Victor Bomi says there is “no secret” to his early success as a real estate investor, other than his knack for relationship-building and spotting good deals.
How has becoming a real estate investor changed your life, and are you glad you did it?
Neat prompt. I am sure you will get a range of responses reflecting different experiences.
Changes: I can think of a few life changes brought on by real estate investing.
- Added property upkeep and repair knowledge: By accident or design, you get pretty well versed in the granular details of property maintenance (or you better). You will know which appliances last the longest, which toilets are less likely to clog, and how to do a range of tasks from painting to minor repairs.
- More responsibility: If you self manage, you do live with the possibility of “being on call” about all the time. And the buck literally stops with you. If it breaks, you fix it. If you lose (or retain) a good tenant, it is on you. There is some challenge but also some satisfaction there.
- Insights: You get a better knowledge about a all sorts of things, from taxes and insurance to different types of people and their proclivities. You will work with contractors and meet people (at showings or as tenants) that you probably would never have met. It provides a new range of experiences, for better or worse.
Glad: Yes, I think it has added a new dimension to my professional life outside my day job. I could have gained some of these benefits with another side gig. But real estate is such a ready made business and so simple in concept. You buy a place and rent it. (Of course, the details of how you do this right are more complicated). Everyone needs a place to live, so you have an active market in most areas. And it can be possible to find a profitable niche and make some money while you provide a needed service. It is a business—more than any self help type seminar—but it can be a worthwhile endeavor, especially if you avoid some of the common pitfalls.
Best of luck!