Real estate investing: How to build wealth, from people who have – Business Insider
- With patience and the right strategies, real estate investing can be a path to financial freedom.
- Several people who have used real estate to build wealth told us how they got started.
- We compiled a list of our best stories about investors who earn passive income from real estate.
With patience and time, real estate investing can yield significant passive income.
“A lot of people want to time the market, but it’s time in the market,” property investor and early retiree Michael Zuber told Insider. “That’s how you get wealthy. The longer you hold an asset, the wealthier you will become. It is amazing what happens to a portfolio after you’ve owned it for 10 years.”
Insider spoke to individuals, including Zuber, who have used real estate as a tool to build long-term wealth. Insider has verified the following investors’ claims about income and property ownership with documentation they provided.
Here’s how they did it.
Todd Baldwin invested in his first property at age 23 and hasn’t looked back. He earns over $1 million a year and is on track to hit a net worth of $20 million before age 35.
Seattle-based real estate investor Todd Baldwin.
Courtesy of Todd Baldwin
Seattle-based real estate investor Todd Baldwin bought his first property at age 23. It was a $506,000, six-bedroom home and he made it work financially by “house hacking,” or essentially having rent-paying roommates, which allowed him to live for free in his own home.
Since he was living for “free,” collecting rental income, and earning a six-figure salary from his day job, he was able to save more money and continue buying rental properties. By age 25, Baldwin’s net worth crossed $1 million, mostly thanks to rental income, he said. At 28, he became a multi-millionaire and felt comfortable leaving his 9-to-5 to double down on real estate.
The 29-year-old believes that real estate is a path to wealth. “I’m not going to say it’s easy but it’s pretty straight-forward,” he said. “If you just buy real estate and you hang onto it for 20 years, you’re going to sell it for a lot more than what you paid for it.”
Karina Mejia bought her first home at age 22 and now owns five properties in Boston, where she lives, and Augusta, Georgia. In 2021, she earned $43,000 in rental income.
Boston-based real estate agent and investor Karina Mejia.
Courtesy of Karina Mejia
Boston-based realtor and real estate investor Karina …….