Just wanted to let everyone know where I am at.
In the grand scheme of things I realize that what I want to own a businesses. It would have helped if I just said that from the start as I got a lot of feedback on rentals, but all of that feedback was helpful as it helped me better figure things out. I am in the middle of a podcast as well that is really helping out. It is called 7 Paths to Financial Independence. @Brandon Turner talks about "The Spectrum of Passivity" (there is a blog post as well that he wrote on it that I have to look up.)
Note investing or syndicating (non-sponsor I assume) would be very hands off but have lower returns and on one end of the spectrum. Flipping on the other hand would take a lot more time and require more involvement but would produce better returns.
The former would work well for someone who is already wealthy and looking to diversify.
The latter in my opinion would work well for someone who is not yet wealthy but looking to get there.
The former is investing.
The latter is more a job, that can in time be turned in to more of a business as one can get to the point where one hires employees to follow created processes.
I am looking for the latter so that I can build massive wealth. I am not looking for passive income but rather I am looking for massive income (heard this on one of the podcasts). I do not mind working extra hours I just want those hours to yield higher profit.
As I get more and more clarity here - I want a to be a business owner. At that point I would like to invest. Wether it be rentals, BRRRR, syndicating etc. The point here would be to not have all my eggs in one basket.
At this point the only thing for me to figure out is if I want to focus strictly on flips or if I want to incorporate marketing.
I am leaning towards also incorporating marketing because I have done a bit of the free word of mouth marketing and from that alone I purchased a house this week. It's not one I want to flip as the square footage is so small and I'm looking for bigger deals right now, but I am going to wholesale it and make a some money on it. (some is better than none). My next step is to send out mailers. Im already somewhat committed to this as I had someone create a logo etc. And I have the resources to run a 7 week campaign of at least 1k mailers so I think I want to try it.
Later on I can continue to add businesses. I remember hearing one podcast where the guest had like three businesses. A flip business, a contractor business, and a brokerage I think it was or maybe it was a wholesale business not sure but you get my point. So for instance if I become an agent now and since you have to be an agent for like at least 4 or 5 years before becoming a broker - I may be setting up a future opportunity for myself.
