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Updated over 7 years ago, 07/09/2017
What is your WHY ?!?!?
I have a question for all of you BPers
I am an active buy and hold investor and some months I ask myself why am I doing this again?
I believe I do this because I do not have a clearly defined WHY to look to during those not so smooth times. That being said I am working to create a perfect WHY for me. I figured while I work on it I could hear from you all on your WHY.
WHY do you or do you want to invest in real estate?
I think everyone's quick answer is money, or a solid investment vehicle that can provide a high ROI if done properly with the tax benefits, cash flow, and appreciation.
For me personally, it's not just the money. It's the freedom and opportunity for myself and my family to be able to do and have whatever we want within reason. I was raised to have a very frugal mindset, so even to have the option to buy something without having fear of not having enough money down the road is freeing in itself. I also know that RE will give me the opportunity to experience anything be it travel, starting a business or a non profit organization. I want to be able to give back to humanity and causes that are important to me and have a real impact on a lot of people with my money. Being successful is nothing without being fulfilled.
Time and flexibility are my "why" but the money is what provides the options. I love not having to ask "the boss" if I can take a vacation or go on a school field trip with my kids.
We can always work for more money (if our health allows) but all of us have the same 24 hours a day until our clock runs out. Having more say in the details of how that day is structured is priceless to me.
We have a lot of fun as well so it is nice to look forward to work rather than dreading a commute etc.
When I close my eyes I can see an hacienda in Mexico. I've been mentally designing it for years.
Birds fly around a central courtyard filled with citrus and mango trees. Their songs mix with the sound of an old mission style fountain.
I smile as I lean back in my chair. My family is beginning to gather for dinner at the long outdoor table, three generations of us together under one roof.
Each property I buy brings me one step closer to building this dream into reality.
To allow me freedom and time to spend with my family while also helping out others.
Originally posted by @Shaun M.:
When I close my eyes I can see an hacienda in Mexico. I've been mentally designing it for years.
Birds fly around a central courtyard filled with citrus and mango trees. Their songs mix with the sound of an old mission style fountain.
I smile as I lean back in my chair. My family is beginning to gather for dinner at the long outdoor table, three generations of us together under one roof.
Each property I buy brings me one step closer to building this dream into reality.
I love it!
Originally posted by @Account Closed:
Lots of good answers . Money is the vehicle but the why's are more deep. Financial freedom seems to be the theme but as I am finding out sometimes you need to know what you plan on doing with that freedom .
Most don't know what to do with it if they had it, and those who truelly have it hate it as it's monotony. Why so many moguls are obsessed with the business, they don't know what else to do. Those who campout die from the lack of growth. So essentially it's never about the end result, it's about the journey and the struggle on the road to success, and all the small wins in between.
All my life, I wanted to be successful. Success meant different things at different points in my life. When I was younger, success meant getting good grades. In high school, success meant getting into a good college. In college, success meant getting a good job after college. And when I graduated from pharmacy school, success meant becoming a pharmacy manager. After I became a pharmacy manager at Walgreens, success meant moving up the corporate ladder. However, I realized I was miserable at my 9-5 job despite my awesome salary and bonus. I was tied down to management and all of the duties associated with it including attending meetings, checking emails, participating in conference calls, and everything else. And it eventually occurred to me that I didn't want to deal with the pressures of upper management anymore. Therefore, I stepped down from management in order to pursue real estate investing with my fiancée and father. I find the deals; my fiancée designs them; and my father, who is a general contractor, rehabs them. My pursuit of real estate investing has really brought our family together and we use it as an excuse, if you will, to spend more time with each other.
My WHY is my family!
(Sorry for the long post and thank you for reading, if you did)
I was moving out of my house into a bigger one to accommodate a growing family. I didn't want to sell it so I rented it out. That got me connected with someone one here started seeing this entire world of real-estate and realized I genuinely couldn't be worse off than I was at the time. With the only way to go being further down the rabbit hole I took the plunge and fell in love with the whole bit. I don't even have many under my belt but the whole process, form buy and hold to flips from wholesale to lease options, just absolutely enthralls me
Definitely to travel whenever I want and not just for my allowed 2 weeks per year! And to be more present for my children.
Also, I want to prove to myself that I can break free from the mentality that the only way to get ahead in life is to work a 9-5 and put all your money in savings. Good work ethics and lots of savings has gotten me to where I am today, but now its time for my money to start working for me.
Time...
Becoming financially independent of the 9 - 5 enables my wife and I to put our time into things that are much more important than someone else's bottom line: family; rotary; blessing others with our time, talents, and money; a little bit of travel.
Income streams are necessary. Why not have income streams from assets instead of exchanging my time for someone else's dollars?
My why would be money, as well as becoming a better at business. I'm also a guy who would like to retire early and enjoy more time with family.
My why: financial freedom. My job is my calling- I love it. My chosen field (pastoral) is not big on the income, though I can live just fine. I want to be at a place where my wife and myself do not HAVE to work we GET to work. You have to understand that I absolutely love what I do and have no desire to quit. I just want enough passive income that I don't really have to worry about money. Great forum!
My why started because I wanted to figure out an investment that would help me have flexibility to travel. But once I started delving into the details and intricacies of real estate, I realized that my because is what is driving me. Because...it challenges me in so many ways. I am using skills that my day job of 20 years helped me develop, and I have realized how those skills transfer seamlessly. Because conquering every obstacle gives me more fuel to jump the next hurdle. Because the new challenges make me dig deep into myself and cause me to rise above what I thought I was capable of. Because I have new and interesting stories and struggles. Because life has so many more rooms to discover...
Because after going through the Dave Ramsey FPU classes I realize how far behind I am in terms of retirement. I was depending on my husband and his plans for us for retirement. Now that I no longer have that security I feel an overwhelming need and desire to provide long term for myself and those that I love and want to do for.
