How can you enjoy all the flashy toys of a hyper successful real estate investor, yet without incurring all of the overhead that often comes with it?
While there is so much good that can (and should be) done with the great wealth and income that comes from real estate investing many still get in it for the luxuries, fancy toys and flashy lifestyle or think they need to present that façade in order to network and connect with cash rich prospects.
So whatever you reasons, if these things are a must, how can you sail, drive, fly and live like a star for less?
When it comes to luxury yachts and private jets, those who haven’t owned them before often don’t realize that beyond the purchase price they can cost millions a year in maintenance and staffing. While that’s OK if you have the money to blow real estate investors can often enjoy all the usage of these toys they have time for with fractional ownership and only pay for what they actually use. That can slice the expense down to a fifth or less.
Even the latest sports cars can be leased versus bought or more reasonable alternatives like Porsches and BMWs can be perfectly acceptable to pull up in at the swankiest joints. Once real estate investors get established and start sending a large volume of business to vendors they may even be willing to provide transportation as a bonus, just make sure it is legal.
Savvy and resourceful investors will also find endless ways to get others to sponsor networking opportunities too, whether it is fancy dinners or cocktail parties to promote open houses. Remember a lot of this can become tax write offs for entertaining and marketing too.
However, no matter how much money is coming in this month avoid excess unless you really can afford to blow that money and have way more than enough personal savings stashed and business capital in reserve to weather unexpected disasters.
Also recognize that while living this type of lifestyle can provide some great networking opportunities, prospects will still ultimately choose to do business with you based on your talents and the benefits for them, making splurging to impress unnecessary. In fact it may be wise to ask if this will really help you be seen as a good person to invest with or wasteful?
Finally remember the difference between acquiring real assets and building net worth and investments which produce income versus acquiring more liabilities and payments.