![]() Step 3: Decide How Hands-on You Want to Be Take some time to truly understand your personal and financial goals and identify what you want out of investing.ĭo you want to create passive income so you can quit your job and be present with your kids? Are you interested in becoming a landlord and managing property full time? Are the tax benefits of real estate most attractive to you? What do you really want?īecoming firm in your reasoning and goals before investing will help you avoid shiny object syndrome and the stress it causes down the road. This is why it’s so important to determine your personal, most inner reasons for investing – your WHY. Shiny object syndrome is real and can have you frantically leaping from one opportunity to the next, only to discover that this one takes too long, that one is too hands-on, and the one before that was too passive. In almost every opportunity, you stand to make some money. There are potentially thousands of ways you can get involved in real estate investing (house hacking, mobile home parks, syndications, Airbnb’s, corporate housing, just to name a few). Getting a 30-thousand foot view of your current situation and answering these potentially tough questions about yourself will help you assess the amount of risk you’re willing to face, how aggressive your investment strategy should be, and the timeframe in which you need to see returns. Do you have any amounts in mind like how much you want to invest, how much you’d like to earn, or what your financial freedom number is? Perhaps you’re looking for a large, one-time payout, or maybe you’re interested in smaller, ongoing interest income. Maybe you’re just graduating, mid-career, or soon-to-retire. Step 1: Get a Bird’s-eye View of Your Current Situation.īefore plopping any amount of money in an investment, you must have a clear view of where you are in life, what’s behind you, and what’s to come.
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