Real Estate Investments - When to Do Something and When to Do Nothing
If you're someone who wants to secure their future, especially the retirement years, let me tell you two simple facts: there is a time to do something and there is a time to do absolutely nothing! This is what I have learned over the decades since I first facilitated real estate investments in Las Vegas for a group of Silicon Valley engineers back in 1983. There are some mistakes one simply cannot afford to make in real estate investments, and yet those are the mistakes I see repeated most often. Find out what they are.
Where to buy.
This is one of the widely believed myths in real estate: that you have to be close to the property you're buying. There is somehow this misconception that landlords have to be within easy driving distance of the properties they invest in. Somehow investors feel – mistakenly – that they will have to be at the beck and call of their renters for every leaky faucet and broken door hinge. So many Silicon Valley investors, for instance, will insist upon buying, say in Sacramento, even though cheaper properties with better future returns are available elsewhere in the country.
So, the number one mistake that people make – and which you as an investor should avoid – is to insist on buying close to where they are. Let me tell you – a big proportion of my investors actually live overseas! They aren't even in the country! Why worry about finding renters, and managing the upkeep and repairs of your investment when there are experienced, well-equipped professionals to do this for you?
When to do nothing and when to do something.
Once you’ve bought the house and have your renters in place, this is when you do nothing! When you have experienced professionals and a well-connected network of developers, realtors, property managers and lending sources to assist you, why would you want to exert yourself and risk making expensive mistakes? Masterly inactivity! That is the only thing required of you.
So when do you have to do something? Well this is something that I will explain in this short video where I speak about another common real estate investment mistake that so many people make. I share one of my common experiences of two friends who approach me for their investment needs – one takes the right action at the right time and the other doesn’t. Ten years down the line, the two end up in very different places, financially speaking.
Listen in – this may be the most lucrative five minutes you spend all day!