This one requires building a foundation well before you leave home. Most importantly, you need excellent credit (700+ FICO) to attempt this on-the-go job. The recent crumbling economy requires this and you won't get a loan without a 700+ FICO. Guaranteed. You have to get the cash flow going and work on a system that will allow you to operate remotely and efficiently. (More on this later in a future post). I like real estate investing because it is almost completely passive once you get it going.
The Time Is Now
With a huge supply of foreclosures on the market, you're bound to find some excellent deals in a very short time. Lower price = higher cash flow. No kidding, right? Just stating the obvious...
If your credit is top-notch (720 FICO+) you will have an even easier time getting started using OPM (other people's money). Credit requirements are increasingly tight as the days go by, it seems. The days of no-doc loans have passed.
If you need ideas on getting your credit report cleaned up or completely repaired because of past mistakes (bankruptcies, foreclosures, repossessions, charge-offs, tax liens, or anything else) visit my other blog by clicking here. My husband and I have an inspiring story to share with you, so take a visit to our blog if you feel up to it.
Dolf de Roos
I own his real estate investment series and I listen to it on my iPod all the time. I think I originally purchased the series on CD at Costco, but you can probably get it on eBay or Amazon as well.
Anyway, the point is... This series got me motivated and more knowledgeable about real estate investing. Some of the techniques might be a bit outdated since he made the CDs in the early 2ooo's (2001 or 2002 maybe?), but most of his ideas are fundamental and will never become obsolete. The best comparison I can think of is Dale Carnegie's book How to Win Friends and Influence People. That book will always be a classic and will always hold true. I think much of the same is true about Dolf's teachings.
Also, I highly recommend his software program if you need help deciding whether a property is potentially profitable or not. There is no other software on the market that is as effective and straightforward as Dolf's - it's like having an unbiased advisor at your fingertips anytime you need it. You'll quickly make back the money you invest in the software with all of the profitable deals you find because of it. There are plenty out there at the moment, so why not get started? It's not cheap, but on the other hand, it's not expensive considering how helpful and reliable it is. Serious real estate investors use this software and in case you were wondering - yes, it is how they have the edge over the average investor. They immediately know which deals are great and which are mediocre. They pass on the mediocre deals and leave those for the average Joe. REAP truly is a great tool for any real estate investor. Click the link below if you'd like to download Dolf's real estate acquisition software.
In summary, real estate investing is not for everyone. It is, however, in my opinion one of the most efficient and financially rewarding as well as versatile options for people on-the-go. If you own, for example, 25 rental properties at $200 USD cash flow per month per property, that's $60,000 of passive income each year - more than enough to travel in Europe!
I know what you're thinking... Obviously, getting ahold of the cash or OPM to purchase those 25 properties takes time and creativity, but once you've got them you're in excellent shape.
Preparation is the key. I never once said traveling and having the money to do it is easy. On the other hand, though, it isn't hard. You're smart - you'll figure it out! :)
"The real voyage of discovery consists not in seeing new landscapes, but in having new eyes." -Marcel Prous
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