It all starts with one small building.
One 2, 3 or 4 unit property that you can buy and live in... probably for less than you pay in rent. This is
how I started. I was fortunate enough when I was 23 to meet an older Greek gentleman, Peter Charlay
who owned a small real estate company in Albany NY. Peter was kind enough to show me how to create
a secure future with real estate.
Do you know how you are going to live when you are older? How you are going to generate
$5000, $8000, $10,000+ a month for ten, twenty years or more?
Maybe you are planning on working until you are 70 or 80. Thats fine assuming that someone will hire
you when you are 65 vs the guy or gal who is 35. What if you fall ill and can no longer work? Will you
have enough money to live and handle the medical bills?
Retiring abroad where the cost of living is cheap could work but you want to give yourself options. The
more options you have the better. You want the option to stay or go don't you? You want the option to
travel, go to the movies or eat out.
Your older self is relying on your younger self to take care of this so you can live in peace and
happiness when you reach that time of your life. It's coming, whether you want it to or not, so it's
better to be prepared .
The number of older people who are becoming homeless breaks my heart. They didn't know. They
didn't realize 30 years ago that their social security check wouldn't be enough to afford a place to live.
I know some of these people...they are nice, just like you and me. They didn't understand how much
money they would need and now they drag a suitcase around town, tucking themselves into corners to
sleep at night. Your social security check (if there is one) will not be enough either.
how I started. I was fortunate enough when I was 23 to meet an older Greek gentleman, Peter Charlay
who owned a small real estate company in Albany NY. Peter was kind enough to show me how to create
a secure future with real estate.
Do you know how you are going to live when you are older? How you are going to generate
$5000, $8000, $10,000+ a month for ten, twenty years or more?
Maybe you are planning on working until you are 70 or 80. Thats fine assuming that someone will hire
you when you are 65 vs the guy or gal who is 35. What if you fall ill and can no longer work? Will you
have enough money to live and handle the medical bills?
Retiring abroad where the cost of living is cheap could work but you want to give yourself options. The
more options you have the better. You want the option to stay or go don't you? You want the option to
travel, go to the movies or eat out.
Your older self is relying on your younger self to take care of this so you can live in peace and
happiness when you reach that time of your life. It's coming, whether you want it to or not, so it's
better to be prepared .
The number of older people who are becoming homeless breaks my heart. They didn't know. They
didn't realize 30 years ago that their social security check wouldn't be enough to afford a place to live.
I know some of these people...they are nice, just like you and me. They didn't understand how much
money they would need and now they drag a suitcase around town, tucking themselves into corners to
sleep at night. Your social security check (if there is one) will not be enough either.
If you buy one...simply one, 2-4 unit property
you will always have a place to live
Just one 2-4 unit property is all you need. You will live in one unit and rent the others. If you are a veteran you can buy this property with $0 down payment, otherwise you can get an FHA loan with only 3.5% down. There is nothing tricky here. These are regular mortgage programs that have been around since I started in lending. FHA and VA mortgages have the same or better rates than a conventional loan. If you have more money to put down that's fantastic and it will reduce your monthly payment but don't let the lack of a chunky down payment stop you. I started with a duplex and an FHA loan and it only cost me $2350 to buy my first property.
You need to start sooner rather than later and with interest rates low and rents high
now is the time to start.
You will live in one unit and rent the others. Every month your tenants will give you a check and this will greatly reduce what you have to pay. You will cash their checks and just pay the difference. Over time the tenant's checks will get larger so your portion should get smaller. Over time they will help pay off the mortgage and when the loan is finally gone...you get to cash those rent checks and keep the money for yourself. Eventually you will live for free and have income.
Later on you can move out rent your unit and buy that single family with the pool.
But you need to start with one 2-4 unit to secure your retirement.
If you buy more properties you will have even more money when you retire. If you save money in a 401K or IRA you will be in an even better position. But if for some reason life gets in the way, as it tends to do, and you never save enough money...this one little 2-4 unit property that you bought years ago is going to save you .
You need to start sooner rather than later and with interest rates low and rents high
now is the time to start.
You will live in one unit and rent the others. Every month your tenants will give you a check and this will greatly reduce what you have to pay. You will cash their checks and just pay the difference. Over time the tenant's checks will get larger so your portion should get smaller. Over time they will help pay off the mortgage and when the loan is finally gone...you get to cash those rent checks and keep the money for yourself. Eventually you will live for free and have income.
Later on you can move out rent your unit and buy that single family with the pool.
But you need to start with one 2-4 unit to secure your retirement.
If you buy more properties you will have even more money when you retire. If you save money in a 401K or IRA you will be in an even better position. But if for some reason life gets in the way, as it tends to do, and you never save enough money...this one little 2-4 unit property that you bought years ago is going to save you .
This is easy...you keep your job. You don't need to buy books, DVD's or attend seminars.
You build wealth in real estate over time. Over time the value of your property will go up, the rents will go up and the mortgage will go down. You buy one property at a time and hold on. And very soon (time flies) you will have money every month from the rent checks. The checks usually get bigger every year. Soon you might not need to keep your job...that will be up to you.
Click Here For Inspiration...Get A Life, By Anna Quindlen
You build wealth in real estate over time. Over time the value of your property will go up, the rents will go up and the mortgage will go down. You buy one property at a time and hold on. And very soon (time flies) you will have money every month from the rent checks. The checks usually get bigger every year. Soon you might not need to keep your job...that will be up to you.
Click Here For Inspiration...Get A Life, By Anna Quindlen
