Investing in Real Estate
UNDERNEATH everything is the land. There is a fi-
nite supply of land， and for all practical purposes no more is being
created. Yet there is a continuing increase in the population and
the demand for land. With that built-in advantage， real estate ob-
viously has something \"extra\" going for it that most other invest-
ment vehicles do not. But not all kinds of real estate investment
are right for all people all of the time. How do you choose?
In this chapter we will look at several kinds of real estate in-
vestment vehicles: owning your own home， vacant and raw land，
industrial and commercial property， condominiums， syndication，
real ~state investment trusts， and residential income property.
After considering the special features of each real estate in-
vestment vehicle from an. investment point of view， including in-
come tax considerations， the conclusion will become inescapable:
for the \"small\" private investor， residential income property--the
small apartment building--is the best real estate investment
vehicle.
What is Real Estate?
A piece of land defined and designated by a description of
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