Remote Controlled Retirement Riches -- How to Make This A Reality
My first job was as a research engineer at Hewlett Packard labs. It was fine but when I looked at the financial profile of people who had been in similar jobs for decades, I was not impressed. It was not what I wanted for myself and my future. These people had worked hard for years and didn’t have a lot to show for it. So it was in the 1980s that I first started to buy homes in Vegas. My Silicon Valley colleagues laughed at me. But soon, those same Silicon Valley engineers also started investing in real estate in Vegas!
You can buy anywhere.
There is this unwritten rule somewhere that if you invest in property, that property should be within a 30-minute driving distance from you. Pardon my bluntness, but that is rubbish! You can buy property anywhere in the United States, wherever else you live. I did it! I worked in Silicon Valley and within a little over a year, I had bought 22 rental homes in Las Vegas! And those same Silicon Valley guys who laughed at me had to eat their words. Soon I was leading a group of about 20 of those engineers, and over just a few years we had bought 250 rental homes!
Soon property prices in the area started to go up and our investments appreciated. So then the whole group changed their orientation and decided to invest in the Phoenix area. Until about the year 2000 this was the place to invest. I would not advise buying in those areas now, because it isn't cost effective. But I will tell you where to buy and how.
Anyone can invest in real estate.
Now if you're a busy professional, you probably feel that you don’t have the time or the knowhow to make wise investments or to look after those investments. The thing is, you don’t have to! I will tell you the best areas to invest in today, in a way that you get passive income in the form of rent from homes that you own. Choose quality homes in good areas of towns in states that are going to see property prices appreciate in years to come.
The next question is, how would you afford the mortgage and how long would you keep paying it. Well, here the 30-year loan is your best friend. It is a gift that keeps giving. The amazing thing is that this makes your future inflation proof. So let me tell you, buying single family homes right now for securing your financial future is not daunting. The opposite is daunting! How can you afford not to invest in real estate? Like I tell my clients, if you want to send your kid to Harvard, buy one home. If you want a Porsche in your driveway, buy two!
Watch this video where I crunch some numbers for you so that you understand more about property prices, rental incomes as well as your outlays in terms of insurance, property taxes, repairs, property management and so on. This is where my decades of experience really counts – let it count for you! Watch it here.