![]() I bought a couple of foreclosures on the cheap in a neighborhood that most investors were avoiding. I was able to buy two houses almost immediately. I was starting on less than $30,000 I had saved while in the Marine Corps and through college so the lower price of properties in the single-family market was a big attraction. It was 2003 and the residential market was just starting to heat up so I switched to the rental market after my internship. Real estate seemed like a cash machine, the perfect mix of near-term cash flow and long-term wealth through property appreciation. I loved the idea of developing a raw piece of land or an under-used building into a money-making asset. I worked 15 hours a week writing up investment prospectus for properties and finding investors for a new business park the company was developing. I landed an internship as a commercial real estate agent during my third year of college. My experience with real estate investing includes some of the biggest mistakes you can make but also a lot of lessons learned. ![]() It’s not the passive income miracle you hear about on 3 am infomercials and it’s not the get-rich-quick strategy many thought it to be before the housing bubble burst. They’re not making much more land these days.īut real estate investing isn’t all it’s cracked up to be. It’s one of those hard assets that keeps its value well against inflation and there is a limited supply. Real estate is the perfect example of ‘owning stuff’. That’s why reading the four rules WCI followed to get wealthy brought back some painful memories. So real estate has always held a special place in my portfolio, but not always in a good way. I’ve managed my own portfolio of rental properties and have worked as an analyst on real estate investment trusts (REITs). I started my professional career in real estate and dreamed of one day being the next Sam Zell or Donald Trump. I Owned Six Homes and Lost It All With Real Estate InvestingĪvoid my real estate investing mistakes to build your own portfolio of rental properties for long-term returns Let’s hear what he did and how we did it, and let’s try our best not to follow in his footsteps! He now runs My Stock Market Basics and four additional websites in the personal finance and crowdfunding niche, making more money than he ever did at a 9-to-5 job, and loves building his work from home business. Joseph previously worked as an equity analyst and an economist before realizing being rich is no substitute for being happy. ![]()
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