I think a successful real estate investing strategy depends on the person, what their goals are, how much capital they have to bring to the table and the market they live in. Sure, you CAN invest anywhere in the country, but, to me, it’s better (if you have never done this before) to stick with your local market.
I was very lucky, because the model I use works perfectly for my area, even though it might not work in others. I invest in properties to create passive income and capture equity. I focus on homes in foreclosure and multi-family units (duplexes, apartments, etc.)
First, you have to realize that starting out in real estate investing is not a “get rich quick” kind of thing. Investing can take work and a ton of research on your own. Or, you could join a reputable real estate investing group that can help you along the way.
I mentioned before that I had looked at filling, but is just was not for me. It took too much capital to start and was too much of a risk in my eyes. I am not saying you can’t be highly successful when doing property flips, but since I am all about the numbers, I chose buying rental properties.
I had a great job, a bunch of money in my 401K, but very little liquid cash to work with. I only had about $20,000 in the bank, so when presented with the capital needed to start flipping homes, I felt it was just not in my best interests.
I know you see the “Attend our seminar where we teach you how to use other people’s money to invest” commercials. Blah, blah, blah, yadda yadda. It’s not exactly like that.
Since I didn’t have the tens of thousands of dollars to attend this seminar, nor the time to look for investment partners, I had to find a way to invest with my limited funds.
And I did.
I joined Lifestyles Unlimited, where I got a map that would help me reach all of my active and passive income goals for now, and for later.
My goal was to have one million dollars’ worth of real estate assets by the end of 2014.
I didn’t quite make it, but it won’t take me much longer to get there!
I have not yet set a goal for 2015, but I would hope to triple my 2014 goal.
If these kind of numbers interest you, keep reading my blog! Like us on Facebook and try to tolerate Ms. Lowball. I know. It’s hard.
Adios, for now,
Your Friendly Neighborhood Smartass
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