Real Estate Investors catch a bad rap as it is. They’ve been classified as vultures, scavengers, heartless business people who don’t care about the common homeowner.
In most cases, the opposite is usually closer to the truth. If you’re here on BiggerPockets, then you probably understand the labor, devotion and capital it can take to actually get, turn, or keep deals. Working as a real estate speculator or investor is just like any business, and comes with a failure rate like any other start-up.
What if you’re getting started, ramping up, or in an ultra-competitive market? What’s another trick in the bag to grease the wheels of your operation without being underhanded or unlawful?
Besides out hustling, buying every billboard in town, or having a massive team, the lowest thing you can do to get, keep, or sell more deals is your personal overhead.
Sensationalism has it’s sex appeal. Who doesn’t want to roll Sean Paul style in a $100,000 car to “really” prove how successful you are? After all, the pinnacle of achievement is the acquisition of depreciative assets, right? Check your ego and question which is more important…the lease on the Lexus or the ability to build you financial future. I know, I know, I’m quite the dud. But if you’re truly looking to become a millionaire, I suggest you pick up the book The Millionare Next Door and see how your wealthy neighbors are actually living; there’s a lot less “poppin bub” in Escalades then you think.
If/When you’re able to, pay your car off, and maintain it until such a time the expense of purchasing a new(er) car is feasible. Having a run of the mill car may actually put you more in touch with your customer base, and may keep your friends from thinking you’re going to …read more