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December 27, 2022

Getting Rich in Real Estate Isn’t Easy or Instant

Generally speaking, people want something for nothing. This statement may sound cynical, but ask yourself these questions and answer honestly:

  • Would you rather work more time or less?
  • Would you rather have more income or less?
  • If I can show you how to make more and work less, would you be interested in hearing how?

Doesn’t the last question sound like a typical late-night infomercial?This is why advertisers are so good at exploiting human nature!

If getting rich in real estate were easy, everyone would be doing it.It’s not easy. Many aspiring investors are lured into the world of real estate investing because they see other people doing it and want to taste a better life. Unfortunately, it isn’t realistic to expect instant wealth without first investing considerable time and effort. While many people have gotten rich quickly in real estate in recent years, more often than not, it was pure luck. Most investors who succeed in real estate do so in the long term—through hard work and patience. Those who try to “crack the code” and shortcut the system are often disappointed.

Another common mistake impatient investors often make: They learn a few tricks and think success will instantly follow. Another common mistake is seeing the instant success of someone else and believing you’ll have the same results. In reality, this rarely (if ever) happens. These people may have had a good plan, but face failure because they didn’t give the required effort necessary to achieve the goal. It takes a lot of work to achieve long-term success in real estate, which is why so few accomplish it on a grand scale.

Many people start out in real estate investing with great fervor, only to become discouraged after a few months when they don’t attain instant fortune. They discover they can’t get rich quickly and easily so they move on to the next investing scheme.

Surprising as this may sound, real estate has a lot in common with weight loss. In real estate, as in the weight loss industry, everyone talks about it and many try it, but few experience real long-term success! Both industries offer thousands of “get rich quick” and “get slim quick” gimmicks, making billions of dollars in sales in the “getting people to try.”

If you’ve tried to lose weight, you know it isn’t easy. In fact, it’s a serious challenge. Yet the basic concept is simple: eat less, exercise more. Even with this approach, most people give up after a few weeks because they don’t have the discipline or the patience to work consistently at a well-defined plan.

Does this mean that all the weight loss plans you see on television are a scam? No, most of them will work if you follow their plan. Likewise, most of the techniques advertised on real estate investing infomercials do work if you work. Admittedly, like weight loss commercials, the results take longer for some people than for others. The problem is that too many people are impatient and either give up or, worse, engage in risky or speculative real estate deals that end up bankrupting them.

The bottom line is that if you set realistic expectations, apply ourprinciples, have a good plan, and work hard, you’ll succeed.

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Attorney William Bronchick


Attorney William ("Bill") Bronchick, the host of Legalwiz.com, has authored six best-selling books and is sought nationwide for his 30+ years of real estate and legal knowledge. He has been interviewed by numerous media outlets, such as CNBC, TIME Magazine, USA Today, Investor Business Daily, Forbes, and the LA Times, to name a few. William Bronchick is the co-founder and past President of the Colorado Association of Real Estate Investors and the President of the Colorado Landlords Association. Click on the "About" link above for more information on William Bronchick.

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