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Updated almost 9 years ago on . Most recent reply

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David Krulac
  • Mechanicsburg, PA
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Have you heard that 90% of millionaires & billionaires made their money in Real Estate...

David Krulac
  • Mechanicsburg, PA
Posted

Then you were mis-informed.  The following article from MSN lists the riches person in every state.  Nearly all did NOT become rich in real estate.  Familiar names like Warren Buffet, Bill Gates, Larry Ellison, Michael Bloomberg, Walton Family, etc.  Most founded or are CEOs of a large company like Fidelity Investments, and other well known companies. 

That does not mean that real estate is not a good investment especially for people starting out with no money and no experience, but the 90% figure is false, sorry.

http://www.msn.com/en-us/money/savingandinvesting/meet-the-wealthiest-person-in-every-us-state/ss-BB9t1FX#image=1

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Steve Olafson
  • Scottsdale, AZ
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Steve Olafson
  • Scottsdale, AZ
Replied
Originally posted by @CK Hwang:

@Steve Olafson that is so amazing you can do 100% to 300% returns a year. I have no idea how to do so through real estate investing unfortunately, so need to look elsewhere and I'm still not sure how to grow it so fast safely. 

Well, you answered yourself here...  You put the limitation right into the sentence.  In my opinion it is fear that is holding you back.  Otherwise the word safely would not have crept into your thoughts.

I bought **** that other people would not buy because of the high vacancy.  I knew that I would be able to fill the apartments up.  Some were less than 20% occupied on the day of closing. 

I can't even measure the return on one deal.  No money down and made several hundred thousand in less than 2 years.  You would have to consider the time put into this but it was not my only project going on.  My other projects were all making over 100% annually as well during this period.

Anybody could do this with practice and timing.  I'm certain that there are others on this forum doing the same thing with comparable or even better results. 

Take your self limiting thoughts away and come up with another strategy.

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