I have a goal for you: Buy a rental property in the next 12 months.
Now, why would you want to buy a rental?
Years ago, one of my mentors said to me, "Jim, do you know the easiest way to make a million dollars in real estate and the hardest way to make a million dollars in real estate?" I said, no, tell me. He said, "Well, the hardest way to make a million dollars in real estate selling it. The easiest way to make a million dollars is owning it."
I never forgot those words.
Now that doesn't mean that I quit my day job and I tried to become a flipper. It also doesn't mean I'm chased some unrealistic get-rich-quick kind of schemes. What it means is that I understand the most powerful investment on earth I can make as a REALTOR is to invest in my retirement and buy rental properties every single year.
That's exactly what I've done throughout my 30 years in this business. My rental properties create stability and financial independence so that my business isn't directed or impacted by one individual sale. Imagine the freedom and the confidence that you would have if your daily performance, wasn't tied to making your rent or mortgage or car payment.
Remember you don't have to buy 10 properties. You only have to buy one investment a year.
To start use the FIRST Strategy:
F - "First, I invest in myself."
Set aside a piece of each commission checks to buy your first rental property. To his this goal may require that you close an extra three, or four, or even five sales in order for to hit your goals. That's your commitment to yourself and your family to establish a strong financial future.
R - "Research the market and property managers."
We tell For Sale By Owner's "don't represent yourself." Attempting to manage your own rentals is you making the same mistake. Your time is more valuable and more importantly you aren't an expert in property management laws. They also have screening tools, rental agreements, notices, and inspection procedures already established. Besides who wants to take calls from tenants at night?
S - "Strike fast in our current market."
We have to have standard searches out there looking and searching for the kinds of properties we want to buy. And when they hit, we strike fast. To win in this market means you are writing offers within hours or even minutes of a new listing hitting the market. Also begin working on your pre-approval process (just like you would recommend to any buyer).
T "Treat yourself like a buyer."
This means that we don't allow ourselves to get too emotionally involved and we make sure that the investment provides you with strong return on investment. In addition we go through the same process we would encourage a buyer to follow, we have inspections, we look at the rent rolls, and we dig into the income and expenses.
You can buy your first rental property in 2021! Set the goal and make it happen!
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