Over the next 7 weeks, we will discuss the best strategies to build wealth in real estate. A good way to start is to invest in a real estate market that is growing. This would be where a lot of young people or families are settling down. Barbara Corcoran, founder of The Corcoran Group and Shark on “Shark Tank” says that her secret for identifying up-and-coming areas is simple. She asks every young person who’s just moved to the city, “Where are you living?” Inevitably, they mention a neighborhood she has never heard of. Then she asks if a lot of other young kids are moving into that area. If so, she knows the property values in that area will rise as its residents’ earning power increases. We are currently investing in Gilbert, Arizona where the real estate market is growing. Home prices are up 11% from last year and the median sales price for a home is $439,450. Once you own real estate and rents go up, never sell your real estate; just use it as a piggy bank.
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