How to get rich from Buy and hold property
"Buy and hold" is a investment strategy in which an investor purchases an asset and holds onto it for a long period of time, rather than actively trading it. In the context of real estate, this means buying a property and holding onto it as a rental property, collecting rental income from tenants.
Here are some steps you can take to get rich from this strategy:
Research the real estate market: Look into different neighborhoods and assess which ones have strong rental demand and are likely to appreciate in value over time.
Find a good property: Look for a property that is in good condition and has the potential to generate positive cash flow (i.e., the rental income covers all expenses associated with the property).
Negotiate a good price: Try to negotiate a lower price for the property, as this will increase your potential return on investment.
Hold onto the property: Once you've purchased the property, hold onto it for the long term and collect rental income. You can also consider making improvements to the property, which could increase its value and rental income.
Re-evaluate your portfolio: Periodically review your portfolio and assess whether it's still a good investment. If not, you may want to consider selling the property and using the proceeds to invest in a different property.
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