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Should I Invest in Real Estate While Running an Internet Business?
Of course you should. I practice this for quite a while and I never looked back. I think this is the perfect combination. You get the best of both worlds. Did you know that 90% of all millionaires made their fortune with real estate and 10% with the internet or the stock market? Well, this doesn't leave any room for the paycheck workers, doesn't it?
I once read a small phrase that totally changed my life "Trading hours for money doesn't bring you any wealth". This powerful phrase stuck with me ever since. Take a moment and think about this. We all do it by being employed by an employer we trade hours for money. How many hours per week can you trade without completely giving up your life? 60, 70 hours max. This doesn't leave much room for a family life or having some fun, doesn't it?
Well, enough of this depressing stuff. Let's talk about something fun. Did you know you can actually make money while you're sleeping? It is called residual income.
With your internet business you want to achieve residual income through selling membership subscriptions to any form of service that charges monthly dues. Typically you will receive your share of this as monthly installments. You do the work once and you get paid over and over again.
With real estate you achieve the same effect with rental properties. Although your involvement in the process is a little bit bigger, but it is still manageable. You have to collect the rent and making sure it is paid on time. On the other hand you have to pay all the bills like mortgage payments, insurance, taxes and sometimes utility bills. Depending on the type of lease agreement you have with the tenants.
This takes care of the residual income part. As a rule of thumb if your residual income covers your living expenses you're on your way to be successful. Now you can start doing the fun part with real estate. Not that there's anything wrong with being a landlord. I personally don't like this part of investing in real estate.
The fun part for me is to work deals with real estate. It could be buying an old property way below market, fix it up and sell it with a profit. Another method in dealing with real estate is called flipping. In this case I simply control the property through a contract and then assign the contract to another buyer. Of course I will collect a fee for my services. I prefer the second method because the least amount of money and work is involved. Fixing up properties can turn into a time and money consuming project.
The point I want to make is that you need to establish some sort of residual income to cover your basic living expenses in order to expand your business.
Of course you can do all of the things mentioned and still working full time. That's what most people are doing. However you have to decide if the extra income is worth the effort. You will need a lot of time to do both investing in real estate and running an internet business.
Visit my home business website and my real estate website to learn about effective systems to leverage both business models without completely giving up your life.
Peter Dobler is a 20+ year veteran in the IT business. He is an active Real Estate Investor and a successful Internet business owner. Learn more about real estate investments at http://www.suncoastrenttoown.com or send a blank email to mailto:firstname.lastname@example.org
From Foreclosure to Forbearance - The Art of Negotiation
As an active real estate investor you probably already know that the most important phase of your investment is when you buy the property. Most of us are getting the bargains in the foreclosure market.
A Singles Game of Real Estate
This discussion leans toward answering questions asked most often by our youthful men and women in there early twenties. They often begin to ask themselves the question, "Should I consider buying a home, condo/town-home or some other type of real estate that I can call my own?" Due to the fact that housing has up to this point always been provided for or lived in on a rented basis we tend to find that our newest contributing members of society find themselves at a loss for the most beneficial and advantageous way to enter this next phase of self-sufficiency.
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According to the Federal Housing Finance Board:..
San Diego Real Estate
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Bubble, Bubble, Toil and Trouble?
We are selling our house. We have lived here for 15 years, the longest I have ever lived anywhere; of the places since I left my parents' home I think my previous best was three years.
Why Real Estate?
Five months ago I was faced with a decision to keep doing the same thing that I loved or go and try something different and change my life for the better. Well would you like to know what happened?Maybe next time.
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Lake Property in Danbury
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The Value of Foreclosed Property
The discount on a foreclosed property is not as great if the state allows deficiency judgments by lenders against borrowers. In contrast, the discount is larger if the property is being sold in a state that requires foreclosures to proceed through the judicial system.
Timing Is Everything When It Comes To Buying Homes
The old adage that "timing is everything" especially applies to buying a new home. And trying to be at the right house at the right time and get it for the right price can be tricky.
Estate Agents on the Costa Blanca Spain
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How to Prepare Yourself for Owning a Dual Purpose Second Home
If you are thinking about buying a second home, you are not alone. A 1995 survey by the American Resort Development Association found that 60 percent of households surveyed feel they have a likely chance of purchasing a recreational property in the next ten years, a figure that rose 30% from the survey in 1990.
Understanding Title Insurance
Title to a property is a record detailing the owners of the property and rights associated with the ownership. Title typically shows a progression of ownership from the first owner to the current one.
Home Inspectors - Negotiating a Lower Price
To help you negotiate a fair sale price for a home, it's best to get an appraisal and inspection report. Even if you agree directly with the home seller on a sale price, you may want these items to safeguard the value of your new investment.
Unravelling The Real Estate Buying Process in Canada
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How to Prequalify a Buyer When You Sell Your Home By Owner
One questions many "for sale by owner" sellers ask is "how can I determine if a potential buyer can afford to buy my house?" In the real estate industry this is referred to as "pre-qualifying" a buyer. You might think this is a complex process but in reality it is actually quite simple and only involves a little math.
Setting Goals for Real Estate Success
The power of goal setting has been well documented and communicated so before you skip over this point because you've heard it all before I'd like you to consider how well you are doing it. I'm a firm believer that you don't truly understand something until you are doing it.
Real Estate, Real Property and Leased Land; Definitions, Discussion and Explanations
Delaware, and the rest of the original British Colonies, has some land that is leased rather than owned by the residents of that land. Much of it is not evident to the casual observer.
Closing Costs When Buying A Home
Closing costs are often the last thing a person thinks of when buying a home. While closing is the joyous moment the home becomes yours, the costs can be surprisingly aggravating.
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