A little effort, knowledge and determination is all that is required to become highly successful. It isn't much compared to the money (or the millions) that one can make starting with such a limited investment.
I'm sure you've heard someone say, "If only I had bought that house 10 years ago I could have been rich today." But it's never too late to buy property. Ten or 20 years from now people will still be saying the same thing! So the time to buy property is NOW because 10 years from now is always too late. If you start buying property now, in a few short years you could be rich instead of thinking about how rich you could've been.
True Stories
As a young man, Allan Crane saved US$4,000 which he planned to invest in real estate. He used the money as a down-payment on a run-down two-storey building. He took his time and fixed up the property on his own, painting the interior, adding some landscaping and making the basement into a separate apartment.
After a short time, he had converted the entire house into eight separate rental units. He rented each unit and within one year used the rental income he saved as a down-payment on another piece of property. By buying run-down properties, fixing them up and renting them out, he had made his first million dollars in combined equity and income. And he had done this in less than 3 1/2 years from the time he had begun.
Henry Miller took his life savings of US$3,400 and used it for a down-payment on a small apartment house. The owner had neglected the property and the condition had deteriorated. Henry did not have the funds to complete the repairs, so he placed an ad in a local paper and brought in two partners.
The partners invested the additional money to make the necessary repairs to the building. In less than one year from the time he purchased it, the building was completely restored and all apartments were rented. The investors were making a 20% profit on their money. With his profits, Henry was able to purchase two more apartment houses. He followed the same formula and in a few short years he too had become a millionaire.
But what makes real estate such an explosive investment? Why does it create fortunes for those that apply these sound investment practices? It is a powerful combination of property appreciation (supply and demand), equity build-up, consistent monthly rental income, numerous tax benefits of ownership and the ability to start and expand using little or no cash. This is indeed a powerful combination.
No other business has the explosive ability to create wealth starting with such a small investment!
These examples happen everyday all across the country. Millions of dollars are being made not only through single and multi-family homes and apartment houses, but also through commercial property. These are not unique situations or extraordinary individuals. These are normal, everyday people just like you and I who had one thing in common... they had the desire to make it happen.
Finding Bargain Properties
There are many ways to locate property for sale which require little or no investment. They can be found in newspaper ads, through apartment owner's associations, Local Savings and Loans, Mortgage Lenders and Realtors and even online!
The following link is to a company that provides an online searchable database of foreclosure properties:
http://www.hylandfin.com/cgi-bin/to.cgi?l=RT
Finding property is not that difficult and you don't have to be an expert to recognize a money-making property.
But in order to locate and acquire properties at deep discounts takes a specialized knowledge. You must learn effective negotiating, creative financing techniques and no-money-down buying methods to name a few. These powerful tools can make the difference between experiencing immediate success or the slow and sometimes painful method of trial and error.
One of the best ways to become successful in real estate is by using other people's money. Using other people's money not only benefits you, but also benefits the lender. The proper use of this type of leverage can quickly increase a person's net worth.
A lender loans money for the sole purpose of making a profit. The only way he can make a profit is by helping you to complete your real estate deal. You make a profit by purchasing the property and you return a profit to the lender for providing funds for the purchase. It makes no difference whether it is from a mortgage company, a seller providing financing for you to purchase their property or a private investor looking for higher returns on his investment dollars.
This is one of the key elements which makes real estate such a dynamic investment while being totally secured by the existing property. It is this valuable security which makes real estate the best investment on earth. Never steer away from using other people's money. Instead, realize that leverage is a powerful tool that can quickly multiply a person's net worth.
The opportunity to profit from real estate investing is wide open and available to anyone with a desire to achieve real wealth and a lifetime of security. The only requirements are knowledge and commitment.
Fortunately there are proven formulas that can make real estate highly profitable while side-stepping the pitfalls. Applying the knowledge and experience of professionals allows you to proceed through each step
with the confidence and skills needed to succeed.
Copyright 2003-2004 Azlan Adnan Legal Notice
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