Investing in bricks and mortar can help build your fortune.
Not everyone who buys a property earns profits, but real estate makes more moguls than any other asset class.
Let’s take a look at Australian Financial Review’s 2017 Rich List. Five of the top ten people on the list made their money in the property sector. Some of the tycoons are involved in large-scale real estate projects while others own global shopping centres.
When done right, property in an excellent investment that generates ongoing income. It is stable, consistent and recession-proof. People who want long-term wealth with consistent growth should work on building a strong property portfolio.
What makes property investment even more inspiring? Some of these property billionaires built their wealth from scratch. You don’t need to be born with a silver spoon to get started.
Harry Triguboff, for example, had several unsuccessful endeavors before becoming the second richest man in Australia. Prior to joining the property industry in the 1960’s, he owned a taxi fleet and he tried his hand on several odd jobs as well. He is now the managing director of Australia’s largest apartment developer. Triguboff is now worth $11.45 billion.
Then there’s also the inspiring story of Frank Lowy.
Lowy went through a difficult childhood during World War II. He escaped concentration camps in Germany and decades later became the co-founder of one of the world’s largest retail groups, the Westfield Group. He is now worth $8.26 billion.
Here’s a look at the top 5 property magnates on the Rich List and how they made their fortune:
You don’t have start big, but you have to start somewhere.
If you play your cards right, investing in property can make you a millionaire – maybe even a billionaire – too.