What is the Best Strategy to net 1 Million or more in Annual Profit In Real Estate?

[Account Closed]

I'm currently reading the Millionaire Real Estate Agent which prompts the aforementioned question. Which strategy is best? Flipping? Buy and Hold? Wholesaling? Becoming a broker like on Million Dollar Listing? Multifamily investing? Forming a REIT? Syndication? What strategy produces the most real estate millionaires the fastest?

[Bill Gulley]

What I'm saying is to get to specific questions, you seem obsessed with this million dollar kick, you will NEVER make it if that is all you are trying to do, that is a path to failure. I'm not saying not to have financial goals, I'm saying I've never met anyone who made a million who began just trying to make a million, your priorities are in the wrong place. Your income evolves from effort and knowledge, taking risks and being creative doing things that everyone else isn't doing so much.

You think you know something about RE, you won't understand what you don't know for years if that stuff is your study guide.

Here we go, nothing personal but to everyone on BP, so, you know RE, how about some simple answers to the following, anyone can jump in:

Name 4 types of deeds and why they are used?

What primary rights does a landlord convey to a residential tenant?

Well, what rights can a residential landlord not convey to a tenant?

What is meant by "quiet enjoyment"?

What is an Option and how does it "tie up a property"? (Trick question)

What is the difference between an encumbrance and an encroachment?

What type of Power of Attorney is used to authorize someone else to execute a deed?

Where would a "bird's mouth" be located on a rafter?

Where would you find a weather-head on a house?

If you hook up a garbage disposal to a light circuit must you mark the mark that breaker ?

In a new rehab of a new room, what most likely causes a carpeted floor to squeak?

Is it okay to change the rise and run of flight of steps if you mark them? 

Name a common exception to a title policy shown on Schedule BII. 

What acronym stands for the basic perils insured on a standard fire policy for a home?

Who can assign loss proceeds from insurance to a person buying under an installment purchase contract, the one who sets up the assignment?

In a double closing, who would the settlement agent close with first keeping things flowing through a wholesaler using warranty deeds?

Can a wholesaler assign a note to his end buyer? If so, explain.

What is the difference between assignments and assumptions of a financing contract?

How do you account for a wholesale fee on a HUD-1 with your end buyer?

Can a Tenant's Renter's Policy cover a landlords liability through subrogation? By assignment? 

What interests are conveyed by a quit claim?

What is meant by the "bundle of rights" in RE?

In a residential Sandwich Lease, how can you have the tenant occupying the property take care of maintenance?

What costs or expenses is a landlord required to depreciate on a residential property?

What are links and chains referring to in real estate?

What is meant when it is said that a legal description does not close?

How is a security interest perfected to secure your mortgage?

Will a title policy cover an unfiled lien?

What is shown in an abstract of title?

What does the acronym "DUST" relate to as to what makes real estate valuable?

What does "highest and best use" mean and how is that determined?

What are the basic requirements for a valid contract? 

If a lease has no termination date, it would then be what type of estate?

What does "Tenancy at Will" mean? Tenancy at Sufferance?

What rights are actually being purchased by one buying an option to purchase and how would that be valued?

If you had a contract to purchase by a certain date, can the holder of that contract sell the contract? Can the property be sold to another buyer?

What two things must be in a room of a residence for it to be counted as a bedroom?

What is the difference between a Realtor and a Real Estate Agent?

What must a Listing Agent disclose about a proposed buyer he showed a property to? 

When valuing a property, adjusting for land, when do you adjust the size to the subject?

Can you make a contract to make a seller finance to another buyer without seller's consent, having the new buyer assume your loan?

And one of my favorites, define "Equitable Interest":

I could go on all night and ALL of this is basic real estate, I didn't even ask a math question, that would fry brain cells. Many of these questions come from questions asked on BP. Most members can't answer ANY of the questions I just listed, not many can answer ALL the questions. So, folks, let's not be making claims as to knowing much of anything about real estate.

Most here think they know real estate, they don't, they know sham, ploy, system, marketing, schemes and moving the pea under a shell, not real estate. "Investing strategies" and to really understand strategies you have to know what is being strategized, what parts or elements you are trying to move or manipulate to a desired outcome.

None of that touches on laws and regulations. 

Nothing really in general business (one contract question is basic business stuff).

Can you bake cookies or just put frozen blobs on a try and put them in an oven? Can you break eggs to make cookies? A real baker can. My 7 year old granddaughter can put frozen cookies on a tray and heat them up! Real, real investors know real estate.

If anyone got all the questions right, or 40,  you're a HOT SHOT! If you got 30 right, you've been around in RE, and you're an investor, if you got 20 right, you're a new investor, 10 or more right you're on your way, less than 10, you're a newbie and less than 4, you're a guesser and need to study. 

I'll put answer in later on, when the crying is over with and reality sets in.

And just for grins, how many got their answers in guru books, tapes, CDs, audio books, seminars, from mentors, coaches, guru education, podcasts, blogs or from posts in forums other than my posts? Just wondering?????

There is a big difference between what people think they are studying as to what real estate investing is and what real estate is, how do invest in something you don't understand? :)