Turning commissions into lasting wealth

A commission can pay today’s expenses. An investment property can keep producing income and building equity for decades.

That was Steve David’s message to Realtors® during the second session of Florida Realtors®’ Wealth Building Summit: Put your real estate knowledge to work for your own future.

David knows the territory. During 53 years as a Realtor, he owned one of the 250 largest brokerages in the nation and accumulated 621 properties. For more than two decades, he ranked among the 20 largest owners of residential real estate in Broward County. He has invested every year since 1974.

“Any time is a good time if the deal works,” David said. “And what do I mean by works? If it breaks even, buy it.”

Keep the math simple

David’s strategy centers on properties that generate enough income to cover their expenses. From there, rental income gradually pays down the debt while the owner builds equity and benefits from long-term appreciation.

“If you finance it and you own it 30 years, and it pays for itself, somebody else paid for it,” he said.

David encouraged Realtors to use the knowledge they already apply every day. They understand property values, rental demand, financing and negotiation. That gives them a strong foundation for recognizing opportunities and evaluating the numbers.

He also urged attendees to keep the analysis manageable.

“It’s very simple math,” David said. “Gross income minus expenses. If it equals more than zero, you buy it.”

David backed up that philosophy with examples from his portfolio:

• A waterfront property purchased for $160,000 now rents for $4,500 a month and produces about $35,000 in annual net income. David still owns it.
• Two apartment buildings purchased together for $285,000 eventually became a combined $2.8 million deal.
• A property with average monthly rent of about $1,700 repaid its purchase cost every two years, according to David.
• His former home, purchased for $410,000 in 1998, produced substantial appreciation when it sold in February 2024.

“What did I have to do to create that?” David asked. “Simply buy.”

Put earnings to work

David reminded attendees that earning a strong income and creating lasting wealth are two different jobs. Commissions can provide the capital to purchase assets that continue generating income between closings and well into the future.

“You can make a lot of money, but if you spend it, you have nothing left,” he said.

His investment playbook includes several practical moves:

• Build a dependable team of property managers, maintenance professionals and lenders.
• Ask about seller financing and other terms that could make a purchase work.
• Stay within areas of real estate you understand well.
• When considering a condominium, review the building’s reserves, ownership mix, default rate and potential special assessments.
• Hold properties long enough to let rental income, equity and appreciation do their work.

David also encouraged Realtors to focus their energy on the choices they can make.

“We can fix what we see in the mirror,” he said. “We cannot fix the outside world.”

Build wealth with a purpose

For David, wealth ultimately means freedom, family security and the ability to open doors for other people.

He shared the story of providing a permanent home for a formerly homeless veteran. David and his wife also created a foundation to support women facing breast cancer.

“The greatest gift we can give others is a chance to see that same sense of security and freedom,” he said.

That larger purpose, he told attendees, is what turns property ownership into a legacy.

“I encourage you to create wealth for your future and for other generations,” David said. “If the dream is bigger than the doubt, nothing can stop it.”

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