This is the fastest way to purchase your first rental property

by | Apr 13, 2017

If you don’t already own real estate, you should definitely be thinking about it.

Here’s why…

 

  1. Over 80% of people with a net worth of $1 million or more acquired this wealth with real estate.
  2. Real estate is the oldest source of wealth.  Even the richest man in the Bible, King Solomon, built his fortune with real estate.
  3. There are a number of states where you can pick up a piece of property with only a few thousand dollars out of your own pocket.
While owning a piece of property is cool, renting your property out and having someone pay you $3,000  a month, or more, is even better.
Growing up, my family was happy to just find an apartment in a decent neighborhood that we could rent.  I never envisioned that years later God would bless me to be in a position to own my own properties and be the one collecting rent checks.  And thanks to the internet, I don’t even have to pick up my rent checks they get deposited right into my account.
I wake up to e-mails like this.
The biggest thing holding most people back from purchasing rental properties of their own is coming up with the down payment.  That’s what I want to talk about.

What is the fastest way to come up with the money to buy a rental property?

Well, the problem is most people think the only way to save is in a bank savings account.  Look below a Bank of America pays .03% per year in interest, a Wells Fargo savings account pays .05% per year in interest, and a Chase savings account pays .01% per year in interest.

If you saved $500 per month for three years in a Wells Fargo savings account you would have $18,018 at the end of the three years.

Now, if you took that same $500 a month in invested in the stock market for three years, based on the current 1-year return of the S&P 500, you would have $23,376 at the end of the three years.

Saving the same exact same $500, in the stock market versus a bank savings account, you’d have an extra $5,300 to put toward your rental property!
This would be more than enough to make a 20% down payment on a nice 2 bed 2 bath condo like the one below.  This would be something you could rent out immediately and start bringing in extra cash every month.

source: zillow.com

To wrap it all up, if you want to be in a position to acquire rental properties fast, you need to get high returns on your money.  Historically, nothing has offered better returns than the stock market.

Now there are additional step to purchasing a rental property besides just having a down payment.  Your credit has to be right.  You need to have enough extra income to cover vacancies and repairs.

That’s why I put together a FREE 3-part video series titled Bible Money Makeover.  I want you to be in a position to take advantage of investment opportunities like this.  Click here to start learning how you can boost your credit score, increase your income, and build your investment portfolio.

Here’s a legal disclaimer I have to give you: This blog is a resource to be used for educational and informational purposes only. This does not take the place of professional financial advice.  No information on this blog creates an advisor-client relationship between us.  If you’d like to get professional financial advice visit Greenfinancialsolutions.net or give me a call at 424-253-6486.

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