Turn on late night television, and your led to believe you can be wealthy over night by investing in real estate.
What they don't tell you your chances of going broke and getting divorced are greater, than you becoming a millionaire.
These get rich quick programs using other peoples money are more hype than fact. Prior to the 1990's
real estate in most cases was a long term investment.In the 90's you got lucky you borrowed money from the bank or private investors the market was going up, you made money and were able to pay off your debt.
What happens when the market goes down, how do you pay back your debt. When using other peoples money if the economy, or shall I say if the wheel keeps turning you are in great shape. But when the wheel stops turning you get your head chopped off.
How many people do you know who refinanced their personal home to invest in real estate and are now stuck.?
The first key to investing in real estate is to have staying power? Do you have staying power with borrowed money?
I'll be back later with more information on investing.
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