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Slide 1: Dan Cavalli Small Business Expert
Slide 2: Can you imagine living in a $750,000 home complete with all of the luxuries and amenities? Reality is not really far away. For a moment, envision your dream home. What if I told you that you could live in such a home for $200 a month? No, you don’t have to have a $725,000 down payment. You don’t even have to have a down payment at all. You can live mortgage free and become financially independent with rental properties.
Slide 3: Still don’t believe me? Take a moment to look at the rental ads in your neighborhood. How much are houses renting for in your area? Let’s suppose that rent averages $700 a unit in your area. Just three units could supply you with $2,100 in monthly income.
Slide 4: Of course, you will have to pay for things such as insurance, taxes and maintenance. But rental properties supply limitless income potential. Additionally, your income will continue to rise as the value of your properties rise. The key to becoming financially independent with rental properties lies in careful selection. First, you need to select the right properties to invest in. Today, this job is easier than it has ever been before. Many nice communities have a surplus of foreclosed homes that are being sold at auction.
Slide 5: It is entirely possible to purchase a home that needs very little work for $5,000 to $6,000. Be careful, though. Not all homes are worth the money spent. Choose inexpensive homes that are sturdy, and stick with houses that only need cosmetic work. Avoid homes that need expensive renovations such as a new roof, foundation repair or plumbing and electrical overhauls. More ideas on how to gain financial independence for free just click here
Slide 6: Once you invest in an income property, you will need to invest a little more. Sink some money into new paint, flooring and fixtures. Not only does a remodeled home bring in more money, it also attracts better renters and gives them a reason to stay. If you invest money into making the home nice, you will be able to easily find renters that will take care of your property and stay for a long time. An empty rental property costs you time and money. Every time your property becomes empty, you will lose income and have to spend time showing the property and interviewing new renters.
Slide 7: Most of the horror stories associated with rental properties can be avoided by screening tenants. Always ask for references and proof of income. Sure, credit reports can give you an idea of how well perspective tenants pay their bills, but they can’t give you a real picture of how tenants will care for your property.
Slide 8: The most important part of the screening process involves talking to former landlords. Ask how the property was cared for, and if they encountered any problems with the tenants. The goal is to invest in inexpensive properties, fix them up and rent them out to reliable tenants for top dollar. The more rental properties you own, the more financially independent you will become.
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