Let me break this down for you:
1. The Right Vision: this means getting really clear on what you want your real estate investments to do for your life. Financial freedom? Tax benefits? Leave a legacy? What types of investment properties do you desire? How do you desire to work in real estate? (investor, property manager, etc.) Where would you like real estate to take you in 5, 10, 20 years?
2. The Right Team: real estate investing is not something you can do alone. That’s why we at REI goddesses believe so strongly in bringing great team members to our community. Make sure that you are surrounding yourself with people who can help answer your questions, give you tools and resources to help support you, and guide you through the highs and lows that are part of the investing process.
3. The Right Market: Is the market you want to invest in landlord and business-friendly? What is the cost of housing? Is there a high job and/or population growth? Is it a market that you’re familiar with? Is there a robust and diverse local economy? These are the questions you want to ask yourself to make sure the market you’re investing in is right for you.
4. The Right Property: Real estate investing is not one size fits all. The right property depends on your goals. Our main goal is passive income so we look for properties that are cash flowing at the time of purchase. We also focus on middle to lower-income areas where there’s always a rental housing need. Lastly, we like ugly ducklings with good bones where we can purchase for less, make beautiful, and rent for more.
These are just 4 things you need to analyze and define for yourself before making a real estate investment.
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“Monick Halm opened my eyes to all the different ways of investing in real estate. I am now invested passively in 2 syndications and a performing note, with $2500 a month passive income, and now I don’t have any lazy money sitting in a savings account earning 0.01%.” — Bernardette Williams