God’sStrength asked:
I have two nickel and dime jobs…scratching and clawing to make my way to the next level of financial income of wealth. I’m trying to rake up about $20,000 in the next two years off my blood, sweat, and tears through lots of hours and hard work…Now when I get this $20,000 saved up which is the best way to invest it?
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I have two nickel and dime jobs…scratching and clawing to make my way to the next level of financial income of wealth. I’m trying to rake up about $20,000 in the next two years off my blood, sweat, and tears through lots of hours and hard work…Now when I get this $20,000 saved up which is the best way to invest it?
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i would go real estate.
Real estate investing, everyone needs a place to live.
Real estate is in demand and the availability for capital for much higher.
$20,000 will allow you to buy $200,000 in homes with just 10% down. Your tenants will pay enough to make the payments and you will slowly but surely have loads of equity in the homes to reinvest in more property.
More millionaires have been made with real estate than any other way.
Real Estate investing is good, but you have to know what you’re doing. Key is to find a good location and buy it foreclosed or from a family who’s going through death or divorce to have instant equity. I bought a house for 160 which was appraised at 183,000, $23,000 instant equity. I”m planning to do some improvements on it and sell it after 2 years for about 250K….but I’ve been in the business for a while, and if you’re not careful in doing what i said, u might end up paying a lot of out-of-pocket fees for random improvements and might not come out witha profit at the end, you should also know to buy at the right time (buyer’s market)….
On another hand, i’m looking for a partner who wants to invest about $25K into a modern internet coffee shop here in San Antonio in the beginning of year 2008.
The top 1% wealthiest people in the USA, 75% of them invest in RE. Check out Nouveou Riche University, It’s a Real Estate investing community that teaches you how to buy, manage, fix,sell, tax implications, etc, etc. etc.
I would wait a bit on real estate. The bubble is, slowly, deflating. There will be a chance to buy later, when things are cheaper. Getting in now will not be the most prudent move.
Everyone is saying real estate, but the best answer is for you to not even be asking the people on here. The best thing for you to do is to explore it, but also explore trading stocks, owning your own business, starting a website etc. This is America. There are limitless posibilities to get rich. That survey of the richest people I’m sure does not prove that they all started out in real estate. I am starting out with a website, which will give me money for stock trading. Then, I may also buy some real estate for tax savings and profit. So you have lots of options, just make sure you explore them!
The first thing you should invest in is information. Two years is more than enough time to check out both options in depth. Talk to people who are doing what you would like to do and learn from them. Check out online forums and articles. They are free and there are TONS of them. I think after you study your options a bit, you will feel more comfortable with one investment vehicle than the others. That’s the one to focus on from there. Hope that helps.