Financial Freedom with Real Estate is a common goal shared by many people who are interested in achieving wealth and living the life they want. There are many different ways to accomplish this goal, but the most effective strategy is real estate investing. Real estate provides investors with the opportunity to leverage their own time and money to build a passive income stream that can replace their current paycheck.
This strategy is especially attractive for Realtors who are looking to create an additional revenue stream that is not dependent on the performance of their own personal sales volume. While it may take years to build a portfolio that will provide enough cash flow to replace your salary, there are many strategies you can implement to get started and begin to see results.
For example, if you can add just one investment property each year to your portfolio that will generate an excess of $250 per month after the mortgage and taxes are paid, this will begin to make a difference in your overall finances. Over time, as your portfolio grows and your principal pay down, you will be able to increase the amount of residual income that your properties generate.
In addition to generating residual income, real estate investing is an excellent way to build a diversified portfolio of assets that will grow in value over time. This diversification will protect you against the risk of losing a large portion of your savings or income in the event that any one of your investments fails.
Another benefit of real estate investing is that it is often much more liquid than other asset classes such as stocks. This allows you to access your equity quickly if you need to. In the case of stocks, it can sometimes take weeks or even months to sell a stock and receive the proceeds from your sale.
Ultimately, financial freedom means not having to worry about whether or not you will have sufficient resources to pay your bills. For most, this means having a minimum of 2 houses that are paid off (one of which is your own home) and 1 rental property providing sufficient income to cover your day-to-day expenses. This will also leave you with plenty of extra cash to spend on luxury items, travel, or help your kids with college if necessary.
The best way to achieve this goal with real estate is through multifamily investing. Michael has put together the entire process of how to start your first multifamily deal in his new book, Financial Freedom with Real Estate: The Blueprint for Quitting Your Job with Real Estate – Even Without Experience or Cash. This book will walk you step-by-step through how to do your first apartment building deal – leaving you just a few deals away from financial freedom! Download your copy of the book today to learn how you can achieve the life you desire!