When I mention that I purchase properties in the $40-50k range, sometimes people respond, “You’re so lucky! Homes in my area are over $200k!” But the thing is, I don’t invest in my home state of New Jersey.
Before you purchase a rental property, you should thoroughly assess not only the property, but also the neighborhood and the market. One thing to consider is the possibility of natural disasters, including if the home is located in a flood zone.
If your credit score is less than stellar, you’re not automatically disqualified from investing in real estate. Sure, you might have to get creative and figure out how to get funding, but it is possible!
Undoubtedly, you will meet naysayers on your real estate journey. You will encounter people who are quick to tell you that you're going to fail, that real estate is a terrible investment.
You might think that investing is only about the numbers, but in order to grow your portfolio, you’ll need to put on your thinking hat and be creative!
Hopefully you and your spouse see eye-to-eye when it comes to most important decisions. But if you disagree about the best methods for investing, you're not alone.