rental properties
Have you ever stopped to think about who owns all the downtown buildings? Or how about all those apartment complexes you see everywhere? When you see a "For Rent" Sign on a house do you wonder how many more rental houses that guy owns?
Well, the point to these questions is to say that you can be one of the millions of people that own rental rental properties too! That actually comes as a surprise to some people and that is why the title above says KNOW that you can do it too! You can and you should. Let me repeat that. You can and you should.
There are plenty of excuses people use to say; "well, I can't do that" and as the saying goes - "You either can or you can't, either way you are right!" Here's what I want you to do. Just below write out the first few "I can't" reasons. I'll even get you started...
What if you could turn it around so there were no excuses, no more "I can't"? Wouldn't that allow you to achieve your goal of financial freedom? Wouldn't that allow you to create the result of buying properties below market value so you could make money time after time?
What we intend to do is what we will ultimately get. The more clear the intention, the better chance we will do the things necessary to get it. For instance, if you say; "I want to invest in rental properties ", that intention is very vague and not easily acted upon. However if you can describe what kind of real estate you want it becomes much clearer and much more likely to happen.
As an example, if you say; "I want to own a rental duplex in the hospital district with each side being 3 bedrooms and 2 baths and it needs to cash flow at least $150 per side and I don't want to pay more than $10,000 down and would love owner financing", you are much more likely to find what you are looking for.
Is it easier to believe that you can own a duplex in the hospital district or that someday you want to be rich? Your mind will help you be successful if you truly believe and articulate what you want in detail.
#2 Begin with the end in mind
In Stephen Covey's book "The Seven Habits of Highly Effective People", habit number one is "Be Proactive". You're being proactive just by reading this article. You're taking action. Habit number 2 is "Begin with the end in mind". Set a goal. Know what you want and plan how to get there.
So many would be investors don't have a road map to where they want to end up so they don't end up anywhere. THIS IS A CRITICAL STEP!!
There is a major difference between investing in real estate and being a real estate investor. By inheriting a property or buying a house that pays you $2 per month, you are an owner of an investment property. (Many people actually loose money each month because they didn't buy right but that is another story). Technically, they are invested in real estate.
Tag : rental properties
