As the founder of a real estate investing blog, it might seem paradoxical for me to talk about how money doesn’t matter, but let’s just dissect this for a minute…
Why are you interested in real estate?
Are you pursuing this dream because you love the trade? Do you get a thrill out of closing on a massive project? Do you enjoy the art of the deal? Do you enjoy the lessons you learn along the way?
Some people get into this profession for no other reason than money. It literally starts and stops there – that’s it. While money is certainly one of the major benefits that comes with investing in real estate, I can’t say I completely agree with this philosophy.
Personally, I am involved with real estate because I love it. I enjoy seeing the improvements to the communities I’m involved with. I’m fascinated by some of the sellers, buyers and other investors I interact with along the way. Every new project sharpens my analytical skills and YES, some of the massive checks that I get to take home are another one of the benefits from executing this process well.
Money is certainly a huge motivating factor for real estate investors, but it isn’t the end all and be all. You need to truly enjoy this profession for what it is. Not only will this mindset help you to power through the difficult times (say, when a deal goes south, or when a closing doesn’t go smoothly), but it will also help clarify your purpose.
Suppose for a moment that real estate wasn’t a lucrative career. Would you still be doing it?
I can tell you right now that real estate is definitely NOT the fastest or easiest way to get rich. It might be the only way that some people understand, but there are many paths to wealth, many of which aren’t nearly as difficult. Real estate does work, but if “getting rich” is the only thing you’re trying to accomplish here, there are a lot of other wealth-building vehicles in the world that you might be better suited for.
Real estate investors (just like any other working professional) should LOVE what they do. If you don’t love this profession for what it is, then you shouldn’t be doing it – plain and simple. Believe me, you aren’t doing the world any favors by muddling through this business if you don’t actually enjoy it. There are some very harsh realities that real estate can inflict upon people and it would be foolish for you to tough it out just for the prospect of getting rich some day.
Examine Your Motives.
Take a minute and think critically about what you’re trying to accomplish and understand why you’re doing it. If you’re in this gig for the right reasons, you shouldn’t have to ponder this for long.
If your reasons ultimately boil down to money, then I’d encourage you to keep digging.
If money is the goal, then there could be more to this puzzle that you need to discover. You owe it to yourself to find out what your true passion is… the things that really matter. Knowing yourself in this way will make all the difference in the world.