After tons of reading and research I see that the only way I will be able to make up for lost time so to speak is through REI. It's the only thing that will give me the most return on my investments. I feel that this is something I can do without going back to school also. I'm 41 and have 3 teenage daughters. I don't have the time or money to go back to school and learn a new profession.
I believe REI will give me the opportunities to build wealth, live and give as I desire and continue to travel, as that's my greatest joy in life besides my children.
What I am also finding is that I have already started networking and meeting people and mentors and I love that aspect of it. I love the community of RE investors and how we can all help each other and learn from one another.
Greetings,
I'm just starting out. I haven't bought my first property yet, but that's just because I'm waiting to save up a down payment and build my reserves in case "****" happens.
After reading the Kiyosaki books and seeing so many middle class adults struggling to make ends meet I do not want to end up like that.
I want to be able to do whatever I want when I want. I think that real estate can take me there if I put in the hours and correct my mistakes as I go along.
Financial freedom and the ability to make a deal great by being creative are my reasons why I'm going to pursue this career path. If you work extremely hard and learn along the way you can really start with very little and snowball into something extraordinary. You just can't take no for an answer and do it because you believe you can. Don't listen to your friends or family who tell you you can't.
Follow the fundamentals and always remember: the numbers don't lie! Always have an exit strategy and don't be afraid to walk away from a deal.
Hope this helps!
My 'Why' might seem a little strange to lots of the performance driven folks here on BP....
My wife and I have chosen to build our family through international adoption of children with special needs, rather than try to have biological children (which might still happen someday.)
We currently have a 4 year old son from Eastern Europe, a 7 year old daughter from South America, and a 13 year old daughter from Eastern Europe. Our 7 year old has been home for a little over 4 years, and the 4 and 13 year old (adopted at the same time, not biological siblings) are coming up on two years home. All three kids have Down syndrome, and were abandoned by their biological families because of it.
We're also in the process of adopting a 10 year old girl from Eastern Europe who has some medical needs and a genetic condition, but not Down syndrome this time. (The gap from our 7 year old to our 13 year old was just a bit too big!)
The adoptions have averaged around $35,000 for each child, and all the 'extra' things that go along with having children with special needs adds up as well.
In addition to the obvious costs, we don't know how independent any of our kids will ever be, and we need to be prepared to provide for our kids for life - meaning I have Supplemental Special Needs Trusts to fund for each of the kids.
Maybe most importantly: because many of the families who are willing to adopt children with special needs aren't as financially capable as we are (and we are by no means wealthy) our goal is to build a substantial fund to take some of that burden off of families willing to adopt these children. We have benefited from these grant organizations in the past (and we currently have a sponsorship page through Reece's Rainbow) but would love to do more to give back.
I could talk all day about what a joy and a Blessing kids with special needs are (and this is coming from a guy who never wanted kids, in part because he was terrified of having kids "like that") and how important adoption is...and that's kind of how I know what my 'Why' is.
I love my job and it provides a livable wage. No issues there. The reason I want to get into real estate is because I want to build wealth, retire early, and not be dependent on someone else to pay my bills. Yes that someone else includes my employer.
I like monopoly!
Seriously, it is about control. Working my 9-5 doesn't allow me to control my own destiny. If I want to make more money I can't, if I want to go to the beach for a month, I can't. I'm working so I can have the freedom to work on things that actually matter to me, like community service, tuner cars and family. It's a great driver for me.
My "Why" will always be my family. Which pushes me to work harder everyday. I would one day like to retire, and I believe that day is closer than it seems. Working 9-5 takes me away from my kids and family everyday. Where I am blessed the job that I have allows my schedule to be extremely flexible. But, it will never replace the freedom of never working. I am currently working a plan to figure out my financial freedom number. Then how can I work toward that.
Thanks,
Jesse
@Account Closed Often people are not aware of my involvement in Africa or the kids I mentor, they call me mum : ), the main reason- I am not involved for recognition. I am involved because my heart lead me there. I am beginning to realize however, there may be others that want to get involved so I am beginning to share a bit more.
Your idea of creating value for your tenants is a good one! Some of my previous tenants where coming out of serious life situations, what many would right them off for; jail time, etc. We provided housing, fully furnished, all bills paid. We gave opportunity to those that couldn't find it elsewhere.
I couldn't agree more, money is a key driver however it's the other things that really matter! Great post! Good luck to you!
Great Question @Account Closed man I love this one, meetings that you are not engaged in. I hate a mandatory meeting and having to sit there, esp after working 12+ hours of night shift and the meeting is at the end and having to drive 50 minutes to get home. It is financial freedom, working for myself and sometimes if I want to work in my pajamas, I will. I want that choice. I just want to make it on my own, and not for someone else, unless its for my family. For me its a race to social security, because I am pretty sure it may not be available when I retire, so I have to work harder to have a good life after working and hopefully I will be able to be independent before then and enjoy it a little sooner, but I won't stop investing until I die, so my grands can have something that this world wont give them.
Great topic again, Thanks!
Susan
@Account Closed - Good to keep asking this question.
Here's my 2 cents:
Freedom over schedule.
Give back more to the community with the increased income.
Go on vacations more.
Be with the people I love.
Flexibility to say "No" more often to work I don't care to do.
Enjoy the challenge of building systems in real estate investing.
Great thread @Account Closed. It's a good idea to remind ourselves why we do what we do. Mine is generic, but very true: FINANCIAL FREEDOM. I have a young family and a J-O-B and I want to be able to eventually do what I want to do, when I want to do it with my family so we can enjoy as much of our time together on this Earth as we can.
Cheers,
