What do Jennifer Aniston, Arnold Schwarzenegger, and Shaquielle O’Neal all have in common (besides a ton of so-so movies)? They’ve all worked with MG Real Estate! Okay, we wish. However, they have all made a fortune in real estate.
Some celebrities have actually made more from their real estate transactions than in the careers that made them famous. How? Because they were savvy - and so were their real estate agents.
Whether you’re a first-time home buyer or you’re looking to make money by investing in real estate, here are 7 celebrity real estate success stories to inspire you.
90% of all millionaires become so through owning real estate. Many famous figures ranging from Andrew Carnegie to Jennifer Aniston have made huge amounts of money by deciding to invest in real estate.
“Real estate is the best investment you can make” is an adage that still rings true today. Unlike the stock market, where many factors are out of your control, your investment can’t disappear overnight.
You can also build your wealth with excellent return rates. Shark Tank’s Barbara Corcoran started her joined to financial prosperity with a $1,000 loan, which she used as a down payment for a tiny L-shaped studio in the 1970s. A few years later, the studio doubled in value and gave her enough cash to put 50% down on a one-bedroom apartment, then a two-bedroom, a three-bedroom, and eventually a 10-room penthouse on Fifth Avenue in New York City. By the time she sold her company, The Corcoran Group, in 2001, she net $66 million from the deal.
While Corcoran’s story is an outlier, many people have enjoyed a comfortable living off of real estate investments. Here’s why:
If you’re moving into a condo, townhome, or gated or planned community, you’re going to be a part of a Homeowners Association, or HOA. HOAs make and enforce the rules these communities have to abide by. When you purchase property within an HOA’s jurisdiction, you automatically become a member and are required to pay their dues.
Well-run HOAs can increase the value of your property by 4.2%. Poorly run HOAs can leave you screaming into a void. Before you join an HOA, we recommend that you ask a few questions:
“What credit score do I need to buy a house?”
People ask us this question all the time. While there are advantages to having a high credit score (lower interest rates, for one), you don’t need to have great credit to buy a home. Even with poor credit, there are government-backed loans that can help you get the keys to your dream home.
If you have a credit score of 620 or higher, you should be able to qualify for a mortgage. Some loans may require a score of 660 or higher, and for the best interest rates, we recommend having a credit score above 740. Don’t be discouraged if your score is low. You still have options even if your score is in the 500s, and there are plenty of ways to improve your credit.
Let’s explore what credit you need for the most common loan types, and what steps you can take to improve your credit to get a better mortgage...
Real estate agents don’t abide by a 9-5 schedule or collect a regular paycheck. The real estate industry is all about working hard, making connections, and learning to enjoy your feasts and to save for famines.
Here are 7 secrets of real estate agents that you probably don’t know…