22 Emma writes: How do you make money in real estate investing?
I hope you like the new show format! Please share it, submit questions, and give me a review!
Welcome to the real investing show with Tim Herriage each day, we’ll provide real investing for everyday investors. Tim is a nationally recognized real estate investing expert podcast, host and public speaker. He built his businesses from the ground up and is here to help you do the same. Here is your host Tim Herriage.
Welcome back to real investing. I’m Tim Herriage. Thank you for spending your time with me again today, today, Emma rights. How do you make money in real estate investing? Uh, I have to tell a joke and say sell a course. No, um, sorry. That was awful. Uh, I think you make money in real estate investing by having focus. I think you make money in real estate investing by having a plan. I think you make money in real estate by following the old, uh, cliche. You don’t wait to buy real estate. You buy real estate and wait, uh, appreciation in cash flow and the tax deductions that real estate investing offers is, uh, it’s just the best I’ve found. Um, those that wanna get into wholesaling. It’s a bit of a, I mean, it’s a grind, right? I mean, you have to start finding motivated sellers and uh, all sorts of things like that.
Um, I feel like the best way. How do you make money in real estate investing? Wow, that’s a broad question I want help you. I really do. Um, I think you start small and finish big too many people. They hear about someone who makes 50 or a hundred thousand dollars on a deal. And then they’re chasing that kind of, uh, uh, a big deal and not, um, not allowing themselves time. And I used to, when I was a development agent for home, I, I used to, uh, train new franchisees. And one of the worst thing I hated was when a franchisee came out the gate and made big money because it became the standard, right? They thought it was easy. Uh, I think you make money in real estate investing by educating yourself. I think you make money in real estate investing by asking questions like you have today.
Emma. Um, I think you make money in real estate investing by owning hard assets that appreciate and produce cash flow. I think the most beautiful thing in real estate investing is the fact that I have millions and millions of dollars of debt that other people are paying for me. I mean, just think about that. You know, all of my rental property that have loans against them, someone’s paying me to live there and that is enough to cover the mortgage payment and make me a profit every month they call it mailbox money. I use a property manager. I use renter’s warehouse, so I don’t have to deal with most of the day to day. Um, I do like to be involved in major issues, major repair issues, things of that nature, but mainly because I just wanna protect my investment and make sure that it is being positioned for the greatest long term success.
So that’s my answer, Emma. That’s how you make money in real estate investing. If you have a more specific question, please go ahead and hop back in and resubmit it. It, and I would be love to go deeper down one, uh, exit strategy or money making strategy. Um, if, if that’s where your question lies, I’ll tell you this, the way I got into it. I went to work for someone, you know, 21 years ago, I, I went to work for a house flipper here in Dallas and I was their project manager. And then I became their salesperson and then I became their acquisitions person. And then I became an acquisitions persons at another company. And then I went out on my own. So then I found partners and then I just grew slowly, slowly, slowly, too many people see where people are after 5, 6, 7 years.
And they don’t look back at how they got there. They just look at where they’re at and that’s where they wanna be. So if you don’t have resources or if you’re not sure what you wanna do, I’d say, uh, get a job with someone doing what you wanna do and learn it from the ground up. Think the most successful people in the world learn things from the ground up. So I hope that helps them. But thank you for taking the time to write the question. Uh, I really, really appreciate it. If you’re out there and you have questions hop to, Ihavelunchmoney.com, submit your question and I will do my best to get to it. Thank you for spending your time with me today. I’ll see you tomorrow.
Thank you for hanging out with us today on real investing. If you have questions, comments, or feedback, please visit. Ihavelunchmoney.com. Tim. Can’t wait to hear from you. We’re always grateful for your reviews. And if you enjoy this episode, please subscribe and share it with your friends. Remember the business is the vehicle, not the dream. See you. Next time. The proceeding program is provided for general education purposes only and does not constitute legal tax, financial investment or other professional advice. No information contained in this program should be construed as financial investment or legal advice from any individual author of host or guest. You should always consult a financial advisor before investing.