Make a million on real estate. It’s easy as A, B, C. Don’t believe it? Why? Do you doubt what you see on TV?
Take a gander at late-night infomercials. The specialty cars parked in front of the sprawling mansion are enough to bring sparkles to your pupils. And then there’s that yacht sprinkled with bopping beauties. Eventually, the main character presents his particular get-rich-quick real estate scheme while flaunting his millionaire status. There’s lots of fanfare. Only the “Seventy-Six Trombones” are missing.
The entire plot is ridiculously embarrassing to men and fundamentally insulting to women.
If you’re looking for a ‘how to’ guide on making it big through real estate investments, these advertisements, entertaining as they are, are unreal. If you want prosperity, you need to own income-producing assets. It’s that plain and simple. You still need knowledge, dedication, hard work, and a plan with controlled risk management of course. But these competencies, if you lack them, can be contracted.
Your salary and savings may lead to comfort but affluence comes from investments that give you periodic financial returns. Owning real estate is the practical, down-to-earth (excuse the pun) step on the road to “appreciation.”
Of course the road can be rocky. Values can increase, decrease, or flatten. But holding real estate is a long-term endeavour. Short-term possession is a gamble given the cyclical nature of our economy. Real estate, over the long haul, has increased in price. However, at times, so has inflation. If, however, there is rental income in the property, that income could offset the rise in inflation. In sum, real estate is a sound investment, which should be pursued as fervently as the orating of the flimflam artist hawking the latest elixir of the good life on those late night, now cliché, infomercials.
So how does one begin to increase one’s net worth? How do we pick the right property? What type of property should you acquire given your financial situation? Perhaps you should start by consulting with a REALTOR®. Talk to this professional who doesn’t get paid until the deal is transacted and who, by law, must work in your best interest. How sweet that is.