But for the smart investors, the goal has stayed the same: build up assets and retire on “mailbox money.”
The path to doing just that hasn’t changed since the crash. You still need these 3 secrets…
I’ve found that real estate is one of the economic disciplines where experience is more vital than virtually anything else. And since you can’t go to the store and buy experience, you’ll have to use a trick to gain some for yourself…
Study those who’ve acquired real experience. Learn from their mistakes and successes. Read about them and manufacture experience for yourself through their journeys.
I’m here to help you gain that manufactured experience by bringing you the secrets, tips, and advice from all sorts of successful people in real estate, not just myself.
And on that note, I want to share with you 3 secrets of experienced real estate investors who’ve built the perfect passive income retirement:
1. Keep good books for years
If you hold on to real estate for about 10 years with good bookkeeping, you’ll equip yourself with knowledge that can help you make the best decisions about specific properties.
You’ll learn trends in price, costs, and profit. You’ll learn what happened in your best year versus your worst year. You’ll learn what sort of number you can expect year in and year out.
That information is invaluable.
2. Pay off mortgages
Make this a priority. Once mortgages are all paid off, you’ll be amazed how quickly your profits can double.
This can appear to be a no-brainer, but it can slip through the cracks if you don’t proactively keep it a goal you’re seeking to achieve.
3. Have an endgame
At some point you’ll be ready to sit back, relax, and enjoy the benefits of your real estate assets without having to deal with the hassle of them. Have a strategy in place for how you’re properties will be attended to once you “retire” from doing so yourself.
Why not groom someone to inherit and look after your properties while you continue collecting checks long after you’ve stepped foot in any of them?