With addiction running rampant in this country from so many depressed broke out of work, lonely and pathetic losers…You will see that many of today’s multimillionaires and billionaires are literally addicted to real estate; they just cannot stop! You’ll read about families that own thousands of apartments such as the Kushner’s, but yet, they continue to buy more developments every year and build more buildings! Look at the Kolter Group. They have more developments going on in Florida then anyone. They are a 10 billion dollar plus company. They just don’t stop. And there are so many other companies following the same pattern of real estate addiction!
In short, if you going to be addicted to something, make it a positive addiction. Something that gives you wealth, financial freedom, respect, and piece of mind. You get my drift I hope?
Let’s Break it Down…it’s very easy to lose money in real estate
Let’s Break it Down… First of all it’s very easy to lose money in real estate that very same property you purchased for retirement can go south the day you buy it (if the following elements are not obtained).
- Professionally Managed: This should speak for itself if you’re inexperienced you should hire a professional property manager or partner with someone who is experienced! If not, you will be sorry!
- Value Purchased: There should be value in you purchase!You should be buying $100,000 property for 60 or $70,000 Tops! You shouldn’t be buying $100,000 property for 90 or 100,000! If so there’s no value in your purchase! No Value = No Equity = No Money
- Rental Property: Means just that your property should produce income
From tenants plain and simple!
About The Author
- Robert Louis Annenberg Is a 40 year seasoned property owner, manager, investor, builder/developer and business man who is also an author of five published books to date (Amazon.com) and the chief editor of LifeQuestJournal.com. He can be reached at: Info@RobertAnnenberg.com and (201) 289-2500.