“There are some people who live in a dream world, and there are some who face reality; and then there are those who turn one into the other.”
-Douglas Everett, retired Senator
It can be a daunting task to set out on an uncharted course without someone knowledgeable to guide you through the narrow straits, keeping you clear from dangerous obstacles.
However, having someone ask you a few important questions can help you clarify your plans, and in the end, you’ll reach your goals and fulfill your dreams.
It takes careful thought: A strategic misjudgment could end up putting you years back or even worse, prove to be a costly mistake.
Take the following examples:
>>If you’re employed full time or spend 60 hours a week working, why would you buy a fixer-upper?
>>If you have youth on your side, why would you buy real estate with all cash? (Most likely, it would be smarter to leverage the cash you have and maximize your investment. There’s time for you to pay off the mortgage while the value of your real estate and the rental income grows.)
>>If, on the other hand, you’re older and only need cash flow from the investment, why would you burden it with a mortgage?
Important questions, right? To reach your goals and dreams you need to keep your eye on the horizon, steering toward your goal, but all the while taking your surrounding circumstances into account.
Here are some more questions that will put you in a better position to lay out your goals:
>>At what age do you plan to retire?
>>How much money will you need to maintain your lifestyle after you’ve retired?
>>Do you have current retirement income sources? What are they?
>>How much will you invest?
>>Do you want to acquire property for future growth or do you need cash flow today?
>>How actively do you want to be involved with the real estate you’ve bought?
>>Do you have a good credit record?
>>Are there other future considerations to take into account? Do you need to plan for college, travel, or your parents’ long-term care?
>>Are you looking for a tax break?
Now, take a look at where you want to be and what you want to achieve through real estate investing -- and when you’re ready, give us a call -- we’ll help you get there.
.
.
Tags: Goals and Strategic Planning, Healthy and Wealthy Lifestyle, investing, Why Real Estate?
