HI 31 - The first responder’s guide to real financial success
Release Date: 11/12/2014
There are two main reasons we believe income property investing is the best path to financial success available for your dollar. First, and perhaps the most telling, is personal experience. We’ve been doing this for more than two decades and it’s worked quite well for us personally. Secondly, history is on the side of the property owner, especially the income property owner. It’s created more wealthy people than any other asset.
For a quick review, an income property is real estate that you own for the purpose of renting it out to a tenant. Ergo, instant cash flow and, if you do it right, income for you. The trick is, of course, doing it right. You can get slaughtered in the real estate market if you don’t know what you’re doing. The good news is we’re going to teach you what you need to know and it won’t be complicated.
There are essentially two kinds of income property, residential and commercial, but we strongly recommend you start your portfolio with single family, residential properties. Why do we recommend investors stay away from commercial properties? In truth, we’re not completely against the notion but you do subject yourself to more economic fluctuations.
There’s a very good reason we say focus on single family residential dwellings – universal need. This one simple truth could make you very wealthy. A universal need goes beyond wants or desires. It’s something we humans must have to survive. Food, water, shelter. These are three of the very basic needs and it will never change. People will always require a roof over their head and a place to lay their heads at night.
Be the person providing the universal need at a fair price and you could write your own ticket to financial success. Heroic investing will teach you how to do that.