Skills You Need to Become a Full-Time Real Estate Investor

TL;DR

Tony and Ashley discuss skills and experiences for real estate investing.

Transcript

this is real estate rookie episode 126 my name is Ashley care and I am here with my co-host Tony Robinson for another rookie reply Tony what is going on today what's up Ash today a today's a good day I actually didn't share this with you yet but uh my son Sean he's in eth grade and he ran for ASB president and we found out uh yesterday afternoon th... Read More

Key Insights

• Tony Robinson shares a personal story about his son becoming class president and how they celebrated, highlighting the importance of creating memorable experiences.
• Tony and Ashley discuss the financial and tax implications of real estate flipping, emphasizing the need for strategic tax planning with a CPA.
• They share personal experiences about the shortest time spent at a job, reflecting on the realization of being suited for entrepreneurship.
• Ashley and Tony discuss the importance of finding a job that aligns with personal goals, even if it's not one's passion, to support real estate investment ambitions.
• The hosts highlight the significance of choosing a real estate strategy that aligns with one's strengths and preferences, avoiding creating a job for oneself.
• Tony suggests that degrees in communications, finance, or engineering could provide valuable skills for real estate investors, focusing on critical thinking and communication.
• Ashley emphasizes the role of accounting knowledge in understanding financials and bookkeeping, aiding in real estate investment success.
• The episode encourages listeners to find aspects of their current jobs that they enjoy or that contribute to their long-term goals, even if the job itself isn't fulfilling.

Questions & Answers

Q: What did Tony do to celebrate his son's election as class president?

Tony and his wife Sarah arranged for a limousine to pick up their son Sean from school and took him and his friends out for ice cream. This celebration was meant to give Sean the 'presidential treatment' and create a memorable experience for him after winning the election.

Q: How do Tony and Ashley handle taxes on real estate flips?

Ashley explains that taxes on real estate flips are not immediately withheld. Investors can pay estimated quarterly taxes, but the full tax liability is determined at the end of the year. Tony and Ashley emphasize working with a CPA to manage write-offs and depreciation to reduce tax liability legally and ethically.

Q: Why did Ashley leave her accounting job?

Ashley left her accounting job because she found it repetitive and unfulfilling. She realized that she preferred a work environment that was less structured and more dynamic, which aligned better with her entrepreneurial aspirations and desire for a varied work life.

Q: What degrees do Tony and Ashley recommend for aspiring real estate investors?

Tony suggests degrees in communications, finance, or engineering as they provide valuable skills for real estate investing. He highlights the importance of critical thinking, problem-solving, and effective communication. Ashley adds that accounting knowledge is beneficial for understanding financials and bookkeeping.

Q: How can someone decide what type of job they would enjoy?

Ashley and Tony suggest considering personal preferences for work environment and tasks. They recommend finding a job that supports one's real estate investment goals, even if it's not a passion, and identifying aspects of the job that are enjoyable or contribute to long-term aspirations.

Q: What advice do Tony and Ashley give to those unhappy with their current job?

They advise finding a piece of the job that aligns with personal passions, even if the job itself isn't fulfilling. They also emphasize connecting the financial benefits of the job to the ultimate goal of becoming a real estate investor, using the job as a stepping stone to achieve that goal.

Q: What is the risk of creating a job for oneself as an entrepreneur?

Ashley warns against creating a job for oneself where income depends solely on personal labor, like some independent contractors. Instead, she advocates for building a business or investment strategy that allows for delegation and passive income, enabling more freedom and flexibility.

Q: How does Tony find motivation in his W2 job despite not being passionate about it?

Tony finds motivation in the people aspect of his job, enjoying the opportunity to lead and develop his team. He focuses on the parts of his job that pique his interest and align with his passions, which helps him stay engaged and work towards his ultimate goal of real estate investing.

Summary & Key Takeaways

• In this episode, Tony and Ashley discuss the skills and experiences necessary to transition into full-time real estate investing. They highlight the importance of strategic planning, financial management, and selecting the right real estate strategy.

• The hosts share personal anecdotes about their early jobs and how these experiences shaped their entrepreneurial paths. They emphasize the value of finding a job that supports one's real estate investment goals, even if it's not a passion.

• Tony and Ashley explore the types of degrees and skills that can benefit real estate investors, such as communication, finance, and engineering, underscoring the importance of critical thinking and problem-solving in the field.