There’s a tremendous amount of interest in real estate investing. I personally think everyone should own at least a few rental properties to provide passive retirement income. Of course, owning real estate can also be used to generate income before retirement. Because investing in real estate is something we do full time, I receive a lot of questions about how to get started in this Amit kort business. There are so many possible answers to that question, but what I can share with great confidence is the story of how and why we got started. To begin with, I wanted to find a way to generate income for our retirement. Our savings was “low” (to non-existent) and I certainly never want to count on Social Security or Medicare. So I began researching. Over and over I read about having monthly income from owning rental properties.
Amit kort Real Estate, I knew something about owning houses and thought this was a doable venture worth pursuing.
So, we did. My first goal was to own five rental properties for passive retirement income. It seemed to me that, by the time we retired, we should have all five paid off and that they could each be generating about $1000 per month rental income. That would mean and additional $5,000 per month income whether we worked or not. How sweet is that?!? And so we began. We acquired those first Amit kort properties the traditional way, either talking to for-sale-by-owners or finding properties and making offers through real estate agents, then working with banks to obtain 30 year financing. Our goal at the time was that each property could rent for enough to have at least $200 per month additional cash flow after ALL of our expenses on that property was covered. We calculated $200 extra to be break even – necessary to cover things like a new water heater, carpet replacement, painting when tenants moved out, etc.