People who watch my YouTube videos or follow me on social media often ask me this question: “How do you get the money to invest in real estate?” It’s a great question, and one that deserves a solid answer. That way, YOU can do what I’ve already done and build your own wealth-building real estate portfolio.
To get the money to invest in real estate, you need to follow 3 simple steps.
Learn How to Get the Money to Invest in Real Estate by Following This Simple Plan
Step 1: Earn money … as much as possible.
Obviously, you can’t just sit around and hope for money to fall into your lap. You have to work for it … earn it. Now, how you earn it is up to you. Some people like to work for others for a living and do quite well at it. Others prefer to work for themselves and become an entrepreneur.
Personally, I favor ditching the W-2 lifestyle and becoming an entrepreneur who earns passive income and makes lots of money! When you work for someone else, your income is often limited by what they’re willing to pay, even if you are great at bringing value to the team. As an entrepreneur, however, the sky’s the limit. Your income potential is only limited by how much you’re willing to work and the value you bring to the marketplace.
Step 2. Protect your money.
Here’s a little secret: You can’t get the money to invest in real estate if you’re constantly spending what you make or spending more than you earn.
Now that you’ve established a reliable source of income via a job or running your own business, protect that money as if your life depends on it. (Your quality of life certainly does!) How do you protect your money?
- Live on a budget – tell your money where to go instead of wondering where it went.
- Live on less than you make.
- Save, save, and save some more.
Step 3: Multiply your money.
Now, some people choose to grow their money by putting it in a savings account. That might be a great place to store it short-term while you’re building up a nest egg. However, it’s not a great long term strategy because interest rates on savings accounts are dismally low.
Other people think that investing in the stock market or contributing to a 401K are the best ways to multiply their money. While these are possibilities, they’re often very risky ventures and significantly depend on factors outside of your control.
How do I recommend growing your money? Investing in real estate, of course! If you’ve followed steps 1 and 2, you’ve earned a significant amount of money and protected it while your savings grew. Now it’s time to invest that money in real estate that will continue to grow your income.
To learn exactly how my wife and I worked to get the money to invest in real estate and then start to build our real estate portfolio, watch this video: How to Get the Money to Invest in Real Estate.
Get the Money to Invest in Real Estate and Achieve Financial Freedom
If you’re new to real estate investing, you need to know what you’re doing in order to become a successful real estate investor earning lots of passive income. That’s where working with a real estate investing coach or mentor is key. Rather than ‘reinventing the wheel’ and making costly mistakes, why not learn from someone who’s already achieved what you’re aiming to do?
Real estate investing can absolutely help you achieve financial freedom so you can live life on your own terms. Learn more about exactly how my wife and I have done that with my book, The New Rules for Financial Freedom. If I can go from broke dietitian to business coach to successful real estate investor, YOU can, too, and I’m happy to show you exactly how it’s done!