Building wealth through real estate

In the early days of my real estate investment journey, I was enamored with a sprawling colonial home in the heart of the city, it was gorgeous with its vintage aesthetics. However, it was quite distant from crucial amenities and transport hubs. Even though my heart desired the property, I chose to listen to my mentor, a seasoned real estate veteran. He shared the cardinal rule of investing - "Location, Location, Location".

From this, I drew lesson one: while aesthetics are impactful, practical considerations such as vicinity to amenities - schools, hospitals, markets, and transport hubs should weigh heavier in your decision-making process.

Months into my investment journey, I came across an opportunity to purchase a new construction residential complex. It was enticing, complete with modern amenities. However, my credit score limited my financing options leading to unfavorable loan terms. It was here I learned the importance of maintaining a healthy credit score for preferable loan choices.

My mentor's advice, along with my credit score hiccup, solidified the second lesson - the interconnectedness of our financial habits and investment capabilities.

Furthermore, my dalliance with new construction revealed another perspective - the need to consider construction quality, developer's reputation, and maintenance costs.

Lastly, let's talk about REITs. An investee company once invested heavily in REITs following a sizable liquidity injection. While it seemed odd at the moment, I was intrigued - understanding their logic highlighted the possibility of expanding investment options through indirect real estate investments.

The final lesson: in investing, always stay open to new possibilities and don't shy away from exploring unconventional paths. To wrap it up - real estate investment is both an art and science.

To master it, remember to prioritize essential factors like location and credit score, be patient, and keep exploring until you find what best suits you. Always stay open to new learning experiences - they are the bridge to your investment success