Quote:
Originally Posted by Esaias
Actually I would advise him to look into buying a business. Real estate (even multifamily) generally doesn't produce near enough cash flow to BUILD wealth or a retirement nest egg. Real estate is more for a place to park your money once it's been made (generally inflation proof as rents adjust for inflation over time, as opposed to say a bank account which just loses money every year due to inflation). At least that has been my experience.
But as far as multifamily goes, the BEST two investments are RV parks and mobile home parks. I have watched people build an RV park in the middle of literally nowhere and as soon as it's open for business it fills up. OF course, the RV park business will collapse in about 30-40 years as all the older boomer generation (main RV owners) die off, but it could then be converted to a small mobile home park.
Mobile home parks are great because 1) it's affordable housing which is always in demand, and 2) they aren't making any more because practically every city has regulations preventing construction of new parks.
But really, a recession proof business seems the best way to go (ie a boring, stable business providing a product or service that lots of people need regardless of the economy): HVAC, laundromat, etc.
OR a business that caters to the wealthy, like private jet rentals, pool cleaning services, luxury car rentals, etc. Because the super-haves are ALWAYS around regardless of what the economy is doing.
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I own a small campground and some multifamily. Just got my real estate license so I can be in the first position to get more
Gotta fund my wife's retirement!
Keeping my eyes open for laundromats and car washes. Some in my area are for sale but I'm waiting for the price to go down - they want big money!
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