Posted by GL(ON) on July 09, 2002 at 14:38:28:
Thank you. That is not the only safe way to make money in real estate investing, but it is the most conventional tried and true way. It won’t raise any eyebrows from bankers or real estate brokers.
If you buy one house a year for 10 years you will become a millionaire.
What is safe in Real Estate? - Posted by LANE WALLACE
Posted by LANE WALLACE on July 09, 2002 at 07:38:28:
For someone new to investing what is a safe way to start out and build some capital???.
LANE
Re: What is safe in Real Estate? - Posted by GL(ON)
Posted by GL(ON) on July 09, 2002 at 09:51:42:
Probably the safest, most conservative way to invest is simply to own your own home.
If you feel like going a little farther,buy a duplex or other rental property.
Buy only property that will give you a positive cash flow, that is in a decent stable neighborhood, where you would not mind owning it for the next 10 or 20 years.
The way to get bargains is to buy from owners who are anxious to get out and are not profit motivated. If the place needs a little fixing up that can result in a large reduction in price, more than enough to compensate you to do the fix up work.
If you keep your eyes open for good deals of this type, you can slowly accumulate property and build up a substantial net worth without ever getting in over your head.
This very old fashioned but safe.
Safety in Real Estate - Posted by John Merchant,JD
Posted by John Merchant,JD on July 09, 2002 at 10:47:25:
Very good post. Outside renting, you’ve certainly laid out the safest and tried and true path to profit in RE.
I suspect many of us have made as much, maybe more, money by accident than design in RE, just by buying,improving, and eventually selling for a LOT more than our purchase prices. When flipping, or even reselling was the furthest thing from our minds.
Certainly I’ve made a good bit over the years on the SFRs I’ve owned to live in, and vacation properties, in a number of states, and I certainly didn’t go into any of those with the primary motivation of making money on them.