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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?
To create financial freedom & everything that will come with it. Too change my family structure of being a working class to entrepreneurs. & to motivate the people around me and the family and friends i grew up with.
Kanwar Sodhi I can say for certainty a 9-5 feels different when you build some financial freedom . It feels good to know you don't have to be working it takes the edge off .
Aaron Howell that's awesome ! Exciting stuff .
My "why" started out as a way to augment upcoming Social Security returns.... since 2004, it has become a rewarding endeavor as I discovered that helping others to secure a nice place to live is highly gratifying.
Residual income is a benefit and still on the list of motivations, however, helping others to get what they want has proven to be the primary purpose.
Financial freedom. I was a nursing home administrator for a long long time and saw the ugly side of not preparing for one's future. And time freedom. And it's fun. And (remember I was a nursing home administrator) it's another way of helping others.
I want to share the gospel with young men and women to impact their lives for the sake of Christ, I want to do that through coaching High School football and youth ministry both of which I am stepping down from over the next year because of current job requirements. To have more control over my schedule to love my wife like Christ loved the church by laying himself down for her. To show my son the love of Jesus by making it to all his games and being able to spend quality time with him. And to impact the people in my life so that when I die they say, he was a Christian first.
@Account Closed Financial Freedom and not relying on your employer.
I think this a great questions Bryant and something I think about a lot too. I believe that no matter what your WHY is there are always going to be days and circumstances where you question what you're doing. Self-doubt is a human condition that we all suffer from. I think it is important when this happens to take a step back and gain a new perspective that might help remember WHY you chose this paths and the benefits it can create in your life. Best of luck Bryant! Keep at it!
Well Bryant, I can give you my why hopefully it helps. I do what I do for the glory of God. To be able to give back to other people through my church is one big reason for my why and my drive. I also want to be able to buy my parents a condo in Florida to take the grand kids and have fun, as well as a car my dad has always wanted. This brings me to my other why which is my family. I want complete financial stability for all of us. College for future kids, me and my soon to be wife, my dad to be able to retire, etc. I have a dream to supply fresh water in areas of the world that don't have it because we have the technology! My final why is one of my biggest, because no one but my family believed in me and thought I could do anything. I was a heroin addict for 4 years of my life. I am now 4 years off of everything completely and catching up and surpassing not for my own glory but to show that God can take anyone from any place in their life and change the trajectory to an amazing extent. I don't know if any of that helps. Those are my whys as well as my purpose it will happen. it's not an option for it not to. Hope this helps, and I hope you get out of the rut you are in. Take it from an ex heroin addict, misery is just temporary and the solution is often right in front of you.
I am wanting to invest in real estate because I want to spend time at home with my family. I want to be able to go places when I want to and do what I want when I want. Now I realize that I am going to have to work extremely hard for the years to come in order to reach that goal. But I am willing to do that in order to get my business going and ultimately reach my goal.
I do it to provide a better lifestyle for my family and to retire my mother who sacrificed so much for me.
I remember the awful feeling when I was living in an apt with a really bad Landlord. She basically kicked my roommate and I out because we asked for some heat in the winter. She didn't like any complaints and just asked us to leave.
I decided that not only is RE a great Investment, but I would be fair, honest and give my residents the best Landlord they have or will every have.
An example of that is one of my tenants almost got abducted coming home from the subway. She fought back and was beat up very badly.
She wound up at the hospital for a while.
I immediately set up a collection for her and asked my other Business Partners to contribute.
I then got one of my very experienced Medical Doctor friends to come visit her when she returned home to make sure she had good treatment.
Lastly, I decided to offer her a renewal with zero rental increase which is not very typical in NYC.
I believe in being the best at you you are doing and it will reward you in other ways.
Doing a great job as a Landlord is not necessarily about the money. There are things that are priceless and helping the unfortunate when you can is one of them.
I know I'm in control of the living situation of my tenants. I do NOT take that responsibility lightly. Money will always be secondary to the safety and comfort of my tenants.
My WHY is that I can positively impact a lot of lives. I have around 50 tenants and I know each of them personally.
