguise.
The Real Estate Business is one of the easiest types of business to get into. There are so many different ways that you can make money from assigning deals, renovate to sell, becoming a Real Estate Professional, to owning rental properties. Sometimes people just need to figure out where to start or how their strategy has changed because their goals have changed. There are tools to help you to do that out there.
Once you have decided on a particular real estate strategy it takes hard work and focus in order to succeed.
Each rental property that you purchase is like purchasing a little brick and mortar business. (pun intended) How it is managed and how you are able to scale that business will play a major factor in your success. Sometimes you will be up late sending emails, while you friends are watching the latest TV series. Other times you will be dealing with an eviction that occupies your time on a weekend, that you could be relaxing on your back deck.
As you scale your business and grow you are able to assign more and more tasks to other people. Maybe you hire an assistant to send those emails. Or you use a property manager and a paralegal to handle the eviction.
Quentin D’Souza is the Chief Education Officer of the Durham Real Estate Investor Club. Author of The Property Management Toolbox: A How-To Guide for Ontario Real Estate Investors and Landlords and The Ultimate Wealth Strategy: Your Complete Guide to Buying, Fixing, Refinancing, and Renting Real Estate.