I would also be interested in getting into real estate. The part really his home for me: "The ability to do a project, put in a lot of work, and at the end own something valuable in perpetuity."
It's definitely worth looking into, look for good deals and the money is there if you can find a good enough deal, if you have some wealthy contacts looking for an opportunity. High income earners are in need of three things:
1) Opportunities for their money to make money
2) Diversification
3) Tax deductions and going into a partnership that owns RE can do this for them.
The thing about real estate is its not passive like investing in equities is. You can get property managers and maybe if you find a really good one it will work out ok, but no one will care about your property the way you do. So if you can find good deals, and have the skillset to work them productively and can show that, you can find the money to buy them even if you can't qualify for bank financing. It's not going to be as cheap as bank financing, but it's possible.
Software developers with a good W-2 income can get really good mortgage rates from banks right now however. If you can do that, do that as much as you can. But you will find that doesn't scale as fast as you might like. That's where private money makes sense.
Internet startups are really cool and can mean big growth, billion dollar growth is possible, but that's a winner take all market with high failure rates.
I shot for the stars with internet business and had some success but never had the huge exit I really wanted in the time frame I wanted it in. I had really wanted to make big FU money by the time I was 27 or so, so I could live the big, free life I always thought I wanted.
But then I realized I was very free when I was growing up, and that freedom came from the rental properties my father built and managed, and I wanted to recreate that life for my children, and I couldn't take big chances like I used to. I needed something that would definitely work if I worked hard at it.
And a foundation of rents will let me take big chances again in the future, but then there really won't be a chance of failure, because the default mode will be some comfortable life collecting rents.
It's pretty cool when people just constantly owe you, and pay you just for owning something.
1) Opportunities for their money to make money 2) Diversification 3) Tax deductions and going into a partnership that owns RE can do this for them.
The thing about real estate is its not passive like investing in equities is. You can get property managers and maybe if you find a really good one it will work out ok, but no one will care about your property the way you do. So if you can find good deals, and have the skillset to work them productively and can show that, you can find the money to buy them even if you can't qualify for bank financing. It's not going to be as cheap as bank financing, but it's possible.
Software developers with a good W-2 income can get really good mortgage rates from banks right now however. If you can do that, do that as much as you can. But you will find that doesn't scale as fast as you might like. That's where private money makes sense.
Internet startups are really cool and can mean big growth, billion dollar growth is possible, but that's a winner take all market with high failure rates.
I shot for the stars with internet business and had some success but never had the huge exit I really wanted in the time frame I wanted it in. I had really wanted to make big FU money by the time I was 27 or so, so I could live the big, free life I always thought I wanted.
But then I realized I was very free when I was growing up, and that freedom came from the rental properties my father built and managed, and I wanted to recreate that life for my children, and I couldn't take big chances like I used to. I needed something that would definitely work if I worked hard at it.
And a foundation of rents will let me take big chances again in the future, but then there really won't be a chance of failure, because the default mode will be some comfortable life collecting rents.
It's pretty cool when people just constantly owe you, and pay you just for owning something.