Do you want to learn how to retire early using real estate investment in Grand Rapids? More and more people are using real estate to fund their retirement, and they aren’t waiting to do it. Check out our latest post to learn more about how to attain long-lasting wealth through real estate!
Real estate investment is a way to make additional income for yourself that anyone can do. No matter where you are at in life, you can study, research and begin your investment career. By putting together a plan now, you will be able to live very comfortably in your retirement years.
Getting started in real estate investment may seem overwhelming. However, when you consider the rewards, the process begins to look much more appealing. You don’t need a lot of money to get your foot in the door. All you need is some information and the right people in your corner to guide you.
Building A Portfolio
Building a portfolio can be done over time or rather quickly depending on what you are able to afford. You can start with only a few thousand dollars and a piece of raw land. Over time, you can reinvest your profits, building wealth, equity and experience. Sometimes you will find a seller who is liquidating many properties at once. Maybe they aren’t all great, but the few that are have the potential to make you a fortune.
Holding vs. Flipping
Flipping might be a popular choice as it is featured so heavily on television and often thought of as a quick way to make some cash. While there is definitely money to be made, it isn’t for everyone. A strategy that makes more sense for many investors, is to buy and hold. Amassing a portfolio of rental properties will bring in consistent income year after year. You can opt to hire people to help with much of the day to day activities, so you are able to collect your profits free and clear with little effort on your behalf.
Reaching Financial Independence
Reaching the point of true financial freedom comes when you can sustain your current lifestyle without having to work any more. When you can continue to spend as you are now, for the duration of your lifetime without going broke. You might live to be 102, so make sure to plan accordingly!
The 4% Rule
A good rule of thumb many retirees live by is to not withdraw more than 4% of your net worth per year. If you can do this and live comfortably, you are well on your way to retiring early.
Working With Professionals Only
When using real estate as a vehicle for early retirement, you will want to have a strong team backing you up. Hire a CPA and financial planner who understand your specific goals and can strategize with you to help you reach them. Hire a lawyer to help you review all contracts and business dealings. Partner with the best contractors out there. You will likely get a discount for your loyal business.
When buying property, it is a smart move to network and work with other investors such as yourself. There is always more to learn and you never know what sorts of deals might be passed along to you. Consider purchasing a property from a no-frills investment company such as Respected Home Sales. Just like you, we are looking for properties of tremendous potential value, at affordable prices. We only purchase and resell the best properties, so you can be sure you will find what you need. We have done the legwork for you. Utilize our local market knowledge to help you find the best real estate deals in Grand Rapids!