Self Help | Self Improvements | Personal Development

How to Get Rich Through Real Estate

Can you guess what is one of the most common (and simple) ways to build a healthy net worth and to create cashflow? If you guessed real estate, you're right.

But you're probably also aware of how quickly you can lose a LOT of money if you don't know what you're doing.

So let's look at some very basic rules that will help you to get rich through real estate and ensure that you retire rich...

Doing Good Market Analysis

One of the reasons so many people get into real estate thinking that they'll make millions, only to end up losing their shirts, is because they think that the only strategy is to "buy low and sell high."

While buying low and selling high will help you to make money, it's also important that you have strategies for dealing with the "seasons" in the real estate market.  In other words, when things are stagnant, you need to know what to do with the properties that you can't "sell high."

You also need to know what to do when the market is only going down... since you can't buy low and wait for the market to start moving again to make a return.

But planning for the seasons in real estate means being able to read the trends which cause housing prices to go either up or down or remain the same.

The most important of these trends is to look for the areas where people are either moving to or away from.

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If a lot of people are coming into an area, that's a good sign that housing prices are going to go up. It's also important to look for things like new businesses being constructed, which means more jobs, which equals more people.

In addition to this, pay attention to where money is going. If a lot of money is moving out of the stock market, chances are that people are moving money into real estate for wealth building strategies.

This is a good time to start looking at buying trends which suggest that prices are on their way up. Finally, it's important to stay within your local market, since that's an area which you know very well, and to use your existing knowledge of the area to help you with analysis.

Then, you'll have two types of strategies which can help you to build both positive cash flow and a strong net worth...

Rental Properties for Cash Flow

Rental properties are a great strategy for making money in real estate when the prices are either going down or staying the same.

If you only "buy low and sell high," you could end up having to hold onto properties and paying taxes and insurance out of your pocket while you're waiting for a chance to turn a profit.

But this is a perfect time to rent out your properties and use them to create positive cash flow while also covering the mortgage, the insurance and the property taxes.

The great thing about this strategy is that it buys you time and keeps you from having to scramble for a buyer. Instead, you can collect money and take the time to let the house appreciate in value before selling it.

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Buying and Selling Foreclosures

As soon as you start developing cash flow, a great way to make large profits is finding foreclosure or short sale properties to buy and to sell for a profit.

While these can be hard to find, the returns on investment are well worth it. A great way to learn how to spot foreclosures is to know what signs to look for on the outside of the house.

For example, people who are in financial trouble leading to foreclosure usually neglect the outside maintenance of their property.

Start taking some time to drive around neighborhoods that you know well and look for these signs. Remember, you're looking for a diamond in the rough, so don't expect to find one on every street. 

If you're diligent in searching, you could end up buying something for only half the market value and then you can rent it for cash flow or make a few minor changes and sell it for a huge profit.

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