The title of this is left open to interpretation because it’s different for everyone. For some, it’s spending time with family. For others, it’s getting to travel more. For me, it’s a combination of both and getting to live to the fullest on my terms. If I want to pack up and hit the road, I don’t want anything getting in my way – especially the financial means to do so.
Most people view money as the product of their labor or time spent on a task. What if it could be more? What if it could be the fuel to launch your new passion project. Or the means to take your dream vacation?
What if it was something that acted in the background so that the forefront of your life was spent on what is most important to you?
These are important questions. Questions that I frequently ask myself and try to answer – and sometimes the answer changes, which is okay. Furthermore, these questions are why I choose to invest in real estate.
Real estate is one of the few industries that allows business owners, operators, landlords, etc. to collect passive income. They don’t have to sell a product or draw in new clients each month to gain revenue. They place tenants and then collect rent for the duration of the lease. Yes, there is more that goes into it but what is amazing is that the systems can be put in place so that each task is done once, systematized, and then leveraged out.
Multifamily real estate (think apartments) operates at a scale that allows for the owners to put these systems in place and leverage out tasks from day one. This is exactly why I focus on multifamily investments. However, the point is that real estate can be leveraged (time, money, and people) to allow you to spend more time doing what it is you really want to do.
You want to travel around the U.S., visiting family and friends along the way? Well, what would it take to accomplish that? It would require income that you would otherwise have to physically work for and trade your time for and save up to afford the time off to take that trip. Or… build up your passive income to the point where you can take that trip and get paid while you are on the trip.
Robert Kiyosaki said in Rich Dad Poor Dad, “Don’t say I can’t afford it. Ask, how can I afford it”. That mindset shift alone will open up doors for new possibilities. Ask yourself, “How can I afford to take that trip?”
My advice is to build up your passive income to the point where that trip is not only a possibility but a reality! And to me, there’s no better vehicle to get you there than investing in real estate. There are opportunities out there; are you going to act on them?
Blake Dailey is a multifamily real estate investor and Host of the Multifamily Journey Podcast. He has reached his financial independence (Passive Income > Expenses) number through investing in real estate and aims to help others do the same. He helps passive investors impact their lifestyle and wealth by investing in multifamily real estate through his company Growth Vue Properties. Growth Vue seeks to help investors achieve the ultimate asset – Time – by making their money work so they don’t have to.
Find out about investing in multifamily with Blake at thegrowthvue.com or learn more about Blake, read his articles, or connect with him through his website at multifamilyjourney.com.