Was I Naive?

Last month, I discussed my long term goal for the next 5 years. As I do more research and as this becomes more of  reality and less of a theory, I’m learning that my goal needs some tweaking—I just don’t think it’s very realistic.

I’ve recently learned a few things:
1. Real estate investing is extremely difficult.
2. It’s not a “get rick quick” scheme. It takes time.
3. Flipping properties is a lot of work.
4. Wholesaling (read about that here) is also a lot of work.

Was I naive in thinking, “Hey. I’ll just buy a house every year. If I need the capital for the down payments, I’ll just do a few fix and flips and I’ll do some wholesaling. And I’ll do all of this on the side. No problem.”? Yes, I was. But that’s completely okay.

My misconceptions were very common for a newbie.

With that said, there is a lot of money to be made in real estate. You’re probably not going to be able to quit your day job and become a full time investor overnight…but you can make over a million dollars in real estate. According to this strategy, you can do so in 7 years. However, the writer is honest enough to say:

  1. This is not a “get rich quick” plan. It takes place over seven to ten years. It might take longer, it might take less.
  2. This is not the only way to make money in real estate. Just one path that I like.
  3. This is not a guaranteed plan. This works based on ideal numbers. You might find things better or worse, depending on your location.
  4. This is not legal advice.

So check out Brandon Turner’s blog post. It’s a fascinating read.

How to Make a Million Dollars from Real Estate: A Step By Step Path

 

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