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It has become especially popular because it can potentially be a gateway to millionaire status.
More money has been made in real estate than inall industrial investmentscombined.
The wise young man or wage earner of today invests his money in real estate.
Understand Your Financial Situation
Where do you stand financially?
Know exactly where youre at with all aspects of finance.
Before diving into real estate investing, its crucial to assess your financial health, Wagner said.
Study neighborhoods, rental rates, appreciation trends and economic factors.
This is a mistake, in his opinion.
You should instead seize the day and take action when you’re able to.
Its better to start small, learn the process, and grow from there.
By taking action, you gain valuable experience and avoid analysis paralysis, which can delay your progress.
Start small and focus on cash flow.
Wagner also cautioned against banking on real estate appreciation as a sure thing.
Dont rely on appreciation to succeed, as this can be risky, Wagner said.
Real estate investing isnt a solo venture, Wagner said.
Youll need a solid team that includes areal estate agent, property manager, attorney, and contractor.
Its essential to surround yourself with experts who can help you navigate the process smoothly.
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