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Real estate investing can be a way to build up a passive income, but is it the right move for you? Learn about some of the different options you have and what you need to discuss before jumping in!
Is Real Estate Investing Right for Us?
We've been talking a lot this season about building and diversifying your income streams.
Part of it is in reaction to the past year or so we’ve had. With some industries being hit hard with job losses and hours cut, having another source of income – even if not full-time- can soften the blow.
We spoke about working from home with Modern Frugality creator Jen Smith. We also talked about entrepreneurship and building a portfolio of income streams with author Michelle Jackson.
Today we’re talking about another opportunity to build an income stream – real estate investing.
If you’ve ever watched shows on HGTV or followed DIY influencers on social media, it looks fun and exciting, right?
These transformations can be dramatic and then when they go ahead and sell those houses, sometimes those numbers look tempting. Or the idea of owning properties and having rental income looks like a passive way to earn more.
But is that really the case? What does real estate investing really involve? How can we get started? How can we be smarter with how we invest?
I’m happy that Rachel Richards is joining this episode. She’s an author and real estate investor with over 30 properties. With the income their properties are generating, she and her husband are able to be financially free.
In this episode we get into:
- different ways to invest in real estate
- Understanding what’s really involved with investing and finding properties
- A peek of how one couple got into investing and how they grew it
Are you ready?
Let’s get started!
Resources on Real Estate Investing
Are you thinking about getting started with real estate investing? Here are some handy resources to get your finances in shape and learn more about it!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Free 401(k) Analysis: blooom
- Jumpstart Your Marriage and Your Money
- Passive Income Starter Kit from Rachel Richards
- Passive Income, Aggressive Retirement by Rachel Richards
- The Book on Rental Property Investing
- How to Invest in Real Estate
- Afford Anything Podcast by Paula Pant
- Buy and Hold by Steve Chader
- Bigger Pockets Podcast
Before we wrap up, I want to share a few key takeaways I got from speaking with Rachel and preparing this episode.
- Find a way to diversify your income streams.
- Research and discuss how active or passive you want to be with real estate investing. How does it fit in your big picture and financial plan?
- Run the numbers. You have to be really objective with real estate. What down payment can you afford? What cashflow do you expect (and need)?
We really just scratched the surface today so if you want to discuss this more – ask questions, swap ideas, and talk about your progress for the year– don’t forget to join us in the Thriving Families group on Facebook.
We’re all about helping one another out with our family and financial goals.
Hope to see you there!
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
We’ve been Coastal members for a few years have been happy with their services.
They have wonderful services and accounts to make saving easier including their competitive money market accounts!
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Support the Podcast!
Thank you so much for listening to the podcast! If you enjoyed this episode and found it helpful, here are some ways to support it.
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your rating and review on Apple Podcasts.
- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!