I am sure I heard a resounding “yes” to this question. I don’t like dreamers much but what I do LOVE are people who have dreams. When I was in my early 30’s I started a small garage shop operation that grew into a $1.8 million dollar a year business. I thought that business was going to be my ticket to financial freedom. What I found interesting at the time was that every book that I read about this subject suggested that the rich got rich from investing in real estate.
I thought it was going to be really hard and create a lot of stress on my time, people and pocket book. What I found was quite for opposite for me. Because I already had the systems in place for my core business it didn’t take much for the people that worked for me to add a small added layer of bookkeeping, rent collection, fending calls from residents, calling sub-contractors to do repairs,…………
It was so easy that I decided to create a vision with milestones and outcomes to build a $1,000,000 portfolio within 2 years. I enrolled my real estate agent to take me out shopping once a month to buy an investment property. He knew my criteria and interest in only obtaining property that I could buy for at least 40% of retail. The property also needed to net no less than a 10% return on my money.
My first 8 properties were duplexes that made a lot of sense to me as I liked that if one unit was unrented the other unit would carry most of the costs. I was right and this type of investment served me well. Within 5 years these properties also doubled in value.
I am grateful that I listened to the advice of many successful business advisors way back when I read book after book. They were right that the way to financial freedom was not from my core business although that gave me and others a very comfortable life style which is different from being financially free.
I kept plugging along year after year adding 3-4 new investments. These investments are the reason I was able to retire at the age of 45 with a six-figure income steadily coming in without much and in some cases no effort on my part.
It is not as hard as you might think to own and manage properties especially if you already have systems in place for your core business. Think about creating a vision with clear and defined milestones about starting your real estate investment portfolio today.