Real Estate Investing: Balancing Social Good & Profit
As we roll into a new housing upswing real estate investing is gaining popularity again, but how can you find the right balance in doing social good and earning a healthy paycheck?
Real estate investing certainly offers a fast track to a great income and building incredible wealth. However, along with the privilege of enjoying those rewards certainly comes a responsibility to give back and help others too. Just look at the world’s richest billionaires like Bill Gates and Warren Buffet and how much they have been able to contribute. In fact, you’d be surprised at how many choose to get into real estate specifically to fuel their philanthropic passions.
Staying broke out of choice or because you don’t want to join that ‘evil’ 1% crowd is ignorance, it’s an excuse not to try and not to have to be challenged to do more good. Everyone can help others regardless of what they have or don’t have but there are obvious advantages to having more to give. The challenge is finding balance.
Real estate investors can find plenty of charitable causes to support and ways to donate but there is often more peace of mind in knowing that every dollar and hour is really going to directly helping others.
Even simply providing quality, affordable housing is a great way for real estate investors to be able to afford to keep on giving and improving the lives of others full time.
However, it is true that unless they remain profitable they usually can’t continue to afford give 100% of their time to it as they have families to feed too.
This makes obtaining a good real estate education important as well as developing good business sense in order to stay solvent and avoid waste.
So build a financially sound business that offers a reasonable living and provides quality housing to individuals and families. Know how much to reasonably charge in rent or down payment and monthly mortgage payments in distressed areas which mitigates the risks associated with areas which often suffer from higher delinquency rates, without being greedy.