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All you need to start investing in real estate is determination, self discipline, creative thinking, willingness to work hard, confidence and a dream. The dream is the most important element. The dream's power will make the other qualities come naturally. Have you ever struggled to follow through with a project you've started? It may not be because you're lazy or lack self discipline, but because you never had the appropriate motivation. Perhaps the goal wasn't that interesting to you to begin with, or perhaps you never really believed you could attain it. It is important for you to realize what is attainable so that your dream is not limited. Realizing that you can live a life of abundance makes it possible for you to have the ultimate dream.
The Power of Leverage to Make You Rich
Wisdom outweighs any wealth. n—Sophocles
Does the idea of using someone else's money to buy something for yourself seem impractical? Itnshouldn't; it happens all the time. You've probably even done it before. Have you ever taken out anloan to buy a car? By doing this, you tapped into other people's money (the bank's) to buy the car.nHow much better would it be if you also had someone else making the payments for you? By investingnin real estate, you do just that. Instead of using other people's money to accrue additionalnexpenses, you use other people's money (the bank's) to buy the property, and you use other people'snmoney (your tenants) to make the payment by renting the property out for more than it costs you tonown it. The income produced by the property that is left over after all expenses are paid for isnthe property's cash flow. And simply put, that is the power of leverage.",1] ); //-->
I'm not talking about the dream of a nice house, fancy clothes and a sports car in the driveway. The dream I'm referring to is much larger—all-encompassing. It is the dream of freedom. You may think, "This is the United States . I am free." Let me ask you, do you own your time? Can you wake up in the morning and spontaneously decide that it is a good day to take the family out on the boat? Can you leave for that month vacation in Hawaii you've always wanted to take? Can you sit at home and read a book from cover to cover? Can you take the piano lessons that you always wanted but never had the time or money to take? Can you go back to school for the college degree that you never completed? Can you stay home and raise your children? If you are like most people in this country, you cannot. If you are like most people in this country, you do not own much sunlight in your life. You wake up just before the sun rises, go to work, return home just as it sets and retreat to bed. Then you wake up and repeat the process again and again until, if you're lucky, you're 65 years old and you retire—too tired and too old to do all those things that you put on hold until you had "some time." You are not free until you own your time. Time is the most valuable amenity that wealth can buy. That dream, the ability to own your time, is really the essence of the American dream. Ironically, it is a dream that few people attain, yet it is readily accessible to all. Using real estate as the vehicle, you can become wealthy, buy your time, and know how it feels to live your dream and be free.
Mark Pratt is a member of a real estate investing company called http://www.myreiteam.com. He specializes in all types of real estate investing, including foreclosures, short sales, and multiple units. And provides real estate investing software that allows you to track, analyze, and evaluate your properties.
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