One of the most common questions I get when it comes to investing in real estate is where to start. While it can seem intimidating to get into the real estate/ landlord game, once you get a flow established it’s really quite easy. And the passive income stream you’re opening up is (literally) priceless.
Starting is the Hardest Part
At some point, you just have to commit and get going. I offer guidance as part of my course and personal services to help make this process less daunting. I always recommend clients start to practice analyzing properties, just to get a general feel of what properties have potential. Gauging the potential with the work needed and the overall value of the property is a great skill to have, and I recommend practicing daily even for properties you don’t plan on buying.
You want to do your due diligence and make sure the property has good bones at the very least. You can look at the property itself, as well as vetting any current tenants. If the property has long-term tenants with good rental histories, this is a good sign. Also, if the space is decent, or at the very least has the potential to be decent without too much in the way of renovations, this is a smart property to nab. No matter what, you want to make sure the space is a good fit for you and your experience as a landlord. It’s also important to not get intimidated by possible renovations since a space you can fix-up yourself will give you the most bang for your buck long-term. Again, if you’re truly intimidated, I am a licensed contractor, and I am happy to help you come up with a plan.
Planning and Discipline: The Bottomline
If you’re looking for a get-rich-quick scheme, this is not it. (That’s also not a realistic aspiration in any way shape or form so you might want to make your peace with that now). You have to put the work in, especially upfront, with the knowledge that this will ultimately pay off in the long term. You need to get a business plan and strategy in place and have a reserve of money in place for repairs or unexpected expenses that inevitably creep up. But if you’re smart and have a competent strategy, and if you take the wealth you make and invest it either in general or in more properties, I think you’ll be surprised by the eventual payoff, and the security your money-conscious plans will yield for you.
To learn more about how to implement your own real estate investment strategy, listen to episode 6 of The Women, Wealth, Impact Podcast, out now!
To learn more about creating rental income, check out Brittany’s story: https://www.greeneverythingcommunity.education/brittany-casestudy
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