Investing in Real Estate – Passive Income and Financial Freedom in 8 Steps | David Fantin

The New Year is a great time to implement improvements in your life. Follow these eight simple steps to make and keep a New Year’s resolution to have passive income through real estate investing.

Step 1: Make up your mind to have passive income NOW!

Do you feel enough pain about your financial situation? (Life parallel: the drug addict who must hit rock bottom before he decides to make a change in his life and quit drugs)

If you continue to do what you’re doing, you’ll get the same results… Most folks trade time for money. If they stop working, what happens? No money comes in…having a stream of passive income keeps coming in, even if you’re out of work, out of town or on vacation.

Doe putting money in your 401K and your IRA give you passive income at your disposal? No….we teach our members to make passive streams of income through investing in homes and apartment buildings.

Step 2: Get Educated

An organization such as Lifestyles Unlimited® gives you the right map; why reinvent the wheel? We have hundreds of hours of education both live and recorded on the internet on how to run find, evaluate, negotiate, purchase, finance and close a property.

Some of our members go on educational Friday road trips and view apartment complexes owned by our members. This allows for “hands-on” learning and full transparent look into the owner’s business. We also go on single family road trips where our members achieve the same great results.

Step 3: Have a Mentor

Find a mentor. Model yourself around that person or persons who walk the walk. It’s the quickest path to achieving what you want. At Lifestyles we have many successful mentors in single family and multi-family investing. We have hundreds of members who also teach and help other members.

Step 4: Make a plan.

If you fail to plan you plan to fail

You should have a written plan of how you will attack and get yourself an apartment complex or rent house. Your plan should consider the following:

Who is on your real estate team- your lifestyles real estate broker, your mortgage broker, your accountant, your attorney, your inspectors, and all the various contractors and vendors your need to rehab and run your business.

Network with others who can help you, such as fellow real estate investors at Lifestyles.

Decide what you want to buy- location, unit size, what part of town, how much rehab you thing you may want to take on

Do you want to buy your own apartment complex or partner?
How about rent houses?
Get pre-qualified and know your lender- your lender is your friend
Have your sources of funds ready; you may need a down payment and funds for closing rehab, etc.

Step 5: Execute your plan

A plan without taking action is useless…you have to grab your bat, grab your helmet, get in the batters box and start swinging!!!!

Step 6: Revisit your plan and Refocus.

About once a week, revisit your plan see what you accomplished this week. See what you didn’t accomplish this week. What is working? What isn’t? Tweak your plan, if necessary and keep moving, keep that momentum!!!

Step 7: Determination leads to success.

Keep applying your plan of attack over and over until you succeed

Step 8: Don’t Quit!

Have fun. A goal such as achieving passive income may not happen overnight but it can. Be patient, keep your powder dry, keep your eyes and ears open. Find inspiration in others such as the fine network of members and investors at Lifestyles Unlimited® and remember why you are passionate about making this change.

Comments

  1. Good advice David!

  2. Danielle Cordova says:

    Very well put! I think this will give people a great starting place on how/where to put their focus in the beginning stages.

  3. Everyone has to start someplace, you have laid out a map of where and how to get started in this new year. Very timely.

  4. Jamie Derouen says:

    Concise and to the point. Good read.

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