Millionaires say Real estate is still the best investment you can make today.

“Buying real estate has made me rich — mostly through necessity, not by design. I bought my first itty-bitty studio after scraping together a few bucks because I needed to live somewhere anyway.

A few years later, the studio doubled in value, giving me enough cash to plunk down 50% on a one-bedroom apartment. That soon rolled into a two-bedroom, then a three-bedroom, and finally landed me in my 10-room penthouse on Fifth Avenue in New York City.

Buying that tiny studio was the most important decision I made because it got me in the game.”

—Barbara Corcoran, founder of The Corcoran Group, podcast host of “Business Unusual,” judge on “Shark Tank”

“Investing in real estate is a great idea if you are in it for the long haul, not a quick return.

Your best bet is investing in residential properties that produce rental income year-round. Just make sure you understand all of the associated legal fees and are prepared for unexpected costs.”

—Bethenny Frankel, entrepreneur, philanthropist, founder of Skinnygirl and BStrong. Follow her on Instagram

“Real estate is real, and it’s always a good idea to put your money in real assets. But let me be clear: That doesn’t mean that all real estate is a good idea.

I only buy certain types of properties, generally multifamily ones in upscale locations that provide consistent cash flow and great potential for future appreciation.

I stay away from low-income areas and single-family homes. But even those assets are probably a better place to store your money than letting cash depreciate while sitting in the bank!”

—Grant Cardone, sales expert, New York Times best-selling author. Follow him on Facebook, Instagram and YouTube

“Most millionaires I know made more money from owning real estate than any other investment. Real estate consistently increases in value over time and outperforms other investments.

Plus, it isn’t as vulnerable to short-term fluctuations as the stock market. You get a tangible, usable asset, whether you’re renting out an apartment or commercial building for income or buying a home. And there can also be tax benefits for investment properties.

It’s always a good time to buy real estate. In fact, the real wealth is made by buying when everyone else is selling and vice versa. While many are talking about a recession, the market is strong, with increasing prices and transactions.

Renting a one-bedroom apartment can cost $5,000 a month in certain neighborhoods today, yet you can buy a $1 million house with just $4,000 a month in mortgage payments. And the rate is fixed for 30 years — the best kind of rent control.

So why would you rent? Besides, if you rent your property to someone else, you can cover your mortgage or better.”

—Peter Hernandez, president of the Western Region at Douglas Elliman, founder and president of Teles Properties

“Real estate has incredible tax benefits. In certain situations, you don’t have to pay taxes on your gains from investment properties. You can also get a $250,000 tax break as an individual and $500,000 as a married couple.

The wealthiest people collect property the way they used to collect cars. Interest rates are low, prices have fallen, and you don’t have to tie up a lot of cash in the investment.

At the same time, more people are choosing to rent instead of own. You can have a lucrative rental property using other peoples’ money to cover the mortgage, taxes, and upkeep. With sites like Vrbo and Airbnb, you can also find short-term renters to subsidize your overhead.

While I suggest diversifying your investments, there is no better place to park your money than brick-and-mortar investments you can live in and enjoy. When you invest in your surroundings, you invest in yourself!”

—Holly Parker, founder and CEO of The Holly Parker Team at Douglas Elliman, award-winning broker who made over $8 billion in sales. Follow her on LinkedIn and Instagram

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