The Secret to Getting Wealthy in Real Estate Real Fast
Let's face facts here. If you are in real estate you are working towards the dream of total financial independence. This means that every deal you close is one more step towards that Holy Grail of goals where you can work only when you want and take off for the sun whenever you want to.
This is so great that when I talk about it those who come to my seminars they get tremendously enthusiastic, so much so in fact that they always forget the obvious question: How? This is not as easy to see as you may think.
The real estate market is tough. The margins are slimming and it only takes a deal going south to wipe out your profits of six months' work. Sure you can work towards closing that juicy deal of a single-family dwelling you have managed to pinpoint but time is against you. A shift in direction in terms of which way the market prices are heading and you can find that you are sitting with a loss-making time-bomb in your hands you just have to offload.
This, as you might have guessed, is the flip side of the coin. The moment you start targeting single-dwelling houses you are putting a lot of effort into what is essentially a one-off. Whichever way you look at it your choices are simple: flip for a quick sale and a profit, do up and sell at a higher profit but risk the chance of waiting and seeing your profit margin slip (bear in mind it could also increase), or hold on to it, add it to your property portfolio and live off the income stream from rental.
There is a whole list of advantages and disadvantages to each one of these options and I am going to overlook them all right now and focus on one thing and one thing only: effort. It takes time, sweat, stress and a truckload of concentration to close a single deal and the amount of work involved is no different to that required for a multi-family dwelling which increases your profits if you decide to flip it and decreases the risks involved if you keep it and decide to turn it into a source of multiple income streams.
I know from direct experience that the main obstacle here is psychological. Too often we tend to think visually and the picture of plumbing gone wrong on a Friday night and irate tenants calling you up to get it fixed has a certain negative impact.
Here's the thing though: I own over 4,000 apartments which ensure that I do not ever have to worry about paying bills and yet I do not see a single tenant. Ever! Yep, that's right, and if I can do that so can you. Multi-family dwelling is all about spreading the risks and maximizing the rewards and if you are ready to change your perspective then you are ready to take the first step of the rest of your life.
David Lindahl, also known as the "Apartment King" has been successfully investing in single family homes and apartments for the last 10 years. David regularly shares his secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki, and Donald Trump! If you would like a free copy of the Special
Source: http://ezinearticles.com/
Added: March 21, 2008
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