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CASH IS KING! |
How to
begin, where to start? I know the dilemma well. You take the courses,
attend the seminar, read
the books, research the MLS listings, pour over the daily classifieds, but
when it comes to making a decision on a strategy in real estate confusion
reigns. The more you study the more confused you become and the more
confused you become the more you study... and the beat goes on. It's
information overload and I understand it because, like many others, I've
been there.
It seems to me that there are three ways to profit from Real Estate: use
it to generate cash flow, cash or equity. There's not much else right?
Cash is money in hand today to do with what you want. It provides for a
lifestyle now, not tomorrow because it will be gone by then. Cash flow is
money over time. It can be the secret to financial independence providing
residual return on investment stretching out into the future that, if
managed properly, can provide extra money in the short term and eventually
perhaps pay for a lifestyle without having to run in that squirrel cage
every day. And then there is equity which is that pot of gold at the end
of the rainbow that can keep us up at night with stars in our eyes.
So, what is the best way? I'm not here to preach one method over the other
as a long term investment strategy. It seems to me that many beginning
investors opt for the buy and hold, cash flow road as a starting place
and, in my humble opinion, this is not the yellow brick road that the
gurus promise. I say learn how to generate cash first. Why? Cash provides
options for improving your lifestyle, paying off debt, building a savings
nest egg, taking a long-overdue vacation, etc. I dare say that if you have
been building cash flow for some time a shot of cash would be pretty nice
about now.
But remember, I'm talking about where to start building your Real Estate
fortune. There are many ways to make money, so many
courses, so many gurus each with the answer, so many seminar to talk about
get rich fast, but what is right for you? I
contend that, if you begin your trek by learning how to generate CASH, you
will be better prepared to make decisions on your long term strategy. |
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