- You can make a lot of money! This is Probably the most obvious. I don’t think we would be in this if there weren’t money to be made. This is a cool one, though, as there are actually different styles of making money in real estate. You can make big chunks in shorter amounts of time with flipping, or you can make passive money over the long run with rentals.
- You can’t get fired. You can quit, but you can’t get fired. Kind of freeing, isn’t it? Even if you mess up so bad even your mother would want to slap you, you can’t get fired. If that’s not empowering, I don’t know what is.
- You can do it anywhere, anytime. I say this as I always preach about not being able to invest in CA. However, I’m usually talking about buy-and-hold investing here. I do believe flipping can work great in CA (assuming you have mega capital to start). Wherever you are, some kind of investing will work. It may not necessarily be the most optimal, but you can do something. With our virtual world, you can handle rental properties in one area from anywhere else in the world. My properties are in Atlanta; but I’m not usually there, or anywhere near it, and I can still manage my investing. Thank you, Internet. You can even handle flips from far away–not as easily, but still doable.
- Hello tax write-offs! There’s nothing like sticking it to Uncle Sam than taking back some of your tax money. Tax benefits vary with every style of investing. Rental properties have better tax benefits than flipping; but regardless to what extent each project gets your taxes back, it’s one of my favorite parts of real estate investing. Ever since I started buying rental properties, my tax returns have been 3-6 times what they used to be!
- There are some seriously cool people in the industry. I remember the first investors’ weekend I attended in Nicaragua. It was the first time I felt like I was with a big group of people who were the perfect combination of smart and fun. I mean, if you’re in Nicaragua, you clearly have a sense of adventure which makes you more fun by default. But it was the investor aspect that really stuck out. Investors are usually pretty smart in one form or another, but they are also working towards a common goal which is a better life through finance. They want to have more fun and enjoy life.
- It is a means to anything you want. Real estate investing gives you the financial resources to do whatever it is you want to do. Some people just desire a more secure retirement fund. Some people want to stop working completely. Others want extra income to fund activities, adventures, savings accounts, toys, fancy dinners, or whatever. It might be a new lifestyle design. Whatever it is, you can find a way to fund it. I want to be financially free (who doesn’t), but my rentals haven’t gotten me that far just yet. But while I wait, real estate investing has given me the opportunity to start my own company, allowing me to have full lifestyle. I’ll take it!
- There is something for everyone. It doesn’t matter if you are left-brain or right-brain in orientation, old or young, smart or not, outgoing or shy, or a convicted felon – there is always something you can do. There are so many routes you can go in real estate investing; you can absolutely find something you mesh with if you look hard enough. You can even be a part-time investor or a full-time one, or like me, a no-time real estate investor. Any any end of the spectrum of personality and desires or goals, you can find a fit.
- You get to be your own boss. How often do you get the opportunity? You’d have to start your own business or be a freelancer. In real estate investing, you call the shots! (Or if you don’t want to, you don’t have to. See point #7). As I said, you can only quit — you can’t get fired — and you make your own rules, decisions, and structure your work the way you want. You don’t have to answer to anyone!
- It’s an investment you can actually control. You can always hire a different person; you can always change a paint color; you can add space to properties; you can get new tenants; you can find more advantageous financing; you can get rid of properties; you can buy different properties; you can change markets, and you can come up with cool partnerships. Among a ton of other ways, you can control whatever it is you are working on.
- There are websites to help you! As I mentioned, real estate investors are a pretty cool crowd of folks to meet and network with. They are often very willing to help out a fellow investor. Between the forums, the podcasts, and the blogs, it’s very obvious that there are a lot of people out there ready to assist.
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