how can i get rich in business or real estate ?

Answer 1

The best way to make money in business is by coming up with a good idea for a product or service, and then either putting your own money or the money of "Capital Investors" who will give you money upfront (Capital) in exchange for a share of the profits of the company. Be sure to maintain some percentage of company ownership, as this gives you the potential for profit and also will keep you motivated, since you have some stake in the success of the company. The other option is to get a business degree, such as a Masters in Business Administration (MBA), and then get a high-ranking job in an existing company. This is usually the safer, more secure way to make money in busines, but also requires several years of training.

In real estate, there are many ways to make money, with different required skills, training and financial resources needed. Many people become quite successful as a real estate agent/realtor, or as an appraiser of real estate, both of which can be learned with 4-6 months of training or studying part time, if you put enough effort into it. However, the people who find the greatest success are usually real estate investors. There are many types of real estate investments: A "Cash Flow" deal involves you purchasing a house and then renting it out to tenants. This type of deal requires enough money to fully or partly purchase the property in advance, and also offers a somewhat low yield of profit in relation to the amount of work required for maintenance, upkeep, and dealing with tenants. A "Flip/Rehab Deal" involves finding a property in poor condition (somewhere between 3 and 10 percent of the property value required for repairs), buying the property upfront, hiring people to make the necessary repairs, and then reselling the property for a much higher price than you bought it for. This normally takes 3-6 months (plan for six, so that you don't lose out if repairs or sale take longer than expected), and can be done with "no money down" if you have the right property and are able to borrow money from hard money lenders based on the *repaired* value of the property. "Terms Deals" involve buying from a homeowner using an unconventional financing arrangement involving a long-term purchase plan, and then selling to a new buyer (usually someone who can't qualify for a conventional loan) and making money on the spread between the down payments, monthly payments, and final lump-sum payment of the incoming and outgoing contracts. Other types of investments include "Foreclosure Auction Flips" (which are like Flip/Rehabs except no repairs are required, but it may be harder to buy a foreclosure property), "Hold for Appreciation" (an expensive and hard-to-anticipate deal type) and many other minor variations.

There are some educational programs available from "gurus", but those are fairly expensive and often quite limited when it comes to actually knowing how to make money, and most of the books available only teach about one particular deal type, and may not even teach that subject very well. Your best bet is to wait for the certification program and its associated "Prep Course" from ACREI (the Association of Certified Real Estate Investors), which are scheduled to be released around mid-2007, and are expected to have a comprehensive training in all aspects of Real Estate investment.

Answer 2

This is an in depth question of a more personal nature. Most answers that you are going to get will get you no where. I have experience in both real estate and business and offer free information, however it is not available to all due to the fact that not all people are cut out to handle that kind of success. Riches are not easily attained and require hard work. Work is not necessarily defined as labor but as mental work as well. I would love to help you out in this area, however i don't want this info going to some of the jokers who already answered on your question. Go to http://www.stonesolutioninc.com/ and send me a contact and I will get back with you if you are truly serious.

Answer 3

Hello I.a. rome, You've asked a terrific question. I think you're on the right track in asking the right kind of questions. I will give you advice that I heard: "The first part of being successful in business is just showing up" Next I would say that all business success involves and will depend on your success in some kind of "selling" at one level or another, ie, retail to consumers, to service providers, with vendors, or suppliers, etc. So it is really a good idea to understand and get good at the sales process which is a skill and can constantly be improved on. Of course set your goals, stay focused, have a positive attitude, and go for it. Good luck!

Answer 4

Wait till the housing market crashes....which is it will sooner than later...and buy up those homes that go foreclosure. Don't do it now as you will also lose when the market crashes.

Construction is starting to slow down drastically and contractors are sitting on unsold homes as few can afford them or get financing for them.

Answer 5

I know the answer to this question. Do you want to pay me for it?