Yes, it definitely is possible for anyone – but it’s not as easy as they purport to be in those ads selling get-rich-quick “RE courses” for $99 with “Lambos” in their pictures. Otherwise, they won’t sell as well and you’d see everyone be a millionaire in net worth, excluding primary residence. If they were so good they were a billionaire in Real Estate – they won’t be selling you an e-book for $9.95 – they would be managing a fund or private holdings! Correct me if I’m wrong, but I don’t know any Real Estate billionaires that sell e-books promising quick gains. That being said, I don’t think e-books are all bad deals either – it depends.
I’d imagine most people are about 3–4x more likely to become a billionaire with a career in finance, with the same general intelligence. Hence, you should rethink what your strategy is if finance interests you instead.
Most people start best with single family homes, since it’s pretty hard to have a huge downside, if you avoid common traps. However, other niches such as RV parks or commercial can do very well too, if you do an extraordinary amount of research to find the “right” ones.
Here’s some pros to gaining a million dollars for Real Estate:
Here are some cons that can bankrupt you in Real Estate:
Now that’s out of the way, if you’re still thinking about it – you should learn as much as possible. You don’t need to pay – most information you need is free. However, you should fully understand what you’re investing in – and that takes a lot of understanding. Don’t skimp on reading the fine print.