[quote=FlyerInHi][quote=yamashi1] what type of real estate are you into?[/quote]
Mostly residential. My brother and I have 1 commercial property.
It’s a lot of work to find the right places to buy. Then you have to remodel to get superior tenants… Advertise, manage the properties, etc… it’s a job.
You can do it the old-fashioned ways: pay the “normal” prices, then use the established contracting and realty services… but your returns will be commensurate.
About boomers… in the last decades they rode consumer growth, economic growth, population growth to asset riches.. but they didn’t really do anything special. But they think they are special. They just had to buy and hold. And people who did that hold the wealth.
Now, we have slower growth than in the past and more competition from abroad and from well-qualified immigrants. It’s a different world where more creativity is required.[/quote]
Thanks for sharing FlyerHi! I understand all of the work involved with residential, so I decided to stay away. I understand it can be a ton of work in order to get the returns; unfortunately don’t have the time now, but maybe something that I can do in the future.
Agree with the boomer comment. After we won WWII, America has had the luxury of a large expansionary economy with a large middle class and sole super power status. Since then, the rest of the world has caught up and we are forced to compete with many more intelligent, and hard-working individuals/companies from other parts of the world. This was definitely felt while I was growing up in the 80’s outside Detroit, where it seemed that the loss of the “sole superpower” status was threatened by the Japanese. No longer were American sub-par automobiles the only car people needed to buy as more affordable and longer lasting Japanese cars flooded the markets. Millenials have learned that to compete we need to stay innovative and continue to remain creative in how we think. We live in a time where we are competing against other people from Asia, South America, Canada, and Europe for admittance into the same schools; to be hired by the same jobs; and to buy the same houses. We have learned that the only differentiator as an American is our ability to remain creative, and to think on our feet. The days of the majority of Americans able to get into top tier schools, then graduate and find a middle class job, buy a decent home on one salary, retire at age 65, and collect a pension and social security and ride off into the sunset are gone. Unfortunately, the ones that either cannot find a way to be productive or are inflexible have been hit the hardest and will be left behind.
