Can You Get Rich Quick with Real Estate Investing?
Over the years, real estate investing earned a reputation as a get rich quick scheme. The result is that it attracted the attention of two kinds of people: the first is people who thought real estate investing is a scam. The second are those who have no passion for the business, who just want to get rich quick with real estate investing.
If you don’t fall into either of these two groups, you are perhaps wondering if real estate investing is really worth the effort. But first, you need to be sure whether you can really get rich quick with real estate investing.
Can You Get Rich Quick with Real Estate Investing or is It a Scam?
Real estate investing’s reputation as a get rich quick method is not without precedent. There are a number of reasons why the business is seen as such by outsiders:
- Real estate “gurus” that promote and sell their services, by promising instant wealth and success
- Affiliate marketers who promote the real estate gurus in exchange for commissions
- Genuinely successful real estate investors driving fancy cars and living affluent lifestyles
Out of the three reasons, the successful real estate investors are the only legitimate example. But keep in mind that these successful businessmen did not become rich over night. And they most likely would try to warn you of any one promising instant riches and success.
Real Estate Investing is Not a Path to Instant Wealth
The truth is that real estate investing requires planning, patience, persistence, and of course time. You won’t make hundreds of thousands of dollars in profits in your first year, much less millions. Your true goal should be sustainability and steady growth on a yearly basis.
The key takeaway here is that in any business, there are no real shortcuts. There are tools and products that can help you, but they are not a replacement for time and hard work. You should always deign to learn the fundamentals first, and apply them consistently while trying to adapt to any changes in the field. You can get rich from real estate investing, but it will never happen over night. You should be optimistic and hopeful when you start investing, but you also need to ground your expectations in reality.