Disclaimer: I am not, nor do I tell anyone that I am a real estate expert. I am not even in the industry. However, in the short time I have been trying to invest in real estate, I can tell you that I have a lot more brain cells than many of the so called “expert” agents in this market. The things I have seen so far have made me laugh, cringe and royally pissed me off. Wrong addresses, bad listings and just lazy ass agents. So my goal is to weed through the BS and offer my experience and shortfalls on my journey. So fasten your seatbelt, this will be a bumpy ride.
Why am I doing this?
I have been looking for a way to get out of the traditional 40-40-40 model that has been shoved down our throats since I was nothing more than a twinkle in my dad’s eye. What is the 40-40-40 model? Work 40 hours a week for 40 years and receive 40 percent of your pay when you retire. Why in the hell would any sensible person really sign up for that load of crapola?
What I am, and What I’m not
Over the years, I have tried many different business ideas -- mostly MLM’s – only to find out that I am not really that good at it. I have been interested in real estate for some time, however. For awhile, I looked at flipping houses but realized that was really not for me. Then, I was introduced to a plan (and roadmap) given to me my mentor who outlined a real NO brainer approach. What is it, you ask? Acquire properties below market value and earn passive income by renting them out.
Now I know many people will say: “Renters???”
I know what you are thinking. You are thinking with all that is holy in the world, why would I want to deal with renters and/or property management. Well the roadmap given to me is designed to help me iron out these issues. Basically, if I follow the way to OZ and stay out of my own way, I will be fine.
From Now Until Later
Right now, I am very early in the process. I will be closing on my first property this week and will start rehabbing the property shortly thereafter. If all goes well, I will have my first renter in within 30 days. In the meantime, I will be working on obtaining my next property. The goal is to have at least 10 properties by the end of the year. With 10 properties generating 300 dollars a month, that is 43k of passive income each year. So, let me ask you: Still like that 40-40-40 model?? What’s more is that every dime of this strategy is 100 percent TAX deductible! “Exqueeze me Baking Powder!!”
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