This is a great article by Real Estate Expert, Dave Lindahl, on how to use real estate investing to build wealth.
To many, the American Dream is still just that, a dream. While some people succeed, achieve their dream and go on to enjoy great success and prosperity, others do not. Most end up spending the whole of their lives toiling in low-paying, under-appreciated jobs while dreaming of a better way of life.
As we get ready for Labor Day—the national holiday dedicated to paying tribute to the contributions American workers have made to the strength and prosperity of our country, let’s give pause to think about what it takes to help ourselves succeed and flourish too… How can we each get our own piece of the American Dream.
As you know, I’ve gotten my piece of the dream with real estate. The secret to making (and keeping) money is to invest in property. The need for property never ends and it never changes. As long as people need some place to live and work there will be a demand for land. Real estate can be a very rewarding business, both financially and personally. Take for example the satisfaction of purchasing a property at a low price, rehabilitating it and turning it around to become an income-generating machine—very satisfying.
One of the best ways to make money from real estate is to purchase a multi-family property, rehabilitate it, rent it out and allow it to generate a passive income for them indefinitely. The more property an investor is able to accumulate and get to work for him or her in this manner, the more income the investor is going to be able to enjoy.
The problem (as anyone who has ever attempted to purchase a home can tell you) is that buying property, even property that needs to be rehabilitated, does not come cheap. And you certainly do not want to find yourself trying to climb out of a mountain of debt from spending too much money too soon and too fast.