Being a celebrity has its perks, but it’s not all fun. The rich and famous need to take time to make sure their financial lives are on track. Without proper planning, they can put their wealth at risk.
Real estate development expert Ari Rastegar spoke with Showbiz Cheat Sheet. He taught us how stars manage their real estate investments and protect their wealth. Let’s take a peek inside the chat.
Celebrities have their own advantages when it comes to real estate investing
Most celebrities have an advantage when looking for real estate investment opportunities. They can amass considerable wealth due to their easy access to real estate opportunities. You can also build your brand through commercial real estate transactions.
Rastegar, founder of Rastegar Property Company, told the Showbiz cheat sheet: “So if done right, not only will celebrities make money by investing directly in these deals, but in some cases they will become the brand authority and brand spokesperson for these deals, driving more traffic and even more demand. promotes it.”
Ali Lusteger encourages celebrities to surround themselves with a team of financial experts
According to Rastegar, it’s not uncommon for celebrities to make big mistakes when managing their finances. He stresses the importance of having an expert finance team.
“A lot of the time, people are targeting celebrities or doing business their way. Therefore, celebrities should be very vigilant when opportunities present themselves and seek professional advice from licensed financial advisors and other experts in their field. We can,” says Rastegar.
he continues. And celebrities should delegate that duty to subject matter experts to avoid bankruptcy. ”
Rastegar also says it’s important for someone who has suddenly become famous to learn about personal finance. This way they can reduce their chances of being taken advantage of.
“A lot of celebrities have expertise in a niche area. They’re movie stars, they’re musicians, that sort of thing. So they may not have real estate expertise.” says Rastegar. “Educate them on what it is, make it easier to understand some difficult subject concepts, work directly with financial advisors, agents, or other representatives to educate them about it, and over-educate them. It’s important to help them overcome it.”
How does the average person become a successful real estate investor?
If you’re looking to get into real estate investing, Rastegar recommends starting slow and learning as much as you can. Over time, he can acquire the necessary knowledge to make a nice nest egg.
“The average person needs to learn about real estate first,” says Rastegar. “One of the easiest ways, he says, is to start by investing in publicly traded REITs. [real estate investment trusts] or a listed real estate investment vehicle”
Rastegar continues: First and foremost, we recommend using the public market to find strategic partnerships and increase liquidity and transparency of your trades. ”
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