May
5
Anyone Can Be A Real Estate Investor
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This facted has been around for along time, and that is, there have been more self made millionaires made as real estate investor then any other type of investing. Real estate investing is for everyone no matter what your age is, your personal finances, race, education, sex, color or sociable status is. As real estate investors we are all created equal, that’s not to say that some people don’t have more money and others are ahead when it comes to real estate education. But the truth of the matter is we can all succeed.
If your totally new to real estate investing consider signing up with one of the many investing clubs or investment property clubs that are in your area. You have to be able to think out side the box and work hard, set your goals, and don’t take setbacks to heart. Make no mistake there will be setbacks. Remember that life doesn’t move in a straight line, there will be many valleys and peakes So stay motivated and let nothing stand in your path to real estate investing success.
Your personal finances will obviously play a big part in which direction you will concentrate your efforts on. If you have a large savings you can withdraw money from your bank account to use for your real estate investments (goes without saying ) . If you have equity built up in your main house you may consider refinancing your mortgage and using the proceeds for investment purposes. You can go after 100% vendor financing in a vendor take-back mortgage, it happens quite often . One of the best ways to get started if you have no money is as a scout or bird dog. A bird dog is someone who locates property for other real estate investors using none of their own money for a fee, there is an angle for everyone to make money .
At this point in time there is an incredible opportunity to to generate a lot of cash investing in pre foreclosures and foreclosures in Canada and the United States with no money down. Once you have made the decision to get started, what’s next? You now need to develop the education and knowledge that you will need to be a success and get you headed down the path to real estate wealth.
Aug
5
Top 3 Reasons Why You Should Save At Least Six Month’s Salary!
Filed Under General, Overseas Property Investment, Saving Money, Savings Accounts | Leave a Comment
Here are my Top 3 Reasons Why You Should Save At Least Six Month’s Salary.
Reason Number 1:
If you are employed or self-employed, your job is at the mercy of somebody else. Don’t delude yourself into thinking that management would never have to or want to release you and let you go. Your job is not cast-iron safe and neither are you. You are just a figure, a statistic, to your employer. Yes… I know… your boss is the nicest person on earth and he/she would never make you redundant. GET REAL… they don’t or won’t necessarily have a choice! Their job might be on the line too. Save 6 months salary (net or after tax) and you give yourself a massive boost of self confidence knowing that you’re ready for redundancy should it strike you.
Reason Number Two:
Living hand to mouth, feast to famine, is not good for you or your family. You earn a ton of money, have a great month, quarter or year and then you go spend it all! You need to iron out the peaks and troughs in your financial life. When you are doing well, put some away for a rainy day. When you’re not doing so well, you can take some out to help you survive your (hopefully) temporary crisis. Big companies do this in relation to the dividends they pay out to shareholders each year. It’s a trick called “smoothing”. So what’s stopping you from doing the same? Nothing.
Reason Number 3:
Sometimes in life opportunities come along that you just can’t miss out on. You might have a chance to buy an asset at a knock down price, but only if you have the deposit or the whole amount in cash. Buy that great car from a neighbour at a knock down price, possibly 50% cheaper than you’d get it anywhere else. Or buy an investment property that will, after 6-7 years, make you financially free, for only 15,000 down (and you earn 6% on that cash whilst the property is being built!). A no brainer in my book. But do you know the sad truth? Most people will never be able to take advantage of these gifts because they don’t have any cash in the bank.
I’ve just decided to withdraw the cash from my ISA account (earning a paltry 1% or less) and invest it in an overseas off-plan investment property. The developer will pay me 6% whilst it’s being built, then help me get a 70% loan to value mortgage, pay me a 10% rent guarantee for the first two years following build and then share with me (50/50) the net room rate earned. I am very glad I saved hard to have this money available. I want the same for you too.
That’s why I have given you my Top 3 Reasons Why You Should Save At Least Six Month’s Salary.