Making money in real estate is no easier than it is in the stock market. It requires a lot of work, patience, and in some cases a lot of luck. It is one of the most profitable investments in the world.
Real estate investment is the one business that pays off big time. You need a lot of cash to invest in real estate but even if you do not have the cash at the moment, the below steps will teach you how to get into the real estate business.
- To develop the real estate investment mindset. (i.e. You need to have it at the back of your mind that you will be a property owner someday and once you have made this affirmation, you can start working towards your dream home)
- Find an architect to sketch the building you have in your mind.
- Frame the sketch and look at it every day (this motivates you to start thinking of how you can actualize your dream)
- Save a part of your income every month and keep this money in a special account.
- As soon as you have enough cash to buy a plot of land, do so. (It does not matter if the plot is not in the best part of town.)
- Depending on the location of the land you have bought, you can set up a poultry farm on the plot. (You can also fence the plot and use it as a vegetable garden)
- When you get enough money, you can build your first house. (Do not move into this house immediately)
- Get tenants into the house and start collecting rent on the property. (Now you have a new security so talk to your bankers)
- Put up the house as security and get a loan to build another house.
- After you pay off the loan on the second house, put up both houses as collateral and build two more houses.
As you can see, the process is not rocket science and you can make money in real estate investment. You can also become a property mogul in the process and the big money will continue to roll in for life.
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