I have spent the majority of my life in the real estate field. LRS Realty & Management was created in 1988, but spent another 9 years or so working with other property management companies. Being a creature of this business, and interested in all aspects, including predicting future trends, I have read hundreds (probably thousands) of articles and books by writers and experts forecasting the future. Home prices will continue to rise, right? Rents will slow down next year and then increase the year after. Invest in this, "get out of that", and so on.
Ever read the articles by those that were fortunate enough to recommend investing in a particular stock, and this stock went through the "roof", making him the "genius"? Then you watch this "genius" on CNN, Fox, CNBC (no disrespect MSNBC) giving his\her new predictions about this fantastic new investment they feel will create even more wealth than the first recommendation for success. You know the drill.
Each new idea, new concept, new invention, and new trend in the market brings on the "experts". Oh, they make it sound so simple! New ideas that will change the world and make you rich. Yeah, I know it's the "free market" and it has created enormous amounts of wealth in this country and throughout the world. Hundreds of millions of people throughout the world have been lifted out of poverty, many diseases have been cured and therefore making this planet a better place to live. However, what is usually not said, it does not work for everyone, and more importantly "It's a lot of work"!
An idea that is profitable is only part of the equation. It's your grit, your willingness to do what it takes and make sacrifices. It is getting to bed late, waking up early, hiring and training partners\employees, always educating and looking for new ways to improve. Of course, timing and some good ole fashion luck never hurts.
After working 14 straight hours and you finally get a chance to sit and enjoy that nice glass of red wine (ok, it can be white, or a beer...or something stronger), you turn on the television to get caught up on the news for the day, and there is a "talking head" being interviewed. "Now is the best time to buy real estate..." say to yourself "well... maybe."
