If you’ve ever had to deal with a landlord, you probably don’t dream of being one: The thought of dealing with on-going maintenance and tenant calls can sound less than glamorous. But done right, real estate investing can be lucrative and freeing. You can add an additional income stream, and possibly leave that 9-5.
Not only that, but with current technology and management resources- you don’t necessarily need to show up often, if at all.
The challenge is, not many people know where to start when it comes to investing in real estate- or what kind of property is best for them.
Today’s instructor, Kendra Barnes, is a full-time Real Estate Investor and founder of The Key Resource. Her real estate investments afforded her the ability to retire from the 9-5 life at the age of 32. She created The Key Resource to inspire, empower and educate people about the power of home ownership and Real Estate investment. She currently owns and manages 4 properties (8 rental units total)- and today, she’s going to teach us how to achieve our own investment goals.
By the end of this class you’ll have tools for conquering your biggest real estate fears, tips for starting your journey on a budget and first hand knowledge of what to expect when you become a landlord.
What are the most common fears of real estate investing and how can people overcome them?
Educate yourself, know your goals and figure out what type of investing is right for you.
What are some tips for investing with the least amount of risk?
Fundrise, invest in tax liens and Kendra’s favorite is house hacking! Buy a multi-unit property and live in a unit/rent the other. AirBnb is also a great way to diversify your portfolio.
How do you know if you’re financially ready?
Have at least 3-6 months of your personal living expenses saved up (at minimum). Are you personally able to pay the mortgage alone for 3 months?
What are some options for down payment assistance?
There are so many grants and options for down payment assistance. Keep in mind, you have to use these on houses you’re actually going to live in (another reason why house hacking is so great).
When you’re looking at properties, what are the key characteristics to look for in a good rental?
Location! What’s nearby? Hospital, college, military base etc. Public transit is also something to be aware of. Go to the city planning office and see what they’re planning on in the next few years. Also look at trends in the area!
Once you buy the rental, what do you typically do to get it move in ready? Any budget friendly tips?
Craigslist, furniture auctions (BACauctions.com) and buying unboxed appliances.
How have you streamlined your process to make it easier on yourself?
Using online systems for payment + communication, and setting boundaries.
Cashflow: Find it here
- Write down your long term goals.
- Write down your short term money goal.
- Figure out what type of investing is right for you.
The Key Resource– Find Kendra’s quiz, resources and coaching services here!