We all want to be successful. Just about all of us want to be making more money and spending more time with our families. To be successful with anything, not just real estate investing, you need to have goals and you have to have a plan. Without this plan you would end up going in multiple directions and getting nothing done at all. Then a year later, you are still wishing you were making more money and spending more time with your family.
Having an investment plan gives you structure and it will take you step by step on your journey to reaching your goals. You have no worries and you are not unsure of what to do next because you have a plan to keep you on track.
Treat real estate investing as a new business. Basically you will be creating a business plan. You should include short term goals, say within a year, and long term goals, or things you want to accomplish throughout your career.
I like doing this because is can see on paper how I am doing. With this plan you want to include how much cash you have and need. Basically, your plan would also serve as your financial advisor. You want it to tell you how much money you will potentially have, how much you actually have, as well as payments you will have to make. The more detailed this plan is, the better.
Monday
No Money Down Real Estate Investing
Investing in property with no money down.
The above phrase has become very popular over the last decade. You have people like Carleton Sheets claiming that anyone can make lots of money investing in real estate with no money down. You know what? You can do it. The problem is that these deals can be harder to find than most infomercial kings lead you to believe. This is the ultimate leveraged deal when you can find it. I have mentioned before how attractive leverage is to property investors.
Often times the best places to find these no money down or low down payment deals come from owners willing to finance investment property themselves. Owner financing is great for anyone that does not have a lot of money for down payment or less than perfect credit. Usually the owner will be willing to negotiate also.
Sometimes owners of investment real estate decide they want to get out of the business or that they don’t like it after they made the decision to invest in the property.
Sometimes investors want to leave town or they already reside out of town and they don’t want to wait for someone to get financing. By no money down real estate deals, owners can give their hassles to someone else and sit back and collect some money each month.
No money down deals give you a great return on your investment since your investment is minimal. Sometimes the owner will have an assumable mortgage that the beginning investor can take over. Why is this good for an investor? If you are familiar with loans, especially big ones, the first several years you are paying lots of interest and miniscule principal. As the years go on, the more the principal is paid down, so a new property investor could potentially assume a loan and immediately pay down a large amount on the principal, which ultimately allows the investor to pay off the property much faster.
Combine this with increasing your rent amounts by a small amount every year or so and you pay off the loan much, much quicker.
Just think about the amount of money you would be getting each month if you don’t have a mortgage on your properties.
The above phrase has become very popular over the last decade. You have people like Carleton Sheets claiming that anyone can make lots of money investing in real estate with no money down. You know what? You can do it. The problem is that these deals can be harder to find than most infomercial kings lead you to believe. This is the ultimate leveraged deal when you can find it. I have mentioned before how attractive leverage is to property investors.
Often times the best places to find these no money down or low down payment deals come from owners willing to finance investment property themselves. Owner financing is great for anyone that does not have a lot of money for down payment or less than perfect credit. Usually the owner will be willing to negotiate also.
Sometimes owners of investment real estate decide they want to get out of the business or that they don’t like it after they made the decision to invest in the property.
Sometimes investors want to leave town or they already reside out of town and they don’t want to wait for someone to get financing. By no money down real estate deals, owners can give their hassles to someone else and sit back and collect some money each month.
No money down deals give you a great return on your investment since your investment is minimal. Sometimes the owner will have an assumable mortgage that the beginning investor can take over. Why is this good for an investor? If you are familiar with loans, especially big ones, the first several years you are paying lots of interest and miniscule principal. As the years go on, the more the principal is paid down, so a new property investor could potentially assume a loan and immediately pay down a large amount on the principal, which ultimately allows the investor to pay off the property much faster.
Combine this with increasing your rent amounts by a small amount every year or so and you pay off the loan much, much quicker.
Just think about the amount of money you would be getting each month if you don’t have a mortgage on your properties.
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