Real Estate is Still the Best

I was watching the news the other night and they had some financial strategist on talking about wealth building.  The conclusion was real estate is still your best long term investment.  With all of the news about the economy and bad loans and foreclosures, I was glad to see this statement made on air.  The newscasters then had a mortgage broker on talking about getting loans.  There are still loans out there!  The old truths still apply, find your Realtor® (notice I said Realtor® because if an agent is allowed to use Realtor® they belong to The National Association of Realtors® and adhere to a strict code of ethic’s, it is good to ask your agent if they are a member.)  After finding that perfect agent you feel comfortable with, they will define with you your wants and needs.  Then you will go and see a mortgage  person and again shop around and get your best deal and someone you feel comfortable with.  They will work with you to get a pre-approval.  If you have a few problems that need to be cleared up or not quite enough money for closing costs and down payment the lender and the agent should be able to give you help with working out a plan and a time table.  So what if it takes 6 months to a year?  Any agent worth their salt will be right there every step of the way:)  If you are looking to buy in Las Vegas please give me a call.

Investors are another story, a friend of mine Sandy Wright wrote these tips and has given me permission to use them.  There are some good tips here:

Here are some interesting facts and tips on building wealth through Real Estate. Even in these uncertain economic times, real estate is STILL one of the best investments!
Real Estate 411 - TIPS
Can the average person really build wealth with real estate?
TIP: Utilize a long-term growth strategy
TIP: Buy then sell to make a quick profit
TIP: Hold properties over a long period of time
TIP: Never run out of money! Spend less and save more
There have been more millionaires made through real estate than through any other wealth building medium anywhere in the world. It is based on one simple premise. That premise is the cost of land which appreciates through time. You cannot build more of it because there is a finite amount of it. As the demand for the land increases, so does its value. The world population is growing by leaps and bounds and people need places to live. As cities grow, land gets developed; the infrastructure built around it raises the value of the land a great deal because of its increased utility. The location of plot of land and the building situated on it also increase in value due to the demand.
Can an average person do this? The answer is yes. What do you have to do?
1. You must work to have an income
2. You must keep that income
3. You must put savings program on cruise control, in other words,
make your money, make money
Some choose to utilize a long term growth strategy by buying single family and multi-unit properties, renting them out and letting them appreciate thru time.
Others prefer to buy and sell to make a quick profit and then repeat the process over again. This strategy works on the basis of finding properties below their market value and selling them at market value for a profit. A variation of this is to buy properties and make improvements on the building or land and then sell at a higher value. Or you can hold properties over a long period of time and watch your investment grow!