His media graffiti is everywhere; real estate gurus who want to take your money to teach you methods of buying and selling real estate that are supposed to help you make a six figure income every year, but in reality they are going to make you spend a lot more money than you earn until you finally get it. You are forced to quit because you simply no longer have the capital to invest.
The real estate industry is one of the fastest growing money makers in the country right now, but many people are losing money or barely breaking even because they don’t know how to make their investments. There are a number of complex factors that must work together before you can claim success in the real estate industry.
The most important factor to consider is precisely what type of property you want to invest in. This is a difficult decision, and one that should be carefully considered before choosing to part with your money. You will have the option of buying a single-family home, either to rent or sell, or buying a multi-family home that will allow you to rent to multiple tenants at once. Buying a single-family home is probably the easiest route to take, and it’s a wonderful way to get your feet wet in the real estate waters, but it’s with the purchase of a multi-family property that you’ll begin to become a millionaire.
Consider this. Think of all the people in the world who have become fabulously wealthy through real estate. How have they done it? Was it through the sale of single-family homes? No. These are the people who own the fabulous skyscrapers that house literally hundreds of tenants, and make their fortune through the passive income generated by their tenants.
Renting multi-family homes is the easiest and most efficient way to earn a lot of money in the real estate business. When buying a multi-family property, particularly one that is vacant, buy one that needs to be rehabbed and make sure you don’t pay full market value. Then fix it up, fill it with tenants, and let the rent checks roll in. The fact is, these checks will arrive every month regardless, and if you’ve done your homework correctly, the value of these checks should far exceed your monthly expenses. This generates a large monthly income for you. In addition, once you have recovered the amount of your initial investment in the building, you will be able to continue enjoying the monthly income it generates. It is a no-loss situation.