A 3-Phase Plan to Get into (and Out of) Real Estate Investing #3Phase #Plan #Real #Estate #Investing Welcome to JibGlobe, here is the new resources we have for you today:
As founder and CEO of Kay Properties, I talk with hundreds of clients each month, allowing me the privilege of listening to some fascinating life stories while helping people with their long-term investment goals. I recently encountered such a story when I met Frederick and Gloria*.
These two focused individuals met at Georgia State University. After graduating, they found jobs in Atlanta: Frederick as an accountant for a major home-improvement chain and Gloria as a history teacher at an Atlanta middle school. Eventually, the two decided to marry and begin a life together.
Neither Frederick nor Gloria came from wealthy families, but they both had a vision for building wealth and a plan for how to do it. Frederick’s background in accounting and finance taught him that one of the best ways to create wealth was through real estate while also deferring capital gains taxes. Through her love of history, Gloria also understood that the vast majority of the people in the United States who achieved financial success had done so through owning real estate.
So, the two sat down and plotted out a long-term, three-phase plan for entering the investment real estate world.
Building a Real Estate Portfolio in 3 Phases
Phase 1: The Purchase of Their First Rental Property The first step in their plan was to invest in a single-family home rental property. Even though they understood there would be very little cash flow from this and money would be tight, they also knew that this first step, the entry point into real estate investing, would be the most important one for them in the long term.