Real estate can provide passive income, even allow you to quit your day job and become financially free. For many investors, this is the goal: to be their own boss and to be able to work when they want and where they want.
Here are 5 must-haves before you give up your day job.
- 30% more monthly cash flow then you need – Surprises happen. Vacancy, maintenance and other expenses arise and you are not guaranteed optimal cash flow on every property every month. Make sure you have 30% more than what you need as a buffer for surprises.
This past week, my Re/Max broker gave me an award congratulating me for having the 9th most sales in the region. In order to achieve this, I had to sell over a million dollars in real estate in each of the last two months. And I can tell you… you have to sell a lot of condos at $30,000 to sell over a million dollars in real estate. This got me thinking a little bit about what am I doing right. I asked myself, “What am I doing that has afforded me the ability to sell so much real estate in what some call the worst housing market in our nation’s history? What do I perhaps do differently than the average Realtor, that enables me to do a lot more business? 
One of the best ways to get your feet wet if you are a beginning investor or wholesaler is to get out and start networking with other like-minded individuals in your market.
Joshua Dorkin
Charles Feldman
Ted Karsch.
Real Estate Gurus: Be a Healthy Skeptic, Not a Curmudgeon
by Brendan O'Brien | December 20, 2008From time to time, I like to visit John T. Reed’s Real Estate Guru Rankings website. It’s entertaining to read his blunt criticisms of the many gurus out there today. John reminds me of the guys we’ve all met, maybe our next door neighbors or the guys at the barbershop. They seem to have seen [...]