“Real Estate is a Key Asset for Building Wealth!” When people wonder how to build wealth and how or where to start, this statement says it all. It is worth repeating “Real Estate is a Key Asset for Building Wealth!”
- In our opinion, saving money in the bank and receiving less than 1% interest will not build wealth.
- In our opinion, investing money in the stock market can build wealth over time, but we have no control over the stock market. All we can do is evaluate companies/stocks, invest, and hope the stock price goes up over time.
- In our opinion, when you purchase a piece of real estate, you have control. If you purchase the real estate below market value, you have already created wealth.
- In our opinion, if you find a motivated seller, you have a better chance of negotiating a lower price. A motivated seller needs to sell due to reasons such as divorce, bankruptcy, foreclosure, a lost job, a job relocation, etc.
- If you find a potential rental property that needs work, such as new carpeting, new paint, and cleaning, you have a better chance of negotiating a lower price. Determine the market value for the property, and how much you believe it will cost to get the property in good condition. Subtract the estimated repair costs from the market value, which is a good starting point for negotiations. For more information on negotiating, click here.
For an excellent article on building wealth, click here. For the beginner real estate investor, it is very important to minimize risk. Therefore, do your research and proceed carefully!
The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.