How agents can generate a passive income and build future wealth.
How do you make money in real estate? Throughout the years, I’ve coached hundreds of agents and found that discussing long-term wealth-building strategies is always important.
Agents have the potential to earn a considerable income, but once they retire, they sometimes have nothing to show for it because they didn’t have an investment plan. If you don’t want to become one of these agents, you need a system that will provide you with a passive income. One of the best ways to do it is by investing in rental real estate. If you don’t know how this works, let me teach you the basics.
First, you need to create a network of people, such as lenders and attorneys, who can help you plan and strategize. Next, you have to figure out what kind of properties you want to purchase. Smaller, single-family homes close to good school systems that will appreciate in value over time are your best choice. If possible, pay the 20% to 25% down payment and lock in a 15-year fixed-rate mortgage. The quicker you pay off your mortgage, the more money goes into your pocket.
“Investing in rental properties is one of the best ways to earn a passive income.”
The goal is to have several paid-off rental properties that will become your source of passive income. As they appreciate in value, you can enjoy tax deductions and a positive cash flow. Additionally, rental rates will continue to increase even if home appreciation slows. Time makes you look like a genius. In 20 years or so, your real estate investment is guaranteed to be worth more.
If you want a more in-depth discussion about rental real estate investments, call or email me. Let’s discuss how I can help set you up for long-term financial success, and always remember: it’s not the market… it’s the marketing that makes the difference!
