Build Wealth with Real Estate

You can build a substantial amount of wealth in real estate by educating yourself, thinking long term, and performing due diligence before purchasing. It’s not a get-rich quick method, but with patience, you can build a nice retirement empire with real estate rental properties. • Stick to moderately priced properties, which can generate a more positive cash flow than higher priced properties. Your tenant’s rent will cover the mortgage, utilities, and additional expenses for you. • Have a property inspection before you purchase the property. Make sure to review the report and all comments the inspector made. Get a few written estimates from contractors to make sure it’s worth the investment. • Verify how much the insurance will cost for the property and if additional rider policies are necessary. • Check if the property is in an HOA community. Their assessment fees can be high and you must deal with required renovations. • Carefully select your tenants and treat them well. Happy tenants stay longer and you save on cleaning, preparation, and advertising costs between each tenant.