I was discussing this topic with my friend the other day and his thinking was that real estate was the best and most realistic route for the average person(9 to 5) to take to become wealthy. Me personally I think real estate is a great investment but its like a game of sitting and waiting before you see your investment bears any fruit. I don't wanna be 65 before I can enjoy my wealth. I know a couple of you guys on here are AM millionaires so I wanna know if you had to start over, what sector would you go into to become a millionaire again? Would it still be AM? Or would you go another route?
How can the average person become a multi-millionaire?
- Thread starter Tre81
- Start date
Real estate is awesome because generally with good credit banks will let you borrow your way to having significant appreciating assets.
I'm sure its a lot harder but I bet if I walked in the bank and asked for 200k to buy and repair distressed / foreclosed properties they would give it to me.
Real estate is hyped up beyond belief in my opinion. People worship real estate because it's the only asset that the human mind believes is indestructible, and can not be stolen because it's an immovable, solid, and static object (Just tell that to the people that were living under Mao or Lenin, or today's eminent domain fiascos in the United States). Truth of the matter is there are a ton of different assets you can 'flip' and millions of ways to make money out there. Be creative and take your opportunities.
Getting a Home Loan isn't difficult, you can even get a loan to buy a foreclosure and renovate it from Fannie Mae for decent rates right now. Main thing is a 620 FICO and provable steady income. Go to Fannie Maes site or search for a HomePath loan and see for yourself.
people worship real estate because in the US most people don't save and don't have adequate retirement or other investment assets. Their home is literally all they own and their most valuable possession.
Yep. Real estate is the most brilliant fucking way to get there. You just need to do some scouting and voila, you can find yourself a goldmine. Lookout for foreclosure properties.
I think it depends on your skill set. Generally speaking though, I think that a common skill that distinguishes wealthy people from the proletariat masses is being able to recognize value and/or create value.
nigga u is tripping the rate adjustments are crazy right now,
at 620 if you get approved the base rate will be higher than 2% of what the national average is. Also if it's a investment property and not your primary residence. You're fucked.
Cash is king in this market.
walk into a bank with a self employed tax return and get laughed at.
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