What do you think when you hear the term 'financial freedom'? Is it you sitting on a lush beach somewhere in the tropics sipping on margaritas? Or perhaps it means that you would finally be able to follow your dreams of opening up a charity organization in India or Zambia?
Whatever it means to create financial freedom, there are certain definite ways you can get there through the path of real estate investing. This is especially true if you are an investor and are already a pro at finding and investing in properties with high ROI. Keep reading for some financial freedom tips to follow.
Figure Out How Much You Need to Retire Early
Before you even think about financial freedom, you need to think about what you want your retirement to look like. Do you wish to travel a lot? Or do you want to spend with friends and family at home? Do you want the time and money to volunteer more or to do consulting projects?
Once you know that, you will understand better how much rental income you will need each month to make it happen. For example, if you do your calculations and figure out that your monthly retirement income goals are $3000 a month, then you know that the total rental you need to earn from all your properties is $3200-$3500 (always good to have a bit of cushion in there).
Find Properties That Have Long-Term Potential
When searching for properties to invest in, always consider their long-term potential first. You don't want to skimp out and invest in properties that are cheaper but then spend all your retirement fixing up and dealing with tenant and plumbing problems. That sounds like a nightmarish situation.
You have many choices when it comes to rental properties. You could look at student housing, or vacation rentals, or Real Estate Investment Trusts (REITs), commercial real estate, or condominiums. Consider the area you live in and depending on your current situation, choose appropriate properties for your real estate investment portfolio.
Don't Forget About Assembling a Great Team
If you wish to spend less time thinking and worrying about your real estate properties in your retirement, you will find a great team that can take care of things for you. This includes a great property management company that will alleviate a lot of burden from you. Don't discount the importance of having a great team behind you.
Use This Financial Freedom Guide Starting Today
If you really wish to create financial freedom, you cannot delay any further. Start the process today. The earlier you can start, the earlier you can retire. It's all about using the power of that real estate growth and compound interest to achieve financial freedom asap.
Wish you had someone on your team that you could rely upon while working towards your financial freedom goals? Contact HomeRiver Group Salt Lake City and get their local real estate investing expertise in your corner.