If I were young again, I would adjust some of my thinking and some of my ways and marry my girlfriend as soon as I could. Why? Because, speaking as an older and perhaps wiser man, it is very nice to go through life with someone you love and also respect. It is one of the joys available to all of us, that many of us fail to take advantage of while chasing the dreams that appeal mainly to the young. But I digress.
The second thing I would do, with my new wife, is look for a home that we could share. Now and then, a unique time appears and quickly disappears before we truly grasp the meaning. This is one of those times—time to be “young at heart” when it comes to real estate, meaning hopeful, ambitious and proactive. You can close your eyes and throw a dart and hit a house that can be bought, held and eventually sold for a profit. If you keep your eyes open before you throw the dart you probably can find a house that might just make you wealthy. Real estate is currently down in this country and either about to hit the bottom or already is on the way back. It is easy to detect. Just wait until you hear that it will be years before it comes back, if it ever does, and you then have verification that most will carry the message and a select few will ignore it and gain untold wealth.
But why real estate? Because you and your spouse can hold the property, most likely live in the house, and after 24 months of living in the house you might sell it for a profit of up to $500,000 and not owe a dime in taxes. That is the law. Will you get there in two years? It’s not really important. What if it takes five years or even seven years? It doesn’t matter when you get there as long as you eventually get there. And once “there,” I would sell he house and do it all over again. If you make the maximum on the first house and the same on the second, you will become a certified millionaire. Hopefully you will be in your 30’s or 40’s but it doesn’t mater if you are in your 60’s or 70’s. You will have achieved something that will help you all of you days.
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.