I just learned of a neat tool to help you landlords out there, check out Cozy, it is a free tool that reminds tenants to pay, and gives them alerts to when rent is coming up. It allows for reoccurring payments and even one time payments. If/when I start my property management side I will use this for the ease of background checks and screening, and will try it out for the rent check management. Let me know if you have used it and what you think!
When trying to break into the world of real estate, it gets nerve wracking. The hardest part is securing capital that can help support your system. To do this you may have to take a gamble on yourself and leverage all that you own for your future self. If you can read that and you are fully comfortable with it, then you may have what it takes. First you need a dream, you can make it anything you want, a 3 month vacation in the Caribbean, a brand new Porsche, 10k a month in passive income, or even just being able to go out to eat once and a while. Mine is 10k a month of residual income.
The road to success is bumpy and has even put people I know into the hospital because of stress. This is something that can free you, and your family from financial constraints, or it will tear you down to the ground and make you start at square one again. If you are truly okay with that reality, then I feel that you may be ready. I personally believe that you need to have a plan b, c, and d for every investment. The market moves in cycles and if the cycles change while you are heavily leveraged, then you will not make money. You need to have a back up plan for that. Mine is a little saved up cash to help if the market unexpectedly flips.
I bet you are reading and saying that all seems like fluff, get to the point of how to break into the market, even if you have no money. Well here are two ways how to break in. First become a property finder. There are properties that you can buy right now in Denver for 70 cents to the dollar. This means a 300k property will show up for 210k. And your Real Estate agent will tell you it is a great deal getting a property 15% below market. To become a finder you need to pick a neighborhood, and comb through it at least weekly. start meeting the people there and learning their stories. Pull public records on the properties and look at their tax information. If they have a different tax address then the house address, there is a good chance it is an investor.
Mr. Miller is a Graduate of Colorado State University who studied Corporate Finance and Real Estate