Running a car dealership is potentially a very profitable business model as it is unlikely that people will stop buying cars regardless of external factors. These include both everyday cars as well as luxury cars which often sell for hundreds of thousands of dollars apiece.
However, Zaf Baker, and entrepreneur, pivoted from a successful car dealership business to expand his reach into real estate as well. Some might consider the real estate business to be a tricky one especially in times such as these with the COVID-19 outbreak. However, Baker has gone on to be rather successful in his endeavors and a closer look at his story shows why real estate is a profitable business that should be invested in with benefits that extend far beyond just immediate profit.
An example of this is the 2008 global financial meltdown in which the housing market saw a significant decline in value. However, the market would go on to recover all that was lost because after an economic crisis ends, one of the first things people try to do is find a better living situation. This seems to be repeating itself with the COVID-19 outbreak and recessions around the globe. This means that properties, for now, can be purchased at a cheaper rate and then can be monetized for a higher fee once the financial crisis is over. This also means that the real estate business can continue to make money indefinitely as humans will require shelter indefinitely.
This is why a number of real estate entrepreneurs keep properties with specific apartments or areas that are restricted for them and their families as this offers a double benefit for all involved. If you do decide to take advantage of this, determine how much of your real estate portfolio will be dedicated to money-making and how much of it will be needed for personal use.
Furthermore, real estate can also serve as a source of generational wealth to be passed from one generation of a family to the other. Baker’s family, for example, is heavily invested in real estate, and globally, real estate is one of the most common forms of inheritance. Thus, if you are trying to build a portfolio that can be passed on to your dependents, real estate would be a good idea.
On the surface, one might wonder why Baker would choose to make the leap from car dealership to real estate as a business but the above shows that it is a profitable niche to enter with a world of benefits for those involved.
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