LA Lakes Owner Dies

80 year old Dr. Jerry Buss died today. Whey am I mentioning it here in a real estate forum? Becasue Buss received a doctorate in physical chemistry from USC, but it was a $1,000 investment in a Los Angeles apartment building that ultimately sparked a career in real-estate investment. That career in real estate ultimatly ended up with him being rich enough that in 1979, he bought the Lakers from Jack Kent Cooke, along with the Forum, the NHL’s Kings (which he later sold), and a ranch in the Sierra Nevada for a total of $67.5 million.

I don’t want to mince words here and say it as clearly as I can…Real estate will make you rich.

If… done properly. Real estate is not a get rich quick scheme but rather a long-term investment. An investor must choose the right properties. They must also have investment criteria in place. Investors must also know how to use leverage (good debt) but if they over-extend themselves, a foreclosure on their record will hamper their real estate career for many years - if not kill it all together.