"I wish I had bought 5 years ago".. everyday someone asks me; "when's the right time to buy"?.. today!
(Real Estate Guru Ozzy Jurock)
Yes, in 5 years today will be 5 years ago! When is the best time to get started? Today. It's a mistake to think that you've missed out, or there aren't any more good deals out there. Remember Mark Twain's famous quote.."Buy land, they're not making more of it!" If you live in a big city and the prices are just too high for you to get in the market, you need to look at smaller towns several hours away where the prices may be just a fraction of what they are in the big city that you live in. You must investigate, locate, then negotiate.
Before World War Two only the rich could buy real estate, but since then there has been an almost unlimited supply of mortgage money. Even better, these days there are so many lenders that they are fighting over each other to lend you money. And gone are the days when you had to have 20% of the down payment in cash. Because of this fierce money lending competition most financial institutions will give you the mortgage you need for 100% of the property cost.
Investing in real estate is also the easiest and safest way to create wealth... can you image going up to your banker and asking for a $200,000 loan to buy some really hot stock you just learned about? I don't think so. But find a great property and you'll have no problem because there's no chance it will lose it's value, unless there is a natural disaster and for that there is insurance so this doesn't have to be a risky business.
Top reasons why real estate is better than any other investments:
1. You build equity while using it (living in it)
2. It's a tax shelter
3. Possible investment returns of 40%, 50%, or more
4. Great leveraging with OPM (other people's money)
... with a small amount of money you can control a large amount of assets - if you put $10.000 down on a $200.000 property that means with just a 5% down payment you control a $200,000 investment.
Also, with some creative strategies, you can buy real estate even if you have no money. You can't do that with gold, silver, bonds, stocks, and art. Look seriously at real estate investing, it's the world's number one wealth Builder!
