Recent bestselling wealth building books support an unusual wealth-building strategy. The effect of this popular technique is beginning to show in the raise of second home buying. If this new trend holds, the slumping housing market might be a thing of the past.
Mount Jackson, VA (PRWEB) June 26, 2007 -- With the housing market still declining in almost every sector and every region across the U.S., a counter-trend has emerged in the area of second-home sales. By investing in a second home, a new class of financially savvy baby boomers have tapped into a means of securing the retirement of their dreams.
A lthough rising interest rates have been slowing home buying in general, the market for second homes has remained strong, according to figures from the National Association of Realtors. As sales of primary residences and investment homes dropped last year, sales of vacation homes rose nearly 5 percent to a record 1.07 million units in 2006.
Doug Andrew, author of "Last Chance Millionaire" is one of several recent bestselling authors and speakers who teach unusual, and unusually effective wealth building strategies. One of his favorite wealth building processes begins by purchasing a second home and using it to invest money in the right way.
While this strategy is unusual (though becoming less so) for the middle class market, it's already common practice among the affluent. According to Coldwell Banker Previews International Luxury Survey released June 2007, which comprised 301 homeowners with million-dollar homes (two million dollars in California), 40 percent polled say they may buy a second home this year.
Investing with real estate is a very traditional concept. According to Andrew and his team of financial strategists, many of their clients want to invest, yet would not be interested in a large commercial deal, even if one fell into their laps. These same people are willing to purchase second homes and then 'retire early.' Retirement for these people often means a change of careers (usually working from home) while living in places that really make them happy.
According to Andrew, the key to helping people take advantage of this strategy is to have an educated financial advisor to guide the investment opportunities that most people don't realize open up with the purchase of a second home. Without access to that knowledge, a second home can become a heavy burden rather than a wise investment toward a secure retirement. His company has become a major guiding force to the financial services community with their focus on building and protecting client assets.
One of the reasons this buoys the real estate market in general is that, unlike those who typically seek out investment properties, people who purchase a second home usually intend to own it for greater than ten years.
Doug Andrew goes so far as to say that buying a second home is a "sure-fire plan for how to become a millionaire." Owning a second property, which is getting easier to do with the lower prices in today's buyer's market, is not far out of most people's reach. Taking that first step opens up investment opportunities that would not otherwise be possible.
People like Randy and Cathy Gilbert, two leading edge Boomers are perfect examples. Randy Gilbert grew up on Maui in the 60's amongst the hippies and he found a way to become the first "Maui Boy" to be accepted into the U.S. Coast Guard Academy.
Twelve years later, he and his wife Cathy, bought their 'Shangri-la' second home property. Randy, who is now known worldwide as 'Dr Proactive,' and producer of InsideSuccessRadio.com says "I bought the property when it was valued at $700 an acre and felt the developers were practically giving it away."
Randy learned about Andrew's wealth building strategies during an interview just before Andrew's latest book "Last Chance Millionaire" was released. Randy claims he didn't know it at that time he bought his vacation property, but he instinctively followed one the of simplest and most effective 'Last chance strategies' to build wealth.
And according to the Gilberts, it has turned out to be their best chance to becoming millionaires. It has already provided years of fantastic memories because their children helped to build the log "castle" that is now their retirement home.
Buying a second home won't automatically make someone as rich as Donald Trump or Oprah Winfrey, however, by following the strategies laid out in "Last Chance Millionaire" thousands of baby boomers are enjoying dream homes and retiring with a much larger nest eggs.
Learn more this and other wealth building strategies by going to:
http://lastchancemillionairebook.com
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