Should you use the equity in your rental property to buy more investments and diversify your portfolio? That’s the first listener question I’m tackling on this edition of Q&A Monday! Every Monday, I answer three of your real estate related questions.
This episode contains conversations on utilizing equity, accounting for your business, and how to get started in real estate with no money and bad credit. I hope this episode helps guide you on your real estate journey. Don’t miss episode 715 of Investing in Real Estate!
On this episode you’ll learn:
- How to determine if you should use your equity to diversify.
- The best way to get your books organized.
- How to invest with bad credit.
How to Determine If You Should Use Your Equity to Diversify
If you have available equity and you’re considering utilizing it to grow wealth, I think you should go for it! Remember, you can’t eat equity and that equity is yours. Especially right now while interest rates are low, I highly recommend using the bank’s money to increase your net worth and gain cash flow.
The Best Way to Get Your Books Organized
While I don’t have specific recommendations on a budgeting software, I do highly recommend working with a CPA who knows real estate. For the best in the business, book a call with Wealthability at morrisinvest.com/lower-taxes.
How to Invest with Bad Credit
If you want to start investing but you have bad credit, you just have to put in the work. There are three things you need to make a real estate transaction happen: money, a deal, and people. If you can find a deal, money will follow. Because of that, I’d recommend trying to find a great deal! The first thing I’d suggest is looking into wholesaling or driving for dollars. Another option is to partner with another investor.
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More Important Than Money by Robert Kiyosaki
How to Wholesale: The Ultimate Guide
The Fastest Way to Make Money in Real Estate with Zack Boothe
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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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