“Money I make into Stock and Real Estate Bitch!”
-Christopher “Notorious B.I.G.” Wallace
You don’t need a million dollars to get a real estate investment and to begin making a living. In fact, it is real estate that could lead you to getting the million dollars. If you want to work your way into a residual or passive income from real estate, then following a few specific rules can help you make your investment into your fortune.
One of my mentors has a saying. He says “If you pass out people give you C.P.R., but if you look at your bank account and want to pass out you need L.P.R.” L.P.R. stands for Leverage, Passive, and Residual. That is a wealth building principle. Real estate gives you the chance to practice L.P.R.
If you are thinking of beginning a real estate investment, you can start by finding one property that only needs a little fixing and can be used for other purposes. There are several foreclosures and other types of programs, such as rent to own opportunities. This will give you the ability to make a small investment in order to get a large profit from what you make.
Any source will tell you that real estate will naturally build wealth over time. Right now people are scared of buying real estate but actually this is the best time to buy. There are plenty of deals out there and despite what you may see on your local news because of the state of the economy millionaires are being made through real estate as I write this.
When you begin your real estate business, you can begin making a residual or passive income. This allows you to make money simply by owning property in a variety of places without having to do the work that is involved with the property. Things such as rental properties can help you to put money in your pocket without you making an effort to go to work. And personally I am lazy and I like making money with little physical effort. I don’t use sweat equity, I believe in intellectual equity.
If you want a change in pace in your career, then you can begin by investing in a place and beginning to build income off of it. Real estate investment is a great way to begin putting income in your “hip national bank” without having to work long hours and labor at a job that does not offer as many benefits as the real estate business.
-JW