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:
- This is not a “get rich quick” plan. It takes place over seven to ten years. It might take longer, it might take less.
- This is not the only way to make money in real estate. Just one path that I like.
- This is not a guaranteed plan. This works based on ideal numbers. You might find things better or worse, depending on your location.
- This is not legal advice.
So check out Brandon Turner’s blog post. It’s a fascinating read.