You played Monopoly, right?
This board game made the Guinness Book of Records as the most played board game with a number of over 500 million people.
Well, if 500 million people know how to play monopoly, why aren't they all rich?
Because not everybody is good at it. And not everyone actually applies the concept in real life.
Just picture yourself actually owning that many properties and getting cash for every time someone uses it...
That's what real estate investors do every single day. If you "land" on their property, someone pays.
To give you a quick summary on how to win monopoly, it goes like this:
The one left standing with all the money, while everyone is bankrupt, wins. Now, how do you win, and get all the money? By owning as many high paying properties as you can. In other words, invest in properties that produces income. Hhhhmmm.... starting to sound familiar in the real estate investing world.
There's even some similarities that pertains to real estate investing:
- You have competition when trying to buy a property
- Cash should always be re-invested NOT hoarded
- Location is important
- The more properties the more money
- You can trade small properties into BIG ones (4 green houses= 1 red hotel), it also means more cash too
Now, there has been new versions of Monopoly that added more flexibility in the game but the original is the best to learn the fundamentals. If you're a beginning real estate investor, play monopoly. Once you get the mindset down on HOW TO ACTUALLY WIN AND WIN QUICK, real estate investing will be a breeze.