I treat them especially well for they are both a Customer and a human being.
Of course I know not everyone is a good tenant and I have had bad ones. However, I would err in being kind and this has not impacted my wealth growth.
I am building the curriculum for a residential carpentry apprenticeship program, with a combined program of practical and theoretical studies. Covering every aspect of building
Basic level one would include topics such as;
Hand tool safety, identification and operation.
Power tool safety, identification and operation.
Timber fundamentals.
Basic joints.
Material handling.
You get the idea.
I finished my apprenticeship ten years ago in England and I now want to pass on as much of what I learnt to people here in the US.
There is an estimated shortfall in construction workers of over 15m nation wide, alongside that, I see that when people begin to lose more jobs to automation they will look to re-train and perhaps take a career in construction.
I want this program to hang and open many doors for as many people as possible.
Originally posted by @Account Closed:
Tahnya Pierce seriously tho best post on this topic hands down . You understand it and many people just don't seem to .... I used to think money was everything until I created some . I realized after some time it's just a tool to do what actually matters in life . Phenomenal point of view this is how others need to be thinking !
I totally agree.
Money isn't everything.
Near the end of your life if you didn't spend that time with family and give back in a way to help others you will not feel true achievement.
I think at some point to truly become FULFILLED you have to get to the point of Warren Buffet where you give back. I'm not there yet but once you get that financial freedom you can finally give back.
Achievement-ie financial freedom, wealth etc are just the beginning.
In the meantime keep grinding people!!
Great posts.
I pretty much second everything Jeffrey said.
I need a retirement and my current 401K is a joke of a retirement.
I enjoyed spending money camping in my new truck/camper and going racing on the weekends. I feel your pain, all I seem to do is work on houses every weekend, deal with finding tenants, etc. I'm looking at the long term goal. I'll have financial freedom if I just continue for a few more years.
My why is to spend more time with my wife, dedicate more time with my kids and spend more time volunteering to help others.
I'm new to the BP community and thought this may be a good topic to start with: My why for doing real estate is simple:
1. Pride of ownership (Owning a business servicing customers with integrity, service before self, and excellence)
2. Time (Flexibility of schedule)
3. Money (Freedom to purchase)
I love real estate and all aspects about it. It's fun reading everyone's Why's....
For me it's about finding a way to contribute to our family income and be home with my kids, In 2008 I saved up and left teaching when I had my son. I chose to cut back and live off my husband's teaching salary and savings to be with my baby.
Wish I'd invested the money I had saved up. I toyed with investing and missed out on a great deal after the crash. I was uneducated and my husband was too afraid of risk. I could have stayed home and had some extra funds. I became ill in 2011 and working became less of an option. Luckily, I have recently started to get my health back.
One big reason I am doing this is to maintain proper healthcare. My insurance won't pay for my effective integrative treatments for my severe RA.
I am also doing it to be able to see my family more often who live all over. Another reason is to one day provide assistance for my disabled siblings.
It's vital that I teach my kids to be financially intelligent and model that. I hope to help coach my kids into buying their first rentals by 18.
I've become more and more of a minimalist and don't favor possessions unless they are truly needed. I do like experiences though. This is the least important reason but I'd also like to enjoy some little luxuries like being able to go out to eat without worrying about breaking the bank. I work hard as a homeschooling mom and wife and need a little break here and there.
More passive income which will allow me the freedom to do what I'm called to do.
https://www.biggerpockets.com/blogs/8128/62496-you-cant-buy-this-kind-of-peace-of-mind-you-can-only-earn-it
My why is my kids and I want to leave a tangible legacy for them. Something they can have and not have to work a boring job for 20 years, accept a meager pension, with a goal of retiring and resting at 65...REALLY. This is not the LIFE!!
I want to contribute more to society by helping to improve neighborhoods and communites.
I want to be able to give back to others more than I am financially able to do now.
I want to be the BEST expression of myself and my talent.
I want the FREEDOM to do what I want when I want and still be able to live they LIFE I want.
investing in real estate offers all this in more...if you WANT IT BAD ENOUGH.