cumulating whatever amount of wealth we can, we need to generate income out of those assets to minimize costs of owning such as property taxes and maintenance and, possibly, to increase our own salaries or wages. And, finally, we want to be abInvesting in real estate, in general lines, involves compromise and is often more a matter of what an investor is willing to give up than what he actually wants.

If I were to ask "What is your investment objective?" how would investors respond? Most likely the answers would range from "I want to retire at 55", to "I want to start my own business within the next five years", or perhaps to "I want to have enough money set aside for my children education". We all have many different ways of expressing what we are trying to accomplish when we set investment objectives. When all is said and done, however, there are really only three fundamental goals we really intend to achieve. All goal-setting boils down to growth, income and liquidity.

We want our real capital assets to grow in value, that is to be worth more at some point in the future than they are today. Then, while we are in the process of accumulating whatever amount of wealth we can, we need to generate income out of those assets to minimize costs of owning such as property taxes and maintenance and, possibly, to increase our own salaries or wages. And, finally, we want to be abl

ective?" how would investors respond? Most likely the answers would range from "I want to retire at 55", to "I want to start my own business within the next five years", or perhaps to "I want to have enough money set aside for my children education". We all have many different ways of expressing what we are trying to accomplish when we set investment objectives. When all is said and done, however, there are really only three fundamental goals we really intend to achieve. All goal-setting boils down to growth, income and liquidity.

We want our real capital assets to grow in value, that is to be worth more at some point in the future than they are today. Then, while we are in the process of accumulating whatever amount of wealth we can, we need to generate income out of those assets to minimize costs of owning such as property taxes and maintenance and, possibly, to increase our own salaries or wages. And, finally, we want to be ab

for my children education". We all have many different ways of expressing what we are trying to accomplish when we set investment objectives. When all is said and done, however, there are really only three fundamental goals we really intend to achieve. All goal-setting boils down to growth, income and liquidity.

We want our real capital assets to grow in value, that is to be worth more at some point in the future than they are today. Then, while we are in the process of accumulating whatever amount of wealth we can, we need to generate income out of those assets to minimize costs of owning such as property taxes and maintenance and, possibly, to increase our own salaries or wages. And, finally, we want to be ab

eve. All goal-setting boils down to growth, income and liquidity.

We want our real capital assets to grow in value, that is to be worth more at some point in the future than they are today. Then, while we are in the process of accumulating whatever amount of wealth we can, we need to generate income out of those assets to minimize costs of owning such as property taxes and maintenance and, possibly, to increase our own salaries or wages. And, finally, we want to be ab

cumulating whatever amount of wealth we can, we need to generate income out of those assets to minimize costs of owning such as property taxes and maintenance and, possibly, to increase our own salaries or wages. And, finally, we want to be able to quickly convert those assets into cold cash, should the need ever arise to get through some unexpected crisis, or if a better investment opportunity suddenly comes in sight.

That's quite a lot that we want from our real estate investments. The truth is that only few of all investors will have situations so straightforward as to be able to accomplish all three goals in equal proportions. For the vast majority of us, it will be a matter of seeking compromise so as to incorporate in our investments only some elements of growth, income and liquidity, and not in perfect equilibrium. This is due not only to the nature and type of the real estate investment we decide to make at any given time, whether residential, commercial, multi-family rental or a combination of any of the above, or to the situation of the market at the time we make our investment, but also for a quintessential human trait common to all investors.

We spend money on things we need, and we save