We felt swindled. We’d spent nearly $20,000 on several instructional programs, on a mentor for our real estate investments, and to incorporate. Despite all of that, my husband and I found ourselves in court trying to defend fire code violation charges for a six-unit property we’d purchased.
Thanks to real estate investing, I no longer have to work full-time. If I want to go hiking in the mountains with my dog in the middle of the day, I can. If my husband and I want to pop up to Whistler to ski, we do it mid-week to avoid the crowds.
Owning and managing rental properties can be very profitable. (From just two rental properties, my husband and I make $1,200/month in positive cash flow.) As a rental property owner, you may find yourself dealing one-on-one with tenants. Make sure you handle these encounters as business transactions, and don’t let your emotions - or your desire to fill a unit - prevent you from making sound business choices.
Think now isn’t a good time to get into the real estate game? Think again. We’re seeing a fusion of factors that are creating once-in-a-lifetime opportunities for potential investors.
You might think that the best way to sell your house in a slumping market is to price it low and then just get it listed on every website you can. But you may find, like many of my neighbors have, that is not enough.
The housing market is mired in a slump that shows no signs of letting up. Home values continue their slide. Foreclosures are at a record-setting pace. So why am I bullish on homebuilders?
In Stephen Covey’s best-selling book The 7 Habits of Highly Effective People, he recommends that you “begin with the end in mind.” And the same goes for real estate investments. It doesn’t matter if you plan to live in the property, rent it out, or renovate and flip it… before you buy, envision yourself selling it.
"Something is worth precisely what someone else is willing to pay for it." So said a stock-market analyst to me one fine bull-market day many moons ago.
A statement like that can seem profound, but it’s useless. Yet it is the mantra of many investors in all fields. In bull markets, the sellers say it. In bear markets, the buyers say it. But it is about as helpful as saying, "Wherever the sun shines, there it is daytime." So what?
“I can understand the prices of oil, precious metals, food, etc. going up when the dollar is devalued - but how does that reconcile with housing and stock prices going down?”
Real estate can be your ticket to massive wealth, an early and fruitful retirement - even financial independence for the rest of your life. I've made millions by investing in real estate. But, as with any new venture, getting started can be tricky.
By Julie Broad | Tue, Mar 10, 2009
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