Have you ever played Monopoly? Or, at least know the strategy behind the game? Monopoly is a great example of building wealth in real estate. Buy four houses on the most popular streets like Boardwalk or Park Place. Cash those houses in and build a hotel. Hotels or multi-family properties in prime locations provide enhanced cash flow and profitability.
Phillip Orbanes is an American board game designer, author, founding partner, and former president of Winning Moves Games. In 1999, he penned the book The Monopoly Companion Players Guide. Orbanes, stated, in a Harvard Business Review, that a casual player of Monopoly might think that it is a game of chance and that rolls of the dice determine the winner. Watching the best players in the world has shown me it is not. The winners are actually masters of strategy and negotiation. They know how to minimize the impact of bad luck and to put themselves in the way of an undue share of lucky breaks.
Real estate investing is not luck at all. Real estate investing is a combination of education and action. I have heard it said that luck is leveraging upon common knowledge. Being educated and taking effective action upon that education will push you forward to become your own boss and offer the opportunity to exit the rat race.
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