How do I become a millionaire? A question and a thought that we all have in common. But this question no longer is a question if you have already found a way to become a millionaire. Let me show you, one out of a hundred ways to become a millionaire- by investing in rental property! With the real estate market at an all-time high and rental prices increasing, now might be the time to think about investing in rental property as a way to earn extra income. That’s where Brandon Turner’s new book on rental property investment comes in handy! With this book you’ll discover the nuts and bolts of successful real estate investing – it contains everything from how to find your first property to the best practices for effective management and maintenance. If you’re interested in adding rental properties to your investment portfolio, keep reading!
With the real estate market at an all-time high and rental prices increasing, now might be the time to think about investing in rental property as a way to earn extra income. That’s where Brandon Turner’s new book on rental property investment comes in handy! With this book you’ll discover the nuts and bolts of successful real estate investing – it contains everything from how to find your first property to the best practices for effective management and maintenance. If you’re interested in adding rental properties to your investment portfolio, keep reading!
This book suggests that it is always better to borrow money from someone else to invest in the Real estate because you can start ahead of time and also multiply the returns on the capital.
It’s very simple: The more time in Rental Property investment, the greater returns you receive. You may combine time and ambition to increase your wealth. To do so, you can restore the property yourself or by interconnecting to get more valuable deals on mortgages or even by giving more time to discover sizable properties.
You are incarcerated if you profit from the knowledge that you have and the rest of the investing company doesn’t have access to. But you know what? That shouldn’t stop you, because you are supposed to make use of Intel.
Appreciation in the simplest words means the rise in the price of an asset as time passes by.
Let’s take an example of a house, the house brought in the 1900s might have cost you 5000Rs. But the same property, today will get you in Lakhs. There are two types of appreciation: Natural and forced.
Natural appreciation is the natural trend of the rise of the value due to factors like inflation, scarcity, etc.
Forced appreciation: This is a trend where the value of the property rises with improving or adding features to the property. For Instance, by adding another bathroom, or renovating a space. By this, one can increase the value of a property.
For the Realtors, this is this is the most important Wealth generator. Cash flow is the money you are left with at the end of the day. So, after you have paid the property expenses, the money left with you gives clarity of your expenses and income.
The book says that tax benefits are a cherry on top because they make a good deal even better. You don’t have to pay much tax if you are a realtor, and that makes you richer.
The final Wealth generator says that when you get a loan to purchase a piece of Real estate, you pay back the loan every month. If you decide to sublet the property or rent it to other tenants and while doing that you can still pay the loan. Basically, your tenants are paying your property loan!
Convinced to become a Rental property Investor? Everything has its downsides, even for a rental property investor.
In this case, it is time-consuming. You don’t get rich instantly, because Wealth = Consistent action + Long period of time
Another downside is that once you start working as a Rental Property investor, all you can think about is Rental properties.
Let’s all agree on this one: some Tenants can be straight-up pain in the neck! They have the same old excuse of late payment or excuses of property damages, where they say their child, dog or their cat caused the damage. Check out which one out of them causes the most property damages here: https://www.therealtalks.in/blog-details/cats-vs-dogs-which-can-cause-the-most-property-damage.html
Did I tell you that this field requires a lot of paperwork and bookkeeping? And the part where you might even lose your investments? But if you have done thorough research, you can beat the odds of losing your investments!
To know the cash flow, you have to know your income and the expenses. Having positive cash flow can make the difference between success and failure as a landlord since it determines whether or not you can pay your mortgage each month.
The Cash on Cash return in simple words is your total Annual Cash flow. This is a simple technique by which we come to know what kind of return our money is getting us based on solely the cash flow.
To find a good deal, you would have to look far and near.
Sometimes because of some tiny problems such as a bad smell or a property with an ugly roof, can help you make a lot of money. Though these problems might seem like a lot of hard work, it is quite easy to solve. These properties will sell for a relatively low cost. You can fix the bad smell or the ugly proof and this way you can get higher returns as an investor.
Also, the old properties with rooms that are parted from each other are not in high demand today and therefore they sell for less. So, as a Rental property investor, you will be changing things and converting the old property into an open-concept living room. This is also another way, you can get a good deal.
If the garden around a property looks like a forest, it is going to drive away from the competition. But you should be able to see money all around that place because landscaping is not expensive or difficult. And this is yet another path for you towards a fine deal.
The Book on Rental Property Investing, by Brandon Turner of Bigger Pockets, is a comprehensive guide to becoming a successful landlord. This book covers everything from buying your first rental property to creating wealth through real estate. While it is written with an emphasis on simplicity, it goes into detail about many complex legal and financial issues that you may face as a landowner. It’s an easy read but still manages to offer plenty of value in each chapter. If you want to be a smart investor who knows how to make money in real estate, then The Book on Rental Property Investing is definitely worth your time!
If you have read the book and are following what Brandon Turner has explained, good deals are already on their way to you. Brandon Turner has done a nice job by explaining everything one needs to know about the process of buying, selling, and leasing properties.