With all the different strategies for real estate investing out there, some beginners might accidentally get in over their head.
Owning real estate is an excellent retirement strategy and can be more predictable than owning stock or a 401k.
But we are by no means advising that you don’t have a 401k or invest in stocks.
Your retirement package should have a wide variety of different assets to make sure you can retire in style!
Here are 4 easy to follow steps to help get you on the right track and profitable as soon as possible.
Step #1: Save some cash.
Whatever means you use to save money, do it for your real estate investing career right now.
Even if you save only $100 – $300 per month and it takes you a couple of years to get started, start saving today.
Having a few thousand to get you launched can go a long way.
Don’t believe all those $0 down strategies some of the “gurus” try to teach you.
You can focus on this crazy stuff after you get a few deals under your belt.
Step #2: Start investing small.
Buy a small single family home and rent it out. With interest rates these days, you should be able to see a little monthly profit or at least break even, while your tenants pay down your mortgage.
Buy and hold is an excellent strategy.
You could even think of it like a 401k. add a little extra of your own money to the monthly payment and watch that mortgage come down fast.
You might even look into a 15-year loan, versus a 30 year note. If you can qualify, this is an excellent strategy to pay off your homes much faster.
Once your rental homes are paid off, you have a nice monthly income for your retirement.
Step #3 Focus on Location.
One of the best tips I can give you is to own properties in decent locations.
Unless you are using a third party manager or have the tenacity for dealing with people, try and buy in the better parts of your town.
Don’t let people moving out in the middle of the night or leaving your rental home trashed deter you.
It is all part of the landlord business.
But you will see less of this in the nicer areas.
Our best advice, hire a professional property management company.
Step #4 Build your portfolio
Save money today.
Get focused today.
Take action today and set your goals.
If you stay focused and take action, in no time you will have built a portfolio of properties and some of them will be paid off and generating a nice monthly income.
Owning 10 homes that generate $1200 per month income is a VERY nice retirement plan!
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