As a professional real estate investor with over 20 years experience, I happily field questions from people in my circle about how to build wealth in real estate. These similar and repeated questions have led me to write about my most common experiences giving advice on investment real estate.
Today I found myself chatting with a younger investor who owns one unit and is longing to own more. Shooting from the hip I gave him three rules for building wealth in real estate:
- Keep it rented
- Keep it in great shape
- Be a good landlord
That’s it. That’s how to build wealth in real estate. You can make plenty of mistakes along the way (and you will!) but if you keep things rented, keep them without need for repair and treat your customers as you would want to be treated, it will be hard to fail. This is not a get rich plan, rather one that will take decades to truly blossom. But one investment unit, managed properly (by you, not a company that eats your profits!), can put 1-2 kids through college. Or at least give them a hell of a bankroll to get started. It does not take much if you follow the 3 rules above 100% of the time.
I love talking investment real estate. If you are an investor of any level and have a question feel free to tweet me @donniccolo and I will be happy to help! Happy investing!
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