You Can Learn a Lot About Investing in Real Estate by Dusting off Your Old Monopoly Board Game.
Learn the rules to the game of real life real estate investing
Learn all you can! Read all you can. The more you know the more advantages you have over the other guy who just knows a few things. Knowing and memorizing the rules helps you to build strategy and also helps you see opportunities others don’t see.
Buy as much as you can safely afford!
Purchase as many properties as you can within the next couple of years because once inflation hits you will be sitting pretty, as interest rates will be sky high. Like in Monopoly you should buy as many properties as you can in the beginning to set yourself up to build houses on your property and collect those high rents. Don’t purchase too much too soon or you won’t have money for rainy days and unexpected bills which will send you packing.
Bankruptcy should be used as a last resort
Back in the day going bankrupt was used as a last resort. Nowadays people use bankruptcy as a financial planning tool. In the game, bankruptcy means you are out for good. Be careful in life and only use it as a very, very last resort.
Manage your money and budget
Purchase things that will bring you a great return and not just a good time for the moment. In the game it’s better to purchase the railroads instead of the utilities because you can garner bigger rents when other players land on them.
Stay within the LAW
Plain and simple, follow the law and everything will be alright. Use all the forms your state requires. When in doubt disclose disclose and disclose. Don’t Go To Jail like in the game. Otherwise it’s gonna cost you bucks
Location, Location, Location
When you start off investing in properties to hold long term, try to purchase in good stable areas that hold their value even during great recessions like the one we are slowly coming out of. In the game of Monopoly you might feel cool because you own both Baltic Ave and Mediterranean Ave, but in the end owning those two streets won’t bankrupt very many players, unless of course, they were already about to go bust anyway.
I’m sure there are many other things you can learn from playing the game of Monopoly. All the best!!!