Question: “Is now a good time to buy rental properties? How do you see the real estate market?
Answer: “To answer that, I’d like you to take a look this video of Steve Jobs in a 1984 video launching the Apple Macintosh.
I love the memories that came up of actually using the Mac to do stuff. It was an incredible tool for its time.
About five years from that launch, the internet was just getting off the ground.
The point is that in 1984, the personal computer was just a novelty to most. Most people didn’t see its potential. But some did.
Five years from now, we’re going to look back to 2009 and say to ourselves, “boy I wish I bought more properties back in the good times. Look at the deals I passed up back in 2008, 2009, etc.” The market is going to be taking a turn, and it’s going to start moving up within perhaps a year or two.
Robert Elder and I are voting with both feet and all my money. The trick is having the systems set up to keep adding more and more properties to your holdings.
The following are 5 keys to being able to consistently adding cash flow properties to your holdings over the next few years:
1) You need to have a source of financing to fund the purchases. This means that you want to use other people’s money – not your own. When you use your own money, it quickly runs out.
2) You need to have a reliable system for managing these properties that keeps your vacancy and maintenance low. You need to have a stable cash flow so that your rents cover your mortgage payments and all your expenses.
3) You need to have a system for finding great deals. When you buy lots of built-in equity, you can buy more properties because you can leverage your equity into buying more and more properties.
You can learn more about all of these three keys in my newest course. But no matter what you do, don’t stay on the sidelines. Buy some real estate – you’ll be glad you did.
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