While there are many wealthy Internet and “dot.com” business owners in the world today, of all the business and investment opportunities that are out there, there are also many millionaires who have made their wealth through real estate.

Should You Own Rental PropertyIn fact, the real estate industry has produced the largest number of self-made multi-millionaires, as well as even some billionaires. Many of the wealthiest people in the country – and in the world – own a significant amount of real estate investments. These holdings include both residential and commercial properties of all sizes and capacities.

While you may not aspire to be one of the Forbes 400, what you can do is increase your net worth significantly by investing in even just one or two small properties. In doing so, you could model your real estate investing after someone who is already successful in the field. There are many successful real estate investors who have followed good solid investing systems that have worked very well for them.

Real estate investing is an exciting and potentially lucrative venture. But it is also easy to make costly mistakes if you’re not careful. Therefore, you may want to enlist the help of a local real estate expert who can act as your mentor. When you have a real estate mentor on your side, they can help you to sidestep these potentially costly mistakes.

Some ways to find good mentors would include attending your local real estate club meetings and asking local real estate agents and brokers. Most larger cities like Orlando have real estate investment clubs. They typically offer a monthly meeting, and usually have a speaker or presenter who is involved in the real estate investing business.

This is a great place to network with other real estate investors – both new and experienced. You’d be happily surprised to find out that more of the experienced investors would be glad to spend some time with you, letting you know the in’s and out’s of real estate investing. Most have some good stories to share, as well, regarding how they got started, the mistakes they made along the way, and how they have become successful.

You might even offer to partner with another investor on some of your initial real estate investing deals. This way, you can really learn the ropes by getting experience with another investor. In this case, your mentor might provide the expertise while you do most of the work – but it is a great way to gain experience and knowledge.

Another great way to reap the many benefits of your real estate investment, yet without having to worry about the spending lots of time dealing with tenants and leaky roofs, is to enlist the services of a professional property manager. This can essentially be a win-win situation.

For more information on how to set up this type of arrangement, contact us. We help Orlando real estate investors manage their properties. And, as a CPA, I can also help you in finding the many tax advantages that go hand-in-hand with owning investment property. So, to begin creating your wealth through real estate, give us a call today.