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Build A Great Estate With Real Estate “The journey of a thousand miles begins with a single step.” Building great wealth is certainly not easy, but it's not incredibly complicated either. It does require two main elements: a solid financial vehicle and a genuine desire. To build a great estate with real estate, that outcome must be identified as the destination and determination for it must remain present along the way. The rest, as they say, then becomes history. All things considered, buying and holding income producing investment properties represents the best and most likely means to building a great estate without the need for significant risk taking. Income producing real estate varies from other vehicles due to its ability to provide relatively predictable results. Investment properties provide the opportunity to create long range objectives and (when diligent and patient) be quite certain that you'll accomplish your goals. It's difficult to make the case that most other vehicles (stock market, business, CD's, collectibles, funds, etc.) offer a similar likelihood of success that real estate investing does. It's a fundamental thought but important to remember the distinctions between investing, speculation and gambling and which category various investments fall under. Some related thoughts… Challenges do arise from time to time and having a healthy mindset when confronted with the occasional negative situation will be of great assistance. Developing a deep appreciation for the long term opportunity that real estate offers to investors and their families is a great place to begin the formation of a positive and balanced attitude towards it. If we want to enjoy a rainbow, we have to accept a little bit of rain once in a while. In the long run, the highs greatly exceed the lows. Enthusiasm makes any dips easier to endure. Many people are afraid of the unknown. Fear is easily overcome by becoming highly knowledgeable which comes from making the conscious decision and taking the action of seeking additional education at every opportunity. Even if investing in real estate isn't your primary source of income (yet), resolve to become the “A” student. The more you learn, the more you'll earn and the quicker your estate can (and will) grow. Income properties including homes, apartments and condos are the best targets for the average investor; the most stable usually being single family residences. The least expensive property in the best location is almost always the best choice. Profit is made at the time when an investor buys so waiting for and identifying very good deals is paramount. And they are available. Purchasing properties that are 30-40% (or more) under perceived market value which require renovations in quality neighborhoods is an important component of a great estate strategy. Even after the expenses of upgrades and repairs are factored in, the investor still becomes an immediate recipient of built-in equity. And that's just the beginning of profit making. As mortgages are paid down over time and property value simultaneously appreciates (likely), equity begins to expand in two directions (loan balance down, value of home up). Consider this: Successfully investing in real estate requires a long term outlook and plan. Let's say your strategy is to purchase one income producing property per year for twenty years. In fifteen years the property you purchase now will be fully paid off. The second property you purchased will have only one year remaining on its fifteen year mortgage, the third will only have two years left and so on. Throughout the entire time you'd been collecting rent checks from tenants while the equity of each property has expanded. Whether your objectives are to create a source of retirement income for yourself, an estate to leave to your kids or wealth for its own sake, a well planned and disciplined strategy such as this is what ultimately delivers achievement of the goals. The investor's objectives must be clear and accompanied by healthy levels of determination and discipline. Manage your investments as you would manage a business. Like most things which deliver high value and positive outcomes, building a great estate with real estate is a marathon. Journeys are completed after taking all necessary steps in the correct direction. Postponement or not taking the steps at all is often the greatest risk of all. When money is put in the right place it grows. The way to build a great estate with real estate is by becoming informed and then taking the right actions over the long term. It's really not overly difficult or complex and it's certainly going to be worth it… Happy Great Estate Building!!
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