How to Build a Small Fortune in Real Estate
Hello Hampton Roads,
There's an old joke that starts by saying, "How to build a small fortune in real estate? Start with a large fortune..." It's funny but there's some truth to it in that many people get started in real estate investing, but inevitably lose money by not understanding value and costs--they either overestimate value and pay too much upfront, or they underestimate costs and go over budget, or both. However, bought correctly real estate can be a good foundation to build and secure wealth.
According to a recent MarketWatch article, the median net worth for homeowners increased 15% ($231,400.00) while that of renters decreased 5% ($5,200.00) based on a Federal Reserve Study of Consumer Finances that is done every 3 years with 2016 showing the latest survey results. That's a difference of 44.5x between the net worth of an owner vs a renter. Owning your own home can give you a huge advantage not just financially, but also by providing the core…
There's an old joke that starts by saying, "How to build a small fortune in real estate? Start with a large fortune..." It's funny but there's some truth to it in that many people get started in real estate investing, but inevitably lose money by not understanding value and costs--they either overestimate value and pay too much upfront, or they underestimate costs and go over budget, or both. However, bought correctly real estate can be a good foundation to build and secure wealth.
According to a recent MarketWatch article, the median net worth for homeowners increased 15% ($231,400.00) while that of renters decreased 5% ($5,200.00) based on a Federal Reserve Study of Consumer Finances that is done every 3 years with 2016 showing the latest survey results. That's a difference of 44.5x between the net worth of an owner vs a renter. Owning your own home can give you a huge advantage not just financially, but also by providing the core…
