EP 271: Can You Get Rich Quick in Real Estate?

A lot of people say that real estate is a “get rich quick” business. I hate to be a downer, but I don’t think that’s true. You can get rich in real estate, and if by quick you mean in a few years, then yes,  you could make a lot of money relatively quickly. But you’re not going to get rich overnight or even in a few months. “Getting rich” is also very relative.

You could luck into a once in a lifetime opportunity or have a big windfall and become financially independent pretty quickly, but that’s not how it usually works. Generally, people start off wholesaling properties or flipping houses, and each flip or sale takes a long time and you get better at it as time goes by. I think real estate is a great vehicle for becoming financially independent, but it doesn’t happen quickly and there is plenty of work and skill involved.

Unfortunately, a lot of real estate investor “gurus” perpetuate this “get rich quick” idea and that there’s some well-kept secret they know that will make you rich, and it’s just not true. There’s no secret formula to becoming rich in real estate. All the information is out there in podcasts and websites like mine. I support coaches and mentors, but there really isn’t any one big secret they can teach you.

Just like any business, real estate takes a lot of hard work. If you put it time, energy and dedication, you can absolutely become wealthy. Does it happen overnight? No. But are your chances of becoming independently wealthy in real estate better than with a 9 to 5 job? Absolutely. It all depends on you and what you’re willing to do to get there.

About the author, Mike

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