Can an average Joe or Josephine start with nothing and create enough wealth through income property investing to be financially independent in today’s economy? The short answer is, “Yes, what are you waiting for?” But since we like our blog posts to be longer than an average Tweet, let’s go into more detail about how you can do this. There’s no magic to the number three but studies have shown that our human brains like to think in triplicate, so here’s a three step process to follow and grow wealthy with property investing.
1. Get Educated
This one is important enough that Jason Hartman lists it first in his 10 Commandments of Successful Investing. Note that this DOESN’T say you need to spend a zillion dollars on every get rich quick guru’s seminar, book, or video series. With the amazing amount of free information available on the internet, it’s simply not necessary to spend a single red cent in order to develop a basic level of competence in regard to investing. Hopefully, you’re already aware that the blog and podcast archives at JasonHartman.com are the literal mother lode of information for the budding property investor. Don’t be stingy! Learn all you can.
2. Get Started
One of Jason’s favorite sayings is, “Don’t wait to buy real estate. Buy real estate and then wait.” This is a catchy way of reminding new investors that history has already proven real estate to be the best investment you can make. That issue is settled, so what are you waiting for? Once you have achieved a certain level of knowledge on the subject, it’s time to get busy and buy your first property. Don’t wait for the perfect time to pull the trigger. Perfect doesn’t exist. It doesn’t matter who’s president or what the weather is like outside. YOU control your own destiny and success and the sooner you get proactive about doing that, the better.
3. Get Diversified
One thing income property investing has in common with the stock market is the need to diversify as quickly as possible. In a perfect world, you would begin by buying four different properties in four diverse geographical areas. This offers financial protection against the possibility that one property doesn’t generate the kind of cash you planned for. At the Commercial Investing Center, we realize not every investor is in the position to buy four properties right off the bat. That’s okay. It doesn’t mean you should wait. Just make sure that the property you’re contemplating buying makes financial sense from day one.
If you’re not excited about the possibilities of becoming wealthy in the next seven to ten years through real estate investing, you should be. Head over to JasonHartman.com to get busy learning the exact strategies he used to become a multi-millionaire before the age of 30. (Top image: Flickr | Eric Marttinen)
The Commercial Investing Center Team