I'm a pretty conservative real estate investor now. It didn't start out that way, back in the boom years I bought into the whole, fully leveraged-buy as much as you can concept. And because I didn't know anything about real estate investing timing back then I got burned. As a good friend of mine said to me, "You didn't just get burned, you were crispy!"
It's sad but true. I've since learned my lesson, learned about real estate timing and have become much more conservative. Instead of trying to pick up as many deals as I possibly can, I'm taking a much more planned approach towards real estate investing for my future. In fact, this approach has changed my whole life.
Let's face it, in America we are a debtor society. We buy things now and leave the paying for it part until later. It isn't that way everywhere though. The Chinese, for example, are great savers. They save money vigorously and are not big on having debts. Even during the absolute peak of their real estate frenzy in China, home buyers were still putting significantly large amounts of money down on their home purchases. Completely the opposite of the 100% financing craze we had here in America. The result is that China's real estate market is recovering much more quickly. You don't see tons and tons of homeowners upside-down there because they put large amounts down on their property.
There is an absolutely fantastic book that talks about how to save for your future and then build your wealth. It isn't really a real estate investing book, per say, but you can easily use the principals the book talks about an implement them as a real estate investor. The book is called, The Richest Man in Babylon by George S. Clason.
- The Richest Man in Bablyon
This book was given to me by Robyn Thompson when I was a student of hers. I'm extremely grateful for that gift because it was the first book that started changing my thinking about how to plan for my future with financially sound principals.
The great thing about this book is that its an extremely easy and quick read. You can read it in about 2 hours. The story will capture you and it's a great way to present a very powerful, but simple concept of how to plan for your future.
The Richest Man in Babylon is also very cheap. Do yourself a favor and pick this book up. It really is worth it.
See this post at it's original source at http://remarketstats.com/blog/real-estate-investing-planning-for-your-future/
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