What is the biggest surprise about getting rich?

Question

In addition to the surprises, it would be interesting to hear how it changes your life in general.

The more details, the better.

This might get interesting.

Daniel Chang · Answer

I believe if someone is  the type (and most people are) that once you attain money, you buy things, nicer house, nicer clothes, nicer car....and people see this, they will hit you up for money.  This can be as simple as, when you go out with some friends for a beer, they "joke" that you should pick up the tab, but actually expect you to.

But if you maintain the same standard of living, same principles, then nothing changes, except a bigger real estate portfolio.

Rod Desinord · Answer

everyone suddenly tells you that they always knew real estate was a money maker blah blah blah. Now they want in, they want you to be their mentor, but before that they thought you were nuts

Aaron Mazzrillo · Answer

I don't consider myself "rich" by any means. I have a decent net worth that is unrealized since the majority of it is equity. In my opinion, banking equity is a lot like banking dreams; it is essentially worthless until something is applied to it to convert it to cash. I will say that the biggest surprise of having a proven track record is the amount of money that is now available to me. My last private lender lent me money on any deal, and only asked 3 questions: What is it worth? How much are you paying? How much do you want?

My new private lender came in 2 pts lower and lends me 100% of purchase price and rehab expenses. Basically, I'm into the deal for debt service expense which makes it possible to do many, many more deals and become exceptionally leveraged. Probably not a comfortable place for many.

My goal is to have a lender who provides purchase money, rehab money, a 12 month balloon, and no payments until the property is sold. I don't think that is too far off at this point.

John Thedford · Answer

I would answer this question if I was qualified.....

Jordas Reyes · Answer

Well I have not really started making money off of Real Estate yet however I have a pretty good household income between my Fiancé and I. The type of income I would love to reach through real estate in the next 7 years. Lets call it $7k passive income. I'll tell you that getting to the point where we are now that we do get those friends that reach out to borrow, expect tab picked up, etc. They do it jokingly.. or do they? I don't know.  I always make it seem like I am broke and have some "expense" so no extra money. But in reality we are very comfortable, don't stress any bills, travel when work allows, and we have what we WANT at this point in life. So although I don't see myself as rich many others that work for me do come for guidance in getting to this point in the corporate ladder and I love to help others to achieve their goals so I do my best with that to help them. I think the life changer for me if I got "rich" would be the time that I get back for friends and family. Oh and of course I am sure maybe a few fun toys along the way but that's later on in life. Baby steps.

George P. · Answer

in America,  they give u access to cheap money when you don't need it.

David Pazdernik · Answer

...I would like to have that problem...

Reed Starkey · Answer

I'm far from rich but

better interest rates, free cashiers checks, and free atm fees, extra points earned on the credit card.

All this when you really don't need it anymore.

What is the biggest surprise about getting rich?

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