Everyone in this world wants to be a wealthy person. People think that by becoming rich, we can enjoy a dream life style, with no worries for the future. There could be many ways for becoming rich, & probably real estate is one of them. Besides tireless efforts, courage & drive, there are always some finer points, which help one to become rich. It is not necessary that one must be highly educated, or necessarily in business. Sometimes we just ride a wave of opportunity/information/investment, which comes our way, & lo & behold, we are on the way to becoming rich. There may be mistakes in this process of becoming rich, but of course, one always learns from his mistakes. Once we get some money, we have no option but to diversify & expand the area of our operations. We may not be successful in all areas, but by trying something & failing (or succeeding) at least we learn from that experience. If such people share this knowledge, it will be of help to other people. The author says that, many people invest in real estate. Those who have the skills or develop the skills, have freedom of working & can become rich quickly. Our family & children will thus have financial security, which can be passed on to the next generation. Also through this business, we are helping the community e.g. young people, senior citizens & others to acquire a suitable place to live, invest further, or sell the house to tide over financial difficulties faced at that time. Of course, the basic real estate activities are buying, selling, renting, managing properties of our own & of others. For this purpose, one has also to learn negotiating deals, building relationships & managing finances etc. For any work or business, one has to read relevant books, undertake trining courses, meet experienced people, ask questions, collect information & formulate our own line of action.
In eighteen Chapters of this book, written in simple language, the author gives an overview & discusses various aspects of this business e.g. purchase options, auctions, mobile homes, Goverment grants & loans, commercial real estate, tax certificates, credit, communication & negotiation etc., so that we can start our own business, & then learn as we go along. However in one of the Chapters, the author discusses about the important topic of Property Management, by achieving profits by managing property for ourselves & also for others. For this purpose, we must search & purchase suitable good buildings, & make them ready for renting out, so that we get a regular source of income. The amount of rent can be increased on annual basis. This is in addition to the appreciation of the property with passage of time. Author's advice is to purchase & hold the property, so as to make wealth, since property is continuously making money for us. This property management can be done by us on our own, or through some property management company. Of course, there are problems in all works & so are here, but we should take them in our stride. We may locate poorly managed properties, & then either purchase them, or take over their management for some payment, which can be negotiated. The rents to be charged from the tenants, should be in line with the prevailing market rates. The prospective tenants should be located through newspaper advertisements, signs, internet, circulation of leaflets, posting of notices, contacting real estate agents & other agencies, through existing tenants & the circle of our friends & relatives. We should first bring good points of our property, to their notice. But most important part is, careful screening of the tenants. If our property is near a school or college, we can get number of students as tenants. The tenant should give all details in writing along with a photo, so that he is not a problem in future. When we purchase an already rented house, we should get correct & complete data about the existing tenants from the seller, & inform the tenants in writing about the change. There should be one lease for every occupant of every unit. Good tenants should be given incentives to continue living. When market trends show increase, we should increase the rent. We should do value addition to our units, besides regular maintenance, & keep uptodate & complete records of rent & maintenance etc. The tenants should be treated by us in a friendly manner, but firmly. But when we realize that for certain reasons, eviction of the tenant is essential, we should not hesitate in arranging it. Inspite of all the above points, one has to decide about leaving security of the current job, & taking a plunge in this field. It can be taken with some financial independence. We should make plans for our development, make more than one deal at one time & remember that learning is a continuous process. However, our life may still not be perfect with wealth, but it is easier to deal with it, when we are wealthy.
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