Good To Great - Real Wealth via Re vs. Extra Cashflow etc.

[Hannah Smith]

Hey friends! Happy New Year!

In my pathway as a new investor, I've met many remarkable and intelligent people who I've been lucky to learn from.

What do you all think separates truly successful investors (those who become financially independent, make six figures or millions from real estate, etc.) from those who merely buy a few properties, enjoy the cash flow and sell in the long-term when they become tired of the maintenance and extra work?

Do you think it is setting up proper systems, perseverance, buying multiple properties in the same area, economies of scale, scaling to larger properties like apartment buildings or commercial buildings, etc.? 

I am developing a business plan that is proactive and forward-looking in my real-estate endeavors and I want to make sure I am thinking about the right things to set myself up for real success in the future. 

Open to any and all thoughts and opinions :-) Thanks for reading! 

[Account Closed]

Originally posted by @Hannah Smith:

Hey friends! Happy New Year!

In my pathway as a new investor, I've met many remarkable and intelligent people who I've been lucky to learn from.

What do you all think separates truly successful investors (those who become financially independent, make six figures or millions from real estate, etc.) from those who merely buy a few properties, enjoy the cash flow and sell in the long-term when they become tired of the maintenance and extra work?

Do you think it is setting up proper systems, perseverance, buying multiple properties in the same area, economies of scale, scaling to larger properties like apartment buildings or commercial buildings, etc.? 

I am developing a business plan that is proactive and forward-looking in my real-estate endeavors and I want to make sure I am thinking about the right things to set myself up for real success in the future. 

Open to any and all thoughts and opinions :-) Thanks for reading! 

There are a few things that set people apart. One is "taking action". Most never pick up the phone to talk to a seller or knock on a door to see if someone wants to sell. About a third that do take action make the mistake of doing "Fix & Flips" (rehabbing) which is the riskiest and highest taxed. According to NAR the average flip takes 6 months and nets $15,000. Another third make the mistake of putting 20% down and getting a bank loan to buy a rental and make $100 to $150 a month. They are limited by the number of "20% downs" they can come up with. When the first repairs come in they are pulling money out of savings to fix the AC or trashed house or vacancy. Not to mention having tenants and toilets. Some do commercial which is much less work and better money. Those who want to actually replace their income and not have all the headaches buy "off market" using "Subject To" or "Owner Financing" and sell to Tenant Buyers who give you $20k to $25k down, you make $500 a month in positive cash flow and they take care of all of the maintenance headaches. Like the example at:

https://www.biggerpockets.com/forums/600/topics/58...

Hope that gives you some ideas.