Many people who were once considering real estate investing for the purpose of personal wealth building are now afraid to mess with it, at least until the economy recovers. However, is it really a good idea to wait or are there still plenty of opportunities for personal wealth building by investing in properties?
Believe it or not, now is as good a time as any to invest in properties, it’s simply a matter of how you go about it…
Why Real Estate Investing Will Always be Safe
People will always be buying houses…at least as long as we remain a civilized species that lives in houses. I suppose that if we went back to being hunter gatherers that the real estate market might suffer, but I wouldn’t bank on that happening any time soon. Nope, as long as people are living in houses, real estate will be one of the most practical and effective strategies for increasing your cash flow or for your wealth building.
This is not to mention that even if you end up with a house that you can’t sell (without taking a huge loss that is), you can still use that property for creating a monthly cash flow by renting it out. Then you simply collect that cash until the market recovers and the opportunity to sell it returns. The great thing about real estate investing is that it can never go to zero and that it can NEVER become completely profitless.
However, you CAN fall flat on your face with investing if you don’t know what you’re doing. This is why there are a few things you need to do if you want to succeed…
Neutralizing Your Risk in Real Estate Investing
Anyone who is interested in property for increasing personal cash flow or for personal wealth building needs to do three things to get started:
• Get a mentor
Just get one, never mind the money you might invest in it. The money that you’ll save in learning by the “school of hard knocks” will be well worth it…and then some.
• Prepare your credit
Unless you plan on paying with cash for everything, your credit will be one of your most important tools for real estate investing. So before getting started, check your credit report (not just the beacon score) and do what you can to get anything removed which might cause doubt for a lender.
• Get control of your finances
If you don’t yet have control of your cash flow in regard to your current income and expenses, real estate investing is not a good idea…or any new financial endeavor for that matter. Use the four bucket financial system approach to get your spending in priority, then you’ll be much better prepared to execute your investment program.
These three things will help you get started with one of the safest and most practical strategies for personal wealth building.
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