If you?re worried about cash flow (and who isn?t these days?), you?ll want to invest in income producing properties.? This is your secret weapon to generate the most amount of cash in the least amount of time even if you have very little money or credit.
This is exactly what I would do if I was starting over today.
Based on my 30 years of experience, this is what works. And there?s no better time than right now. This is a boom time for real estate investing. In fact, I never invested in appreciating markets like we saw several years ago. I always invested in depreciating or flat markets like we see today, but interest rates then were between 8% and 12%. Today, they?re 5%. It?s actually cheaper to get started today; and that?s one of the reasons why this is a boom time for investing.
Using the same investing methods I?m about to share with you, I achieved financial independence in only 3 years. You can too.
Forget about making millions of dollars right away. That?s not realistic. I bet you haven?t heard too many real estate investing gurus tell you that! I believe in being honest and upfront with you so you can count on me to be straight. Promising you millions of dollars in the next few months doesn?t ordinarily happen. The first thing you want to focus on is achieving financial independence. The millions will come later.
What do I mean by financial independence? It?s the ability to earn enough money that you no longer need a full-time job to support yourself and your family. For me, I was able to achieve financial independence at 23 years old. I was able to quit my $6/hour factory job because I had as many as 5 properties making me $5,000 a month.
For instance, if you have a duplex and each side rents for $1,000 for a total of $2,000 every month, and it costs you $1,200 per month in expenses, you?ll have $800 in positive cash flow. If you have 4 or 5 of those types of properties, you can generate $3,200 ? $4,000 a month in cash flow.
Here?s the question you should ask yourself: How do I get $3,000 ? $5,000 coming in every month as positive cash flow so I don?t have to work a full-time job?
Now, $5,000 a month may not be all that you want to earn for the rest of your life. But, I would bet if 80% of investors earned this amount of money and they cut back on their expenses they could quit their full-time jobs. So getting started is not difficult.
It?s simply a matter of finding income producing properties such as duplexes and triplexes that you can rent and produce a positive cash flow. Once you have 4 or 5 properties like these and your expenses are covered you can think about making more money.
Unfortunately, right now, you?re probably so busy with your job that you don?t even have time to think about how to earn the money you?ve always desired.
First things first. Begin by investing in income producing properties, such as duplexes, triplexes and 4-unit buildings so you can create enough positive cash flow that will give you financial independence.
Yours in Success,
Russ Whitney
Source: http://www.reiclub.com/realestateblog/income-producing-properties-secret-weapon-cashflow/
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