1. ‘Owning made me rich.’
The first step to being rich is to actually buy your own property.
Your property, whatever size it is, will surely gain some value after some years. After that, you can use just that extra gain to buy your next property, and the next and the next, and eventually you’ll just end up with a 10-story high condominium.
BAM. Now you’re rich!
2. ‘Residential properties can generate income year-round.’
Buying a property is a long-term investment. Money won’t come rolling in the first day. But choosing the right property will quicken the process, and you’ll have a monthly income all year round!
“That’s why you must understand all the fees and unexpected costs before you invest in a property.” Bethenny added.
3. ‘Buying is smarter than renting.’
Most millionaires I know make more money out of property investment than any other investment, said Peter Hernandez, in an interview with CNBC.
Real estate are tangible assets, and its value will not fluctuate as easily as stocks, not forgetting the tax benefits that come with it.
Paying a monthly rent for an apartment can cost even more than buying a $1 million house and paying it with mortgage.
“Why rent? If you want to, you can rent your property out and cover your mortgage, or an even better return.” Peter said.
4. ‘The right investment will continue to appreciate.’
Investing in the right property is key to gaining income. For example, a property at a popular location may have a higher chance at consistent income and value appreciation.
But investing in any property is better than just letting the money just sit in the bank account!
5. ‘You get six-figure tax breaks.’
Real estate has incredible tax benefits. In some situations, you don’t even have to pay taxes on your gains from property investments!
“Besides that, you can own a rental property to produce impressive income by using the renter’s money to cover mortgage, taxes, and maintenance.” Holly added.
—Holly Parker, founder and CEO of The Holly Parker Team at Douglas Elliman, award-winning broker who made over $8 billion in sales.
6. ‘It doesn’t tie up a lot of cash.’
You can own a real estate through banks, and that doesn’t tie up a lot of cash. Other than the 10% deposit, you can use your bank to funnel and grow your investment.
Other than that, banks allow you to grow your wealth with incredible return rates and tax benefits.
7. ‘Real estate offers unlimited options.’
Success in stocks or bonds investment is totally based on external factors, which you cannot control. However, you can have unlimited options for real estate investment.
“You can buy a rundown house at a low price and flip it, but if it doesn’t work out you can still rent it out. If you bought a rental property that gained significant value over the years, you can sell it.” Daniel said.
Real estate provides you with flexibility and unlimited choices, which has created more millionaires than any other asset has.
8. “People will always need a place to live.”
In another view regarding real estate as an investment, Robert Martinez stated that populations have and will never decrease. Supply follows demand, and the demand for real estate grows immensely each year.
Another comment states that the real estate market has the opportunity for greater and more consistent returns compared to other investments.
“Once everything has stabilized, collect returns from your investors until you decide to sell.” added Robert Martinez.
9. “You can invest in land that produces income.”
In an interview with CNBC, Marcello Arrambide stated that real estate is still the best investment around. Due to the fact that plenty of businesses come and go, but the need for land will remain.
“Investing in real estate protects you and your wealth. Even though it goes up and down, it has never declined.” he added.
Among other reasons, people will need real estate for numerous causes – including retail space and agriculture. Additionally, inherent real estates are valued as the best because it produces income over time.
As you can see, the road to gaining wealth starts with a simple step: to own a property.
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