If you’re serious about wanting to build wealth but you’re scared, what’s the first step in the right direction? How can you push past fear and actually build passive income? That’s the first question I’m answering on this Q&A episode!
On this episode of Investing in Real Estate, I’m taking three of your thoughtful questions. Today’s topics include overcoming fear, handling out-of-state property repairs, and dealing with state filing reports. Please join me for episode 779!
On this episode you’ll learn:
- How to push past fear and get started in real estate.
- The best way to handle repairs on a rental property from out of state.
- How to handle annual state filing reports on your rental properties.
How to Push Past Fear and Get Started in Real Estate
In my opinion, the best way to get started building wealth is to find your Freedom Number (download for free here). Once you have a goal in mind that’s based around real numbers, then I want you to set an intention. Specifically, why do you want to invest in real estate? What are the driving forces for you? I believe that when you have a strong why, the how becomes clear. Start with the Freedom Cheat Sheet, use the banks’ money, and take it one step at a time.
The Best Way to Handle Repairs on a Rental Property from Out of State
If you’re investing out of state, you’ll want to work with a property management team. The property management company should have a maintenance team on their staff. Usually, we set some sort of retainer with our property management companies. For example, let’s say a repair is under $100. For me, that’s instantly approved, and I’d rather not be bothered with it. If it’s a more costly repair, the property management company will ask for approval.
Dealing with repairs on a rental property from out of state is really no big deal. I would suggest that you imagine that you have 50 rental properties. In that scenario, would you worry about dealing with a broken toilet? Of course not! This is why you hire great teams and put systems in place.
How to Handle Annual State Filing Reports on Your Rental Properties
I would suggest teaming up with an attorney in the states where your rental properties are. Different states can have so many different reports and regulations. An attorney will be able to guide you through the process of filing reports for a nominal fee.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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