Financial Freedom: Can You Make Your Fortune in Real Estate?
Jeff Greene was the son of working-class Jewish parents from Worcester, Mass. His parents struggled to support their family, and Green paid his way into Johns Hopkins by selling circus tickets over the phone. In 2009, he ranked 559th on Forbes list of the wealthiest people in the world. How did he make his fortune?
Real estate. While still in business school, he bought a three-family home and rented out rooms so he could live for free. He owned 18 properties by the time he graduated in 1972, and a few years later he was a millionaire.
It’s a fantastic rags to riches story. Real estate has terrific potential for the right investor. Here are some of the advantages:
- It is a tangible, enduring asset. Short of a natural disaster or freakish plate tectonics, the property you own will be there for lifetimes.
- It stays valuable, because there is a finite amount. We have a certain number of square feet across this planet, and no one can add substantially to that number.
- There are many, many ways to invest in real estate: apartments, houses, rentals, land to develop, “fixer-uppers” to flip . . . The list goes on and on.
- You know I always say, “Cash is king, but cash flow is his wife,” right? Real estate does hold the potential for cash flow, in the form of monthly rent.
- Depending on the surrounding community, real estate can dramatically increase in value.
- You have the option of working part time in real estate.
These are some very potent advantages for an investment choice, and for the right person at the right time, there is money to be made. But before you run out and start picking up foreclosures, check in on my upcoming blogs to read about the “cons” of real estate as an investment, as well as the advantages and disadvantages of other money-making options. Make sure you have all the information as you pursue your quest for financial freedom.
I can mentor you to help you avoid the mistakes I’ve made, and enjoy the success I enjoy. Success in 5 Minutes a Day will lead you to the financial freedom that you’ve never thought possible. Join the affordable program Success in 5 Minutes a Day and learn how you can put leveraging to use.