Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago on . Most recent reply

User Stats

13
Posts
7
Votes
Nick C.
  • Oakland, CA
7
Votes |
13
Posts

Who is right? Poor Dad or Rich Dad's Son?

Nick C.
  • Oakland, CA
Posted

Here's the scenario:

I'm taking the real estate exam in April and need your advice.  I'm currently the owner of a small dog walking business.  It's tough to scale and I'm stuck in it.  My dream is passive income and an automated business that gives me more time to snowboard in Lake Tahoe.

Growing up, my best friend's dad had all the time & money in the world because of his investment portfolio.  My dad, on the other hand, has only one investment property and is unable to retire.  Both dads & my best friend are in commercial real estate.  Here's what they have to say:

Poor Dad says, "Investing is not easy & you need to get started in brokerage or property management to build a foundation.  You'll get burned if you try and jump right in.  Close shop on your dog walking business and get a job in real estate first."


Rich Dad's son says, "Keep your dog walking business in operation.  Look for deals at night and in your free time.  We're looking for multi-family properties with 20-60 units, C+ to B, built after 1980, etc..  Find a deal, bring it to me, we will partner on it, and bring it to our investors.  We just need one deal together to get started and everything you'll need to know you will learn by doing."

Who is right?

Most Popular Reply

User Stats

9,041
Posts
9,402
Votes
Dave Foster
#1 1031 Exchanges Contributor
  • Qualified Intermediary for 1031 Exchanges
  • St. Petersburg, FL
9,402
Votes |
9,041
Posts
Dave Foster
#1 1031 Exchanges Contributor
  • Qualified Intermediary for 1031 Exchanges
  • St. Petersburg, FL
Replied

@Nick C., There once was a man who loved dogs.  His dream was to be with dogs and love dogs and care for dogs.  so he started a dog walking business.  He did extremely well because he was doing what he loved and the dogs were happy and the owners were happy. One of the owners, a successful business man on his 3rd wife and 2nd ulcer told him that he could really be successful if he scaled his dog walking business.  

So the man hired another walker and then another and another.  His business went crazy and he had to increase his marketing to keep up with his walkers.  And one day at the end of the day he was wondering why he felt so sad.   After all he was the most successful dog walker in the land .  And he realized that he hadn't interacted with a real dog in weeks.  He was not a dog walker.  he was a business owner!  

Tongue in cheek but be careful that what you wish for is really what you wish.  Find your passion and pursue it.  If real estate can provide ways for you to enjoy your passion then great.  But be wary of accepting real estate as a passion if in your heart it is really a means to an end.

  • Dave Foster
business profile image
The 1031 Investor
5.0 stars
96 Reviews

Loading replies...