Your interest in real estate is one of the best things going for you… but you’re probably waiting for the “ideal” time to jump in and buy a rental property…
Rental properties can generate an infinite amount of hands-free income, but you have to know a few essential—but simple—things.
Let me take your hand and walk you through these 3 essentials so you can start taking that hands-free income.
As easy as it sounds, jumping into owning rental properties comes with a few must haves.
There’s essential things like an interest in real estate, a little bit of capital, and the right information.
You’re here reading this, so I’ll assume you have an interest in real estate.
A little bit of capital isn’t hard to come by… especially when you consider the reward on the other side: passive income.
The right information is a little harder to obtain. Sure, you can find information on real estate anywhere, but I need to stress that it must be the right information.
That’s what I’m here for.
I once did a single real estate deal that netted me over $1 million… but more on that another time.
What I want to do now is provide you with 3 rental property essentials and send you on your way to that hands-free income.
These 3 essentials come from networking…
More specifically, I’m talking about 3 people who are vital to your hands-free income.
You need to recruit a lawyer, a tax professional, and a banker.
With these 3 types of people in your network, you’ll be set up for that income.
The first component in these 3 essentials is a lawyer. You’ll need a lawyer on your side for many reasons, but most importantly, the lawyer will be able to save you from any expensive litigation.
Making sure that your contract with your tenants is airtight will be his number focus.
If your contract is airtight, you should have no problem with any real litigation issues.
A Tax Professional
This will save you a massive headache when Tax Day rolls around.
Taxes in general can be a pain… adding property tax and capital gains tax onto that is something you’ll want to avoid.
Recruiting a tax professional on your team will give you added assurance that you won’t do anything to get yourself in any trouble with the IRS.
This tax professional will also be able to help you with any tax loopholes you could qualify for.
Having a banker on your team will give you the edge when you’re applying for mortgages.
This banker will be able to get you the best rate possible while filling you in on other financial matters.
It takes a lot of financial management to successfully own and operate rental properties… having a banker on hand will help automate this.
Having these 3 essentials at the tip of your fingers will help automate your hands-free income.