Being a celebrity comes with a lot of benefits, including a huge income, privileges and success, but if you donít want to die famous but poor, like Michael Jackson who died deeply in debt, you have to invest your money wisely. Jackson was allegedly millions of dollars in debt when he died in 2009. According to the media, he was between $400 million and $500 million in debt.
However, many movie stars, models, singers and other famous people who work in various fields love to invest in real estate and seem to make a fortune. From buying and renting to selling properties, investing in real estate can actually make anyone rich in the long run.
But how can you do this? Well, you can invest in rental properties, but you will also become a landlord, which means that you will be responsible for things like paying property taxes, mortgages, property maintenance and dealing with various problems Ė or you can hire someone to do it for you.
In addition, you can opt for flipping houses, which means you buy properties, keep them for a short period of time and then sell them for a profit. So, you can buy a dilapidated house, and then repair or update it to increase its value and make more money when you sell it, or you can buy a house and sell it when the market rises. However, these are just two methods that can help you invest in real estate, as well as the most common ones.
That being said, here are some celebrities who make a fortune in real estate. Read on for more info!