Monday, June 7, 2010

Goal #3 Is Preparation - Be Prepared!

Know where you are going........and how you are getting there!

Yesterday my husband and I were talking with my brother-in-law (BIL), and he was talking about buying a single family house to rent out. He hadn't even thought about what he would do if he could not get it rented for a few months or what he would do if the tenant moved out. There was so much he hadn't even thought of. It makes me see how many people start doing something like that and then give up because it seems daunting to them.

He brought up the fact that their aunt and uncle had owned a rental property in the past. They complained about the tenants not paying the rent or destroying the apartments. BIL was wondering about what you would do about those types of cases. I had just been talking about this to my husband the day before. I told him I plan on buying property that is not in an area of cheap homes or apartment buildings. Then I can charge rent that is in line with the rents in that area. That means that people who can afford those types of rents are usually the type of people who have pride in their homes or how they lead their lives. If you care about your credit rating you are not the type to not pay your rent.

Real estate investment is something I AM going to accomplish. I read about it daily. I research. I research more and more every day. I read books. I study real estate forums, articles and listings in my area almost daily. My BIL has no computer. He says he doesn't want one and he hates the fact that the library now has computerized the card catalog! Here is a perfect example of someone who has a little money in cds (certificates of desposit) and a money market account and will be getting a very small social security check in the near future. He will need to do something to live. But what?

I am not as prepared as I need and want to be. But at least I am working on it. And I know that you need a computer to be able to do it. If I had to go to a library to use a computer or did not know how to use a computer I would not be able to do it.  The computer is your tool, to teach everything you need to know. Otherwise, you'd have to take a class somewhere or go to a library to do research. It is amazing what you can learn online!

The Boy Scouts' motto of being prepared carries over to your financial life too. Prepare yourself so your finances are in order. You need to have a computer with internet access and know how to use it. Know how to find real estate forums in the search engines. Study the listings. Learn, learn, learn! You are never too old to learn. I like being self-taught, it seems that you know more that way.

Goal #3 Is Preparation - Be Prepared!

Little Step #1 - Make sure your computer skills are up to date.

Little Step #2 - Find good quality real estate forums and become a member and post.

Little Step #3 - Find a good source of online real estate articles.

Little Step #4 - Visit real estate listings in your area. Study them!

Little Step # 5 - Read books!

These steps I have accomplished. But I still keep striving for more preparation. I feel I am prepared on the real estate itself. Now I have to think about the financing part.

Copyright © 2010 Kathleen G. Lupole