Building a Luxury Lifestyle with Real Estate
When it comes to acquiring wealth and enjoying a luxury lifestyle, achieving financial independence is a key component. How do you achieve financial independence? We all probably have a different definition or dream in our heads, but to keep it simple, it’s when your passive income and your income from your portfolio, or investments, are greater than your expenses.
··· Utilize a long-term growth strategy
··· Buy then sell to make a quick profit
··· Hold properties over a long period of time
··· Never run out of money! Spend less and save more
There have been more millionaires made through real estate than through any other wealth-building medium anywhere in the world. It is based on one simple premise. That premise is the cost of land that appreciates through time. You cannot build more of it because there is a finite amount of it. As the demand for the land increases, so does it's value. The world population is growing by leaps and bounds and people need places to live. As cities grow, land gets developed; the infrastructure built around it raises the value of the land a great deal because of its increased utility. The location of plot of land and the building situated on it also increase in value due to the demand.
Can I do this? The answer is yes. What do you have to do?
- You must work to have an income
- You must keep that income
- You must put savings program on cruise control, in other words, make your money, make money
Some choose to utilize a long-term growth strategy by buying single family and multi-unit properties, renting them out and letting them appreciate thru time.
Others prefer to buy and sell to make a quick profit and then repeat the process over again. This strategy works on the basis of finding properties below their market value and selling them at market value for a profit. A variation of this is to buy properties and make improvements on the building or land and then sell at a higher value. Or you can hold properties over a long period of time and watch your investment grow!
Wealth can easily be built in real estate. If you are patient, careful to buy right, and maintain your properties...owning real estate is a great way to accumulate wealth, and today’s market provides many great opportunities for the careful investor. Contact the team at Dallas Luxury Realty for advice and direction on your next luxury real estate adventure.