Saturday, 28 January 2017

Investing In Real Estate Doesn’t Have to Be Hard

A lot of times when you hear about people investing in real estate, your mind instantly jumps to those scenarios where they laid it all on the line to make property investment their only occupation and source of income. And for someone like you, who has a good paying job that you enjoy, can make investing in real estate seem almost pointless. Even if investing in real estate is something that interests you, why in the world would you give up a good comfortable position in order to “put it all out on the line”, just to maybe have some success in 5 to 10 years? Well, the answer, there really isn't a reason to. However, you're also making the assumption that you have to lay it all out on the line. But, you really don't have to. In fact, investing in realestate doesn't have to be hard, stressful, or even a full-time occupation. It really can just be a hobby.

Even investing in something like multifamily properties, a.k.a. apartment complexes can still be a hobby. If you find a good deal, and use tools like multifamily leasing technology to your advantage, you can build a nice little nest egg while maintaining your current life style. Yes, this may seem far-fetched, because after all so much time and effort goes into maintaining these types of properties. But, there are ways around this. For instance, when you buy a property, you don't have to manage it yourself. By hiring a property manager you can eliminate the burden of having to run and maintain your complex. Yes, you'll have to pay your property managed to do it, but it’ll be worth it in the end because you will be freeing up your time to focus on your main source of income, while still bringing income from the side. You may not be bringing it in as quickly as you would maintaining the property yourself, but when you do real estate as a hobby this becomes a little less important.

The other thing to keep in mind when considering real estate investment as a hobby is that you don't need a ton it. Unlike real estate tycoons who've made their millions by purchasing large amounts of real estate. You can fulfill your real estate passions with just a handful of properties. In fact, even just having one or two can help you move towards more financial freedom, without it becoming overbearing.

Now with all this being said, when investing in real estate there are certain things you still need to do. For instance, you'll need to keep up with market trends, understand how to reasonably predict cash flow, manage money, and build those tenant and property manager relationships. When you first start out, you may need to do a little extra legwork in order to set yourself up to become more hands off down the road. These first initial steps might require you to fix up your first purchase, invest in advertising, utilize tools like multifamily leasing technology, and interview prospective tenants. While these things are necessary, in reality they aren't difficult, nor do they require a ton of your time.

So, if you have an interest in real estate investment, but always figured you are comfortable with where you are. Maybe now is the time to step outside your comfort zone just a little, and invest in your first property. Just keep in mind that this doesn't have to become in all-out endeavor, and instead can be a good opportunity to help build your retirement portfolio for your future.

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