I recently heard the criticism, “real estate investing is a get rich quick scheme!” Initially, I vehemently defended it. However, the more I thought about this idea, I realized it was true. Real estate investing IS the fastest way to build wealth!
Okay, so I wouldn’t call it a scheme, but it’s certainly a mode of getting rich quickly. There is no other investment vehicle that can enable you to reach financial freedom in a short period of time.
Additionally, each rental property brings in cash flow every month. When your tenants pay their rent, you’re building wealth. A real estate investor can bring in passive income while they’re on vacation! That is real wealth.
If you have loans, each payment pays down the principle on the mortgage. And when the principle decreases, you’re building up equity. More equity = higher net worth!
Lastly, the tax benefits are incredible. In real estate investing, the deductions and write-offs seem endless. Not to mention, real estate investing offsets overall income tax, and you can claim property depreciation.