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Survey Reveals The Rich are Making Big Money in Real Estate
Copyright © 2005, Mike Colpitts
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The over-whelming majority of America's wealthiest families have
made their fortunes in real estate, according to a new study.
The survey, conducted over a two-month period before the end of
2005, indicates those surveyed made their fortunes investing in
real estate. The study was conducted by Real Estate Add. com,
which is an information driven website.
Many start out investing in single family homes, par-lay their
profits into other real estate and discover wealth in investment
real estate. The stock market has produced many wealthy
individuals, but not like real estate. Only eleven percent of the
500 respondents surveyed said they made their fortunes in stocks
or other investments.
An over-whelming majority of 83% of the Nation's wealthiest
families surveyed made their wealth investing in real estate.
Only 11% made their first million dollars in the stock market or
other investments. The full report may be read on the Real Estate
Add.com website.
Fifty-one percent bought their first few investment properties
and waited long enough for the real estate market to appreciate
to make substantial profits. Nearly all got financing to start.
Some 92% said long term planning was the key to their success.
Only 10% indicated they made great profits by buying fixer-uppers
or other properties they made repairs to and sold quickly.
Flipping properties, which is buying real estate and making
either repairs to the property or taking advantage of a rapidly
appreciating market without making any changes and selling them
for a great profit, is the exception to the rule rather than the
norm, according to the study.
Most real estate investors who are in the investment real estate
market for more than 5 years, which is considered a long term
investor in real estate, make their profits over more than double
the initial amount they invested. That's understandable when
there are real estate markets like Portland, Oregon, which has
tripled in price in the last 10 years.
Other places like Destin, Florida, which is a resort real estate
market and as such is leading the real estate industry growth in
the second home market, has seen property values double in the
past five years. The Silicon Valley, home of the high tech
industry in San Jose, California has seen prices increase at even
higher levels.
There are many places like that in the Nation's real estate
markets from coast to coast. However, there are still some great
buyers markets where there are shortages of investment real
estate for tenants to rent.
Real Estate economists compare the trend to other forms of
investing, but caution investors to have a long term plan to
cover expenses in case there are unexpected periods of vacancy.
Some investors in today's real estate market have purchased
properties without sufficient funds to cover expenses in case
tenants suddenly move out.
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Writer's Resource Box:
Mike Colpitts is the publisher of Real Estate Add. com, which
provides up to date real estate market information on residential
real estate for all 50 states at http://RealEstateAdd.com .
Mike has been counseling real estate investors since 1989.
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The article on this page is Copyright © 2005, Mike Colpitts
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notice when you reprint this work.
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