Smart Ways To Increase Your Income Even If You Don’t Get A Raise

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When you decide to take a step into the real estate world, don’t remain a toddler; go in all the way. Think of venturing into corporate rentals, Airbnb rentals, rental properties or investing in shares with Real Estate Investment Trusts. Other than building long term wealth, you will benefit from the miscellaneous benefits.

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It starts from buying your first property and learning how to grow it. You then expand and buy more properties creating a web of investments. Money is king in investing but it is not impossible to start with one and build a catalogue of portfolios from there. Other than being your own boss, earning passive income, and appreciation potential you will improve your financial competence. Here is how:

1. Get prepared

This is a war that you don’t want to go into without weapons. The result will be losses; both financial and psychological. You will need to come up with an objective. This will guide your path of investment and how you want your portfolio to look like. The goal will motivate you every step of the way.

Then do the math. There is magic in numbers. In real estate, cash flow and expenses tables make sense. You need to examine the amount of money coming in from your current properties and how much you spend. You will then know how much you have left to invest and grow your portfolio. That is what you will work with.

Ensure that your current investment has reached its maximum potential. You could add a new structure to that space, or renovate and increase the prices. Tap into any present potential first and get the most out of it before stepping out. If you are used to running properties on your own and lack management skills, this is the time to educate yourself or hire a manager. A big portfolio is not for amateurs.

2. Diversify

Going past property number one will need you to fight fear and plan wisely. If you wait for your savings to afford you the next property you would have to wait for life. So, you can raise money by borrowing against your current property or selling it at a higher price. You can then use this amount as deposit to your next property. Debt is good if you can pay on time and when used to increase positive cash flow.

You will need to focus on a strategy and spread out your investments. Try new locations, different kinds of properties and buy shares. This will cushion you when one sector is not doing well and will help you maintain a constant cash flow despite the market changes.

You could also increase your sources of income by applying for interest only loans. These ones will lower your expenses and increase your disposable income. If increasing rent is not possible, your accountant can help you get these loans so you don’t miss an opportunity to grow.

3. Learn

The market is always changing. The only way to remain relevant is to be educated at all times. You will need to read books, magazines, blogs, watch financial news and talk to as many experts as possible.

To spot opportunities in the market you will have to keep surveying to see what is going on. Monitor the changes in mortgage rates, house prices, tenants’ behavior, neighborhood changes and even the political temperature. Real estate market responds to all this factors in the factor and information will help you to grow your portfolio in a smart way.

Bottom Line

Whether you already own a house or planning to venture in to the real estate market, don’t settle for rental income from one property. Growing your portfolio will service you for the long term. Not to mention the fruits of constant capital gains. Every one to two years you will increase your asset base. You have the key.

 

 

 

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