Don’t skate to where to puck is,
skate to wear the puck is going.
This quote has always resonated with me. No matter what type of goal you’re pursuing, you have to put your focus on where you want to be, not where you currently are. With real estate investing, many hold off on doing the important footwork of learning how to buy their first rental until the market is great and they are looking to buy. The truth is, you should learn how to buy your first rental before you are ready to buy it. When it’s the right time to buy, you’ll already be prepared to move forward.
If this pandemic has taught us anything, it should be that you need a side hustle. The days of being wholly dependent on one income, no matter how reliable, are over. You’ll need more than one revenue stream, and rental properties are a great side hustle. If you buy the right rental property, at the right price, it can give you a consistent monthly income to supplement the income you already have.
So why don’t more people use real estate as a side hustle? It’s because they don’t understand it. The truth is owning a rental property can be a great experience or an awful experience. The determining factor is if you are already knowledgeable or if you are learning as you go. I love learning as you go in a lot of things, but investing in rental properties isn’t one of them.
If you are interested in buying a rental property, then take the time to read my book The ABC’s of Buying Rental Property. At some point in the not too distant future, you could have the biggest buying opportunity you will see in your lifetime, so be prepared. This book offers all of the information you need to know when purchasing your first rental. I am going to help to prevent you from making the same mistakes new investors make and to maximize your investment.