Your secret to real estate investing success is having a well thought out business plan. For many investors, it's about creating a passive and massive income stream. It's about taking control of your financial future. You may not become fully independently wealthy but you can have a secure retirement with multiple checks coming in every month from properties that you own outright.
Now is your opportunity to create that passive income stream that will take care of you now and into your retirement years. Today's real estate marketplace creates the best, once in a lifetime, opportunity to accomplish exactly that.
Today is a great time to be in the real estate investment business. Investment opportunities abound. It's a good time to flip houses or become a landlord or to flip vacant land to builders. It's the ideal time for your investment business to prosper in many different ways.
Think big. Your strategy might be owning several single-family houses. However, you'll make a much larger passive income owning duplexes, triplexes, and other multifamily properties, including small to medium apartment buildings.
Thinking about becoming a landlord might bring up fears of dealing with tenants. The broken furnace in the middle of a winter night phone call. That's not exactly passive income. Today's real estate investment oportunities have changed that.
You do need to have a business plan exclusive to your market. Overall, rents continue going up and up and up. Combine that by finding distressed low purchase prices and you have a formula for success. Now is the perfect time to be the owner of rental properties but not be the landlord.
Your business plan needs to consider hiring a professional property management company to take those late night phone calls and handle the day-to-day operations of your rental business. The typical management company charges between 6% and 10% of the rent. Interview several companies to find the one that best matches your needs. Fully understand their pricing schedule so that you can incorporate it into your due diligence when considering your next real estate investment purchase. You only want to buy properties with positive cash flow when a management company is factored in.
It doesn't get any better than this. Plan for your long-term financial success by taking advantage of what the real estate market is offering today. Build your passive income by investing in property management run rentals to create a massive income that will last a lifetime.
Today's market is exciting. The flipping market is opening up more and more. The landlord market is hot. And most recently, the vacant land market is showing traction for the first time in years. Vacant land is particularly attractive to beginning investors because these cost much less than properties with a building on it. However, beginning investors need reserve funds to cover costs until the vacant land is able to produce income.
Be ambitious. Become a landlord. U.S. Census Bureau statistics show that homeownership is at the lowest level since 1996. Adding to the landlord advantage is that depending on the source you consult, next years rents are expected to increase between four and six percent. The aggressive investor will let renters make the monthly mortgage payments while gaining the appreciated value and pocketing a monthly rent profit.
If you're still sitting on the real estate investment sidelines, you're missing out on the opportunity of a lifetime. Almost everyone's favorite investment strategy is making healthy profits right now.
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Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for seven years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest. In the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.