For so many people, the sad reality of money is they’re never going to have any!
That’s just the cold hard truth!
Today, 2018, it’s 100 times harder to become wealthy than it was 50 years ago!
Fact: if you can support your family, own a house, pay all your bills, have money in the bank, and send kids to college without really being that much in debt, you’re a fucking hero!
For starters, in the old days, people could borrow 100% on real estate! They could close a loan in 2 to 3 days! Because of this, they could accumulate hundreds of properties which is how the vast wealth in this country was created: simply by playing Monopoly. Borrowing money from banks and buying businesses and properties. Plain and simple.
As time went on, if the business was successful, the value will go up allowing you to sell the company for windfall down the road!
(Remember, you bought the entire company with the banks money.)
Same goes with real estate! You could borrow all the money from the bank, no questions asked. They hold the property as collateral. The bank would make you a loan, directly. You could borrow millions of dollars, which is how our parents did it and their parents did it in the generation before.
Today, not so much you need to have a partner or group of people to have the 20 or 30% down for commercial loans.
Today, you need tax returns, credit reports, and all kind of crazy stuff that can drag on for months. Then if you’re lucky to get a loan, you’re going to be paying an exorbitant number of points higher in interest rates, fees, the list goes on.
Although, that’s not the case for the econo-class people of the United States like Trump, who can go bankrupt six times and not even pay bills and still be able to borrow money. That’s insane. That is simply a fraudulent, corrupt system that we did not get to take advantage of.
Anyway, as I ramble, here is the point that could take somebody years and years to achieve amass a little bit of savings and it could take about 5 to 10 minutes to lose. From simply placing a bad bet, buying a bad property and lending it to someone and never getting it back, the list goes on. Losing money is very easy and done very quickly.
With income producing real estate, your risk is greatly reduced! There’s risk in everything, but with income producing real estate, your risks are reduced by, I’d say, about 70% versus most other investments where your almost risking 100%.
In order to have money, you need to learn about money!
The best way to learn about money is by simply clicking on this link below and filling out the simple form.
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.
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