Building a strong professional real estate team will take time and effort but I highly recommend getting it done before buying your first rental property. Whether you plan to invest your first rental in your hometown or in other region, you still want to have all these professional team players in your rolodex.
The wealthiest real estate investors realize it’s a team effort.
Below are the must have real estate team:
1. Real Estate agents; specialized in bank owned properties (REO or distress…
Privаtе Mоnеу Lеndеr
A рrivаtе mоnеу lеndеr lоаnѕ оut thоuѕаndѕ аll thе wау uр tо milliоnѕ оf dоllаrѕ еvеrу уеаr tо bоth рubliс аnd рrivаtе, individuаlѕ аnd buѕinеѕѕеѕ. Thеу hаvе nо соnnесtiоnѕ tо thе gоvеrnmеnt in thеir lеnding рrасtiсеѕ аnd аrе frее frоm thе роlitiсѕ оf lаrgе lеnding inѕtitutiоnѕ. Thеу lеnd fоr mаnу рurроѕеѕ frоm ѕtudеnt lоаnѕ tо ѕmаll buѕinеѕѕ lоаnѕ. Bесоming a mоnеу lеndеr dоеѕ rеԛuirе ѕоmе trаining аnd, in ѕоmе саѕеѕ, liсеnѕing. But it саn bе a rеwаrding buѕinеѕѕ fоr аn in…
Private Money Lenders are a another great source to fund your investing projects.
Rеаl еѕtаtе invеѕting rеԛuirеѕ fаѕt аvаilаblе mоnеу. If уоu аrе wоrking hаrd, аnd hаvе mаnу dеаlѕ undеrwау, уоu mау ԛuiсklу find уоurѕеlf running intо a vеrу соmmоn finаnсing рrоblеm fоr invеѕtоrѕ, thе finаnсе wаll. Yоu hаvе hit thе mаximum аmоunt оf lоаnѕ аnd dеbt уоur bаnk iѕ willing tо dеаl with уоu оn. Othеr mоrtgаgе соmраniеѕ аrе ѕhуing аwау frоm thе dеаlѕ, duе tо уоur роrtfоliо, аnd аmоunt оf lоаnѕ. Yоu mау …
I usually spend a lot of time doing my own research to select a right real estate market. I like to diversify my real estate portfolio and make sure that I have all the information that is crucial for me to make informed decisions.
Whether it is in our hometown or out of state, below are the main KEYS I look at:
3. Economic Growth
4. Population growth
5. Local Industries
6. Average property price in the location in question
7. High percentage of renters vs. home owner
Where are you now with your financial goals?
When do you plan to retire? 40? 50? 60 years old?
How long do you plan to work if money is not a constraint?
If you’re sick now, do you have enough money to support you and your family for at least 1 year?
These are big questions that I asked myself when I was in college even when I barely broke even in my saving account after paying for my monthly expenses by working two jobs, but I had a big dream to become financially independent before I turn 40. T…
Some real estate investors will manage their properties. Some truly enjoy the task of maintaining the property and working with tenants, and for others, the rental is located in their hometown, and it’s simply convenient. I managed my first rental myself for six months, but I discovered that my time was more valuable to focus on my mortgage company. I hired a property management company at the typical 7-12% range and haven't looked back. Now I could better leverage my time and strength in ac…
Time with Family
In my corporate career and while running my mortgage business, I traded my time for money. I sacrificed time that belonged to my family and me to my paycheck. In my mortgage business, I found the more time I put in the business, the more income that I made. As soon as I stopped working, I stopped generating income. I closed over $150 million in residential mortgages but worked 12-14 hour days. I had discovered financial success but wasn’t leading a balanced life.
If my journey speaks to you, you have the entrepreneurial spirit. The true entrepreneur is bold and hungry for success. I became the entrepreneur I am today through successes and failures and trial and error. I do not believe in get-rich-quick schemes. If you harness your entrepreneurial spirit to learn your business you can reach your full potential. Just be prepared that the first few years will be the hardest. Preservice, persistence, focus and commitment will pull you thorough. Everyth…
Travel the World
My Instagram account tells a story of a woman who loves to travel and explore with her family. My life hasn’t always lived up to this dream.
When I worked in the corporate world, I was always tied to someone else’s schedule. My corporate job controlled how much time and energy I could give to my passion for travel. I had professional success but was limited by a corporate policy of 2-weeks of vacation per year.
When I founded my own mortgage business, I began trading my ti…
Finding the Right Tenants
Whether you choose to manage your rental property or have a professional property management service, choosing the right tenant is a crucial element of any successful project. The rent from your properties as well as occupancy rate will make or break the financial success of your project. If you chose the wrong tenants, you could face problems such as late rent and property damage.
Here are the three critical steps for you on how to select a good tenant for your ren…