If you own a home that you are able to rent, it is a great way to earn an extra income or an extra way to start saving money. Single-family rentals are booming in the United States and continually are growing in demand as more people are choosing to rent rather than own due to it being more affordable and flexible.
While real estate can be a lucrative investment, managing tenants, repairs, and related issues can be challenging. This is especially true for owners who live in another location or have full-time jobs beyond their real estate investments.
When I talk to a new real estate investor or someone who wants to be a real estate investor, they tend to be completely overwhelmed by all the resources that are out there. There are dozens and dozens of podcasts, thousands of books, and a lot of people who want to give you advice. It’s not easy to navigate at first.
Understand: both own real estate—it’s four walls and a roof. However, that is where the similarities end and the differences begin. It’s the way the business is running inside those four walls and roof that really makes the difference.
Now you have an investment property the next step is to find someone to take over its management. Do your research and list questions you want to ask when interviewing prospective property management companies. Short list a few companies that interest you.
Not everyone wants to invest in their own properties that they can see and touch or drive by on a regular basis. Whether they are local properties or not, many investors simply desire a more passive investment.
It's great to have big goals but if they're too big, too unrealistic, and too far away, they may prevent you from taking action NOW.
No two investors think alike, and that’s okay because the diversity of mindsets is what makes the real estate industry progress. But to get ahead of the drive, knowing our own identity as an investor has a key role in defining how you do business. It’s only when we recognize our own strengths that we begin to make the best possible decisions with lasting impacts.
Personal growth depends on not only physical exercise, but on mental exercise too. 20 books for 2020. Here are my choices, sorted by themes..
