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Making MoneyIn Real Estate
How People Make and Lose Money in Real Estate, and HowYou Can Make More and Lose Less by Knowing What You’reDoing
By: Brian Tracy
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Chapter OneThe Realities of Real Estate InvestingIntroduction
“All achievement, all earned riches, have their beginning in an idea.” (Napoleon Hill)
“Real estate investing is the key to riches,” everyone says. You have to get in beforeit’s too late; now’s the time! More fortunes have been made in real estate than in anyother area. Hurry! Hurry!
Make Your Fortune in Real Estate
There is probably no area where more myths prevail about wealth and success than inthe field of real estate. You will hear people say that 90% of all fortunes in Americacome from real estate. You will hear them say “they aren’t making any more of it.”Many people say that real estate investing is the surest route to financialindependence for the average person, that you can buy it with no money out of your own pocket and have your tenants pay it off for you. Each of these assertions is partially true and partially false.The field of real estate is one of the most dynamic and competitive in the countryand the real estate industry includes some of the smartest, sharpest and mostexperienced and determined business professionals anywhere. And yet, every year,even in boom markets, these people, the experts, lose millions of dollars as a result of decisions and investments that turn out wrong.
No Free Lunch
One of the great truths of business and of life is that there is no such thing as a freelunch. There is no such thing as “easy money.” Nowhere in this book will you readthat it is
easy
to achieve financial success. This is equally, if not doubly true, in realestate. Yet, it is possible to do well in real estate, if you approach it as you would anyother business. Here are five key requirements for success in the field of real estate:First, set out clear, specific goals and put time lines on them.Second, write out a detailed plan of action organized by priority.
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Third, learn every detail of the business, as I will explain to you in the pages ahead.Fourth, be prepared to back your plans with hard work, sacrifice and persistence.Finally, number five; resolve to get into the field of real estate for the long-term, aminimum of 10-20 years, if you want to build a lasting portfolio in real estate. Realestate is a form of long-term investing and requires long-term thinking.
Learning From An Expert
Earlier in my career, I spent several years working with a brilliant investor andentrepreneur who accumulated more than $500 million dollars worth of real estateover the course of his career, starting from nothing. He taught me many valuablelessons about real estate that I will share with you, plus much more besides.Each time I ignored his lessons, I ran into trouble and lost money. Each time Ifollowed his teachings, I was successful. None of his advice was more important thanthe necessity for patience and a careful examination of every detail of the propertyinvestment before making a commitment.
Real Estate Defined
Let us begin with the definition of real estate in its simplest terms. Here it is: “Realestate
is
its future earning power.” This is an extremely important principle tounderstand. “Real estate is its future earning power.”The value of any piece of property is determined by the income that can be generated by that property when it is developed to its highest and best use from this moment intime, and onward into the future.There are millions of acres of land throughout the US that will never have any realvalue, such as desert land, for example, that cannot be developed to produce income,to satisfy specific human needs or to earn any money.
Real Estate Values Decline
There are vast areas of many large cities where property values are declining becausegrowth and development have come and gone, and will probably not return. Everyday, men and women are selling homes and property at less than they paid for them,or are losing them to foreclosure, because these properties have declined in earning power and therefore in value.
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Buying Our House for Making Money in Real Estate
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