How to Buy a Rental Without a Lot of Money
Your financial future can be scary to think about. Retirement is slipping further and further away, and salaries aren’t rising as quickly as the general cost of living. So what can you do to set yourself up for success? Simple – Start investing in Real Estate and buy a rental property.
… Okay, so maybe not that simple, but it’s probably easier than you think. In this article I am going to show you how I can help you build your way to financial success.
Keep in mind, this is not something that everyone will be able to achieve right now. For some of you, it could take a couple of months. For others, years. But if you set a plan and stick to it, it will happen.
If you are saying to yourself that you can’t do this, this isn’t for you, you’re only holding yourself back. Give this a read and think about it.
Trading Time for Money
In this article, Tony Robbins tells us “If you work for a living, you’re trading your time for money”, “This is about the worst trade you will ever make, because you will never get more time.” And that “It’s not about how much you earn, it’s about how much you keep”.
He’s right, every day that you go to work, you lose the most valuable, irreplaceable resource you will ever have, for cash that doesn’t come close to being worth that. But we get trapped in a cycle of needing to return for more money to survive, sucking up all of our hours anyway.
But how can you fix that? We can’t just quit our jobs.
This isn’t about quitting your job and getting rich quick. Investing in real estate is about building a continuous cash flow that allows you to make more investments. Effectively sending your money to work for you, while you save your hours.
Getting Started – Real Estate Investing
I loved playing Monopoly as a kid. It was the best! My strategy every time was to buy the two places right next to GO. It took a while for the timing to be right. And they didn’t pay off big for a while, but I did get everyone else’s $200 when they passed go almost every time. That right there funded my bigger hotels later in the game – even as a kid, I knew the long always game won!
If you’re like most people, you don’t have a lot of free cash flow, and real estate investing is an idea to help change your situation. There are ways to do this, but it’s about playing the long game, just like above.
One of the smartest ways to do this is to purchase a property currently in your budget and grow your equity as quickly as possible. If you pay your mortgage regularly, with maybe an extra payment a year, this should be no problem for you, especially with the current market in Denver.
As your loan comes down, the amount you can borrow against the home comes up. So the plan is to use the equity for a loan to buy a new home to move into and rent out the old one. Really simple, but it can take some time and effort!
Net More Profit, Net More Life, Net More You
“How would I have time to take care of tenants and a rental property? I wouldn’t know where to begin!”
The bonus is that when you work with me, it becomes substantially easier. Being both, a REALTOR and Property Manager, I can take care of the purchase of your home, help you get into the right kind of a loan and through the transaction to buy your second, and then manage your rental for you. Taking almost all of it off your plate, and allowing you to Net More You!
I actually happen to specialize in these transactions, with the help of my friend and Loan Adviser, Brandon Wilkinson.
Are you ready to Net More You?
Use one of the buttons on this page to contact me and get a Free Analysis!