According to these nine advisors in The Oracles, real estate is still one of the best investments!
Billionaire Andrew Carnegie famously said that 90% of millionaires got their wealth by investing in real estate. We wanted to know: Is this still true? Is investing in real estate still a good idea?
According to these nine Advisors in The Oracles, who made millions by investing in real estate, the answer is a resounding yes.
“Owning made me rich.” – Barbara Corcoran, Founder of The Corcoran Group
“Buying real estate has made me rich — mostly through necessity, not by design. I bought my first itty-bitty studio after scraping together a few bucks because I needed to live somewhere anyway.
A few years later, the studio doubled in value, giving me enough cash to plunk down 50% on a one-bedroom apartment. That soon rolled into a two-bedroom, then a three-bedroom, and finally landed me in my 10-room penthouse on Fifth Avenue in New York City.
Buying that tiny studio was the most important decision I made because it got me in the game.”
“Residential properties can generate income year-round.” – Bethenny Frankel, Entrepreneur, Founder of Skinnygirl and BStrong.
“Investing in real estate is a great idea if you are in it for the long haul, not a quick return.
Your best bet is investing in residential properties that produce rental income year-round.Just make sure you understand all of the associated legal fees and are prepared for unexpected costs.”
“The right investment will continue to appreciate.” – Grant Cardone, sales expert, New York Times best-selling author.
“Real estate is real, and it’s always a good idea to put your money in real assets. But let me be clear: That doesn’t mean that all real estate is a good idea.
I only buy certain types of properties, generally multifamily ones in upscale locations that provide consistent cash flow and great potential for future appreciation.
I stay away from low-income areas and single-family homes. But even those assets are probably a better place to store your money than letting cash depreciate while sitting in the bank!”