Nothing says "get rich" like becoming a real estate mogul. In the past, most of my clients have been people seeking to build a wealth portfolio by strategically investing in residential income properties.
For decades, "mom and pop" landlords have been slowly amassing their way to retirement through buying, fixing and keeping rental houses, duplexes and four plexes.
These days, however, many (if not mostt!) of out clients are "accidental landlords" - people who are stuck in houses they no longer want but cannot afford to sell at these current depreciated values.
After hiring us to help them with the chores of landlording, they often wait a couple years and decide to cash out and swallow their lumps.
But, is that the best strategy? Maybe there is a longer term vision they can adopt, now that they have been painted in the corner of owning a rental against their will....
This month, MONY magazine published an article on the 4 ways to become a millionaire. Along with stocks, power saving and building a small business, there was the time honored strategy of owning 3 rental properties. What is most surprising is how little the strategy has changed in the 30 years I have been in this business!
Here is the link to the article. It is worth the read.. If you would like to discuss how it could benefit you, please give me a call!
http://money.cnn.com/2012/07/20/real_estate/millionarie.moneymag/index.htm
