Monday, June 13, 2022 / by Suzanne McGuire
The first rule of investing is “Invest in what you know”; well Realtors, for us that means real estate. When it comes to Real Estate, there are many ways to get your feet wet and add another spoke to your income/ business wheel.
Rental Property: This is something a lot of agents don’t ever consider, but you should. Purchase a property as an income property. If you choose the right property, the rent will cover the mortgage, plus taxes and insurance. The asset will continue to grow in value. Once you have enough equity in the property, do a cash out re-fi, buy another income property, rinse and repeat. Once you’ve amassed your rental portfolio, sell it down the road, probably to your tenants or another investor who will buy them all as a group. If you can’t picture yourself taking maintenance calls and picking up rent, hire a professional property manager.
The bottom line is we all want to save money for retirement and as independent contractors we don’t have some of the options that are available to W2 workers. What we do have is expert level market knowledge and access to the MLS & pre-listed properties. We work for ourselves, let’s start planning for ourselves with the same effort.