Are all Landlords Rich?
© 2016 by M. Mitch Freeland
Most people think all landlords are rich; however, that isn’t necessarily the case. Many new investors and landlords, who have been investing for a few years, are not rich. They have more than most people, but they also have large mortgages on properties and little positive cash flow if any. Many are working hard to build a real estate portfolio one property at a time. They are focused on the long-term, and the benefits of cashing-out with a large retirement nest-egg. They are not yet millionaires, but many landlords are on their way, and they will be millionaires in the near future, should they remain consistent with their real estate investing.
Most real estate investors, who have been investing consistently for a period of seven or more years are millionaires; they have a net worth over a million dollars. And some are doing well with over 10 million in net worth. These are average people who stayed the course through thick and thin and worked hard at their real estate investing. Persistence, diligence, tenacity, discipline and a positive attitude are common attributes of many millionaire real estate investors.
There are more millionaires created from real estate than any other investment class. This is because, over time, inflation works its magic in most locations. And many who have purchased the home they live in and hold onto that home for decades can simply build a large long-term equity position in their property(s).
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