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Real Estate Investment
The value of the real estate is bound to increase over a period of time despite any number of variables. The only thing required is patience, endurance and experience. Most people feel discouraged just a few months after the investment because they cannot make an instant fortune. So they leap on to next venture and then next and so on while the dream fortune continues to recede further down with every new effort. Learning a few common tricks cannot help a person succeed in any business venture including real estate investment. It is also unwise to simply believe that since some one else is making huge profits, you too can without knowing how much time, effort, energy and patience he has invested besides the money.
Thinking high and dreaming big are great virtues but you must draw a fine line between dreams and delusions. You need to be realistic in setting your goals in real estate investment. It is really difficult to earn millions in profit in the first year itself.
The best approach to earning through real estate investment is to set realistic goals: short term, and intermediate and long term. You must ensure that the goals that you set are specific, realistic and most of all attainable.
For your immediate goal, say of six months, you may buy one rental property and do two or three wholesale flips. For your one year goal, you may buy, fix and flip or retail two properties and acquire three rental properties to keep them over long term. Buy, fix and flip five properties per year at an average profit of $ 20,000 to substitute the current income, and so on and so forth.
You may also fix a fifteen year goal and think of retiring with a passive income of $10,000 per month after adjusting the inflation. This income may require between three million to four million dollars in free and clear rental real estate.
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