Podcasting Your Way to Success in Real Estate. Article by Kim Tucker It’s a brand-new year and a time when we are all excited about change. For those of us in real estate it’s all about Finding our Why, our reason for investing in real estate. Setting Goals that are Specific, Measurable, Achievable, Realistic and Timely. Then working those goals backwards to set up an Action Plan so you can get in there and Grind them out. All great key words that all the selfhelp gurus out there will explain and outline. But let’s take a step back and ask . . . if Real Estate Investing is going to be your Vehicle to reach your goals in 2019 and beyond do you know (1) what is the best way to invest to reach your goals and (2) where to get the education you need and (3) what are the action steps you need to take or outsource to get where you need to go. Let’s tackle these three questions individually. What is the Best Way to Invest to Reach Your Goals?
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When you sit down and examine your “Why” you want to invest, this why will probably connect in some way to money. You want to pay off debt. You want to save up money for the kid’s college or for retirement or heck to pay off your own college. You want an alternative income stream to replace your job. Am I even close here? Then it comes down to two basic ways of investing that either focus on building up chunks of cash or building up residual income. If you want to go the chunks of cash route, you will probably want to look at wholesaling or rehabbing to resell as flipping generates big chunks of cash. Some methods of wholesaling don’t even require you to buy anything or have any cash to invest if you assign the contract. And for our team, in 20 years in this business flipping houses wholesale AND renovating them to resell, 90% of the time we use NONE of our own funds. If you want to go the residual income route, you are probably looking at buying rental property or investing in
notes, both of which can also be done with little to no money. Take a look at what Chris McClatchey is teaching at MAREI in January, he buys small multi units with none of his own cash in the deal and no bank loans. If you want to go the hands-off route for chunks of cash or return on investment and have access to cash, but not a lot of time to invest, you might want to learn some basics and then lend your funds for a return on your money. This is where my IRA and 401k are at, they don’t have a lot of time to do anything, but they can lend to a very experienced investor and earn a 10% plus return. I would suggest a new investor spend some time with free or very cheap resources researching the basics of the different ways to invest. You can hit up the internet for videos and podcasts where this investor or that investor explains what it is they do and basically how it works. You can also attend MAREI meetings to see the guest speakers do in their own investing business.
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