Achieving financial freedom is one of the key things to do in a lifetime. Many seek ways on how to achieve that but end up following the same footsteps as everyone else, and in the long run, end up wasting their time and energy. This eventually leads them to not accomplishing their goals. However, one of the best ways to achieving financial freedom is by investing, but the kind of business you invest in matters a lot. Eric Martel, the founder of MartelTunkey, a rental property company, and an investor in Real estate businesses are helping anyone willing to break free from the rat race and join one of the best businesses to invest in. The real Estates business. Here are a few things to do in order to break free.
If you are not clear about what you want to do and what you want to achieve, you are setting yourself up for failure. Planning helps you prepare for the challenges ahead and keep you on track. And with an effective action plan, you are in the best position to boost your productivity while keeping yourself focused. In view of this, the first step to breaking away from the rat race is knowing how much monthly income you need to sustain your current lifestyle, once you shift to real estate investing.
With a good action plan, you can highlight exactly which steps you need to take and when they should be done, and you will determine precisely what you ought to do whenever the markets go against your ventures. To start, have your goals written down and planned out in actionable steps as this will give you a reason to stay motivated and committed throughout your investment journey. Keep in mind that the median necessary living wage across the entire United States is $67,690. While Mississippi is the state with the lowest annual living wage at $58,321, Hawaii has the highest living wage at $136,437. Other expensive states like New York and California have notoriously high costs of living and expensive housing markets.
Only Invest In The Right Markets
Invest in real estate rentals in the right markets. Markets with properties that are cash flowing with a minimum of 10% return on equity, with sustainable growth, low unemployment, business diversification, landlord-friendly.
Before researching markets, you need to establish what is your maximum amount of down payment for investing and whether you will make the purchase with cash, financing, or a self-directed IRA also known as SDIRA. Stay ahead of the curve by analyzing and researching the performance of markets across the country by going through research reports and articles both online and in newspapers. Seek to understand the underlying microeconomics that shapes each city or town area. These include, but are not limited to, median home prices, job growth, construction starts, rental rates, investment home cap rates, as well as supply and demand fundamentals.
On another note, since cap rates are one of the most important factors to consider when determining the best places to invest in real estate, you should always be updated on how they are doing. Cap rates are the relationship between an investment property’s net operating income (rents minus expenses) and the market value of the asset. In layman’s, the higher a property’s cap rate, the better the rental returns. Also, cities with reasonable or low monthly mortgage payments and stable rents typically make the best markets for returns. However, if you are not sure how cap rates work or how to analyze them, consult with a trusted market expert who can help build you a custom portfolio of cash flow proven markets.
Find a Turnkey Rental Provider You Can Trust
If you are working full time you don’t have time to manage renovations, find tenants, etc. Buy properties from a turnkey rental provider like MartelTurnkey, until you reach your goal, and then you will have the time to invest in other types of real estate opportunities. MartelTurnkey provides its customers with the best services known. They offer their customers with proper guidance, and with the correct mindset and tools, you too can find an investment plan that matches your personal goals and resources then follow the steps to manifest personal wealth. You can find a way even when no way appears to be found, and you can live the life you want on your own terms.