Choice or Accident?

Question

For real estate investors: When starting out did you set the goal of becoming a successful real estate investor or did you accidentally end up finding something you enjoyed doing and ended up being a successful real estate investor?

Dale Osborn · Answer

In my other thread "Street smarts versus Book smarts" Ned Carey brings up a point concerning entrepreneurs. They choose to work for themselves instead of being a slave for someone else or as he put it "working for The Man". So possibly many who resent being told what to do and getting low pay for doing it choose to be a real estate investor and work for themselves.

Dale Osborn · Answer

Looks like more people have planned to invest rather than accidentally stumbling into the field and finding they enjoy it. Rob K I know what you mean about being the only Dad at field trips - I also did that as well as attended the PTA meetings at school from elementary through high school. James Vermillion I know the feeling that after doing that first deal you are hooked and real estate investing becomes part of your heart & soul. Jose Perez found that also after buying his first HUD home. Lynn M. we are still learning from all those mistakes we made over the years. When the mistakes or problems came up it was a big deal. Looking back we can laugh at ourselves and how small the problems really were. The challenges presented everyday are part of the fun. After you get a property turned around and things are running smooth - that is when it gets boring and it is time to look for another property to turn around.

Lynn McGeein · Answer

Dale, actually, we found almost the opposite of that -- with every property we buy, we learn things we did not know before due to unforeseen problems. Basic stuff, yes, we've gotten very proficient. But there's always a surprise waiting. If it is not in the rehab phase, then it is a new tenant or closing issue (latest was title company not recording deed, so learned all about filing claims with underwriters and insurance regulators -- thanks to help from the BiggerPockets community bank of knowledge, my deed finally was officially recorded in September, 5 months after closing!). What we did find over the years was that there are problems and rewards in every business you get into, and we prefer the problems and rewards associated with renting real estate over everything else we've tried.

James Vermillion · Answer

Real estate investing was definitely a choice for me. Knowing I wanted to grow my money I sought methods which would allow me to do so, give me control, and fit my personal circumstances at the time. Real estate met all of my requirements and has been fun since the beginning, and I have no intentions of turning back.

Jose Perez · Answer

I decided to start investing two months ago after I purchase my first house. I bough my house through HUD.

Rob K. · Answer

When I was in high school in the early 90's, I heard a fact that 70% of all millionaires made their fortune in real estate. Since I wanted to be rich, I made real estate my vehicle to get there. If the internet had been around at that time or I was born a few years later, I probably would have gone into computers since that is a good way to become wealthy also. I'm glad I chose this business. I would never be able to work for someone else. If I had to eat lunch at a certain time, get to work at a certain time, or ask if I could go on vacation, I would spend my entire commute sobbing. I really enjoy the days when I can go on my children's field trips at school. Sometimes I'm the only dad, as the others are off working for the man. I set real estate as my goal and it has worked out.

Dale Osborn · Answer

Anyone else out there that just accidentally stumbled into real estate investing? Or did you plan on getting into investing and then executed your plan?

Dale Osborn · Answer

Jon Klaus after you reach that level you may be happy with that or may still feel the urge to earn more on a monthly basis. The investing starts out slow but when it reaches a certain point it explodes and increases exponentially. That is where the "second wind" or "second adrenaline rush" kicks in and you are excited abot doing more deals.

Dale Osborn · Answer

J Scott accidentally on purpose works for me. You made the choice for one type of investing, but accidentally found another type was a rather fun way of making money. It then became your preferred choice of investing. We started with SFHs as we heard about another person had 15 free and clear homes. That sounded like a very good retirement nest egg so we started. Later we figured out the cost per unit was less for multifamily and the rents were close to the same amount so switched gears and moved into apartments. After getting burnt out on apartments we then switched to MHPs. We still enjoy these and have not gotten burnt out yet. When we do - we may look at selling the MHPs and becoming a more passive investor with private money loans.

Jon Klaus · Answer

I decided to become a real estate investor 4 years ago. I owned a few properties over the years before, but in 2008 I set a goal of $10k a month income.