One of the primary goals of my real estate company is to get income-producing rental properties that ROCK.
What makes a leasing property “stone” you may ask?
It does not necessarily need to pump millions into my bank account monthly, and it doesn’t have to be a “no money down” deal either (although either of these things would certainly sweeten the pot).
To put it simply, a great rental property is one that makes every one of my spent dollars work hard. I want every penny to work overtime, making as much revenue as possible while simultaneously paying off any debt associated with the property. When you buy properties with this goal in mind, there’s basically no limit (mathematically speaking) to just how far you can grow your net worth and personal income.
The Problem
When I first got started as an investor, I spent plenty of time trying to locate these types of properties. I remember spending hours upon hours scanning my regional MLS listings, desperately hoping to locate a deal that would make fiscal sense.
After running the numbers on dozens of properties, I was amazed at how Check out this site hard it was to locate just one single property that would warrant my investment.
At the moment, it was 2005 and home prices were through the roof — that made this a very tough task (especially when I restricted myself to ONLY the properties that were “recorded”, using a realtor sign in the front yard). Needless to say, it was an extremely discouraging time in my journey.
I finally realized I was dealing with two fundamental problems:
I didn’t have an effective way to locate motivated sellers and get them phoning me. I had been relying ONLY on unmotivated sellers who were holding out for top dollar. This was a losing strategy that was not going to cut it.
I did not have an efficient means to analyze properties or ascertain their potential profitability. I needed a simple, but highly reliable method so that I could calculate precisely what I was getting into.
After plenty of research and studying, I was able to discover some very effective ways to solve BOTH of these issues.
Both issues are equally important to manage but for obvious reasons, problem #2 can’t be addressed until problem #1 has been managed. In other words, you can’t start working on your investigation until you have something to analyze. This might appear obvious, but it’s important to reiterate this so that you can prioritize correctly and deal with first things first.
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