Why do the rich buy real estate? Because it can make them wealthy! You can make yourself wealthy by buying a home too! The question that every renter needs to ask themselves is; “Who is getting rich off my monthly payments?”. If you are renting, it’s the landlord who’s making the money. If you own a home and are making payments to the bank, then you are the one making money.
Unless you are living with parents or friends for free, someone is making money off your housing situation. Why can’t it be you? Mortgage rates are still historically low and there are even some government financing options that can lower the down payment amount you will need to purchase a home. You might not even need any money for a down payment!
I was told a long time ago, you don’t get rich off the money you make working 8 to 5 everyday, you get rich off what you do with the money you make working 8 to 5 every day.
Make Yourself Wealthy by Buying a Home
Step 1 is to buy a primary home. This is the home you will live in.
Step 2 would be to buy another home and use it as a rental. But that is a story for another day!
When you purchase a house, you should work with an experienced real estate professional to make sure you buy in an area where home values are trending up. This way you will be building equity in your home at maximum rates. So, in 5 years, the value of your home should be worth much more than you paid for it.
Bottom Line: Now might be the time to start making yourself wealthy and stop making someone else wealthy.