There are a lot of different ways of investing in real estate! You can be an active investor or a passive investor, you can invest in homes, apartment buildings, land, notes, hotels, industrial, and more. There are so many options!
That's what I love about our REI Goddesses community- women are investing in many different ways, in many different locations, and you can see all of these women CRUSHING it in real estate - all shapes, sizes, ethnicities, ages, marital statuses, etc. It is SO inspiring!
You need to create a plan that will work for you. If you’re making a blueprint for a building, the blueprint will be very different if the building is going to be a 2-bedroom house or a 100-story skyscraper.
If you have the wrong plan, you’re not going to make the right investment decisions for you and your goals. This could result in you losing money or not having your money available to you when you need it.
Jenny came to me for a Real Estate Investment Strategy session. She lives in Miami and wanted to invest in real estate. She wanted a property that would appreciate, but she mostly wanted to have extra cash flow.
She fell in love with a cute condo in South Beach and wanted to check with me if it was a good investment decision for her. We worked out the numbers and for the asking price, we figured out that at the end of the month, even with the tenant paying top market rent, when she’d paid the mortgage, property tax, homeowners association fees, and insurance she was out of pocket a couple of hundred dollars every month! That’s negative cash flow, and not at all what she wanted. And that negative $200/month was with the place was fully rented! If the tenant left and she had no income coming in, then she’d have to shell out!
With her desires clear in mind, for approximately the same investment she found a triplex in a different area of Miami, that wasn’t as cute but would provide her $550 cash flow every month (even with professional property management). Also, because it was a triplex, if one unit was empty she could still have 2 units providing cash flow and could still break even.
Also, because with the cash flow of this property, she could afford professional property management, she was doing less work with the triplex and still making more money. This was a much better fit for her unique needs and desires.
It is important to learn how to make a smart plan for your real estate investing that supports your desired life and lifestyle.
So no, real estate investing is not one size fits all. It's whatever size fits YOU best! Want to learn more about how to get started? I have a free training I'd love to share with you! Click here to access the How to Get Started in Real Estate Investing Even as a Busy Professional Woman Training.
Saturday, October 23 to Sunday, October 24, 2021
Click the link below to register and get 60% off early bird discount.