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Passive Real Estate Investing
How to Make a 9% Return: Quit Your 9–5 and Retire
Early From Rental Property Income
Mike Hartley

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Foreword to the Series
Investing is a necessary and invaluable life skill that many people don't even
realize they need. It allows you to create financial stability, accomplish your
most ambitious goals, and secure your future. Whether it be providing for
loved ones, avoiding the need to work past retirement age, or funding a
dream vacation in Japan, investing requires a deep understanding of the
principles of finance as well as those of self-discipline, patience, and sound
judgement, free from any emotion or prejudice. While this may feel
intimidating at first glance, investing can be extremely manageable with the
right guidance and strategies that minimize risks while maximizing returns.
By staying informed and educated on the basics of investing, we’ll have you
on the road to financial success.
Whilst this series masquerades as a comprehensive set of educational guides
to the various inroads of investing, it is in fact a chronology of what I have
learnt over the years - and from almost every aspect of investing there is.
Growing up in a family that had relatively few financial resources, I was
always driven to make something of myself and ensure the future security of
my loved ones. One of the ways I set out to do this was by ambitiously
aiming to make a million dollars in cold hard cash - which seems almost
comical when I look back on it now as I had no idea why I chose this figure!
A million dollars was just an arbitrary number that I decided upon when I
didn't fully comprehend what it meant, or how life-changing it could be. I just
thought to myself “I think having a sum of money would really help my
family along”, so, with this goal in mind, I began researching and investing in
various different fields; from stocks to bonds to real estate to swing trading,
and so on! My journey has been far from easy, but every step along the way
has been incredibly rewarding as I've continued to learn about investing and
building my wealth. Now, whilst making money is still a priority/hobby for
me, having time with my family is what really matters - and is ultimately
more satisfying than reaching any arbitrary figure.
Once I had achieved my goal of amassing a million dollars, it was not that

such an amount was not enough; on the contrary, it is certainly a significant
sum, and having so much money at once gave me a feeling of great
accomplishment. However, I found that I didn't want to stop there. It wasn't
just about wanting to make more money; it was about wanting to keep on
experiencing the joy and sense of fulfilment from investing. As a youth, I had
the dream of being rich and financially free, but with more experience, I now
invest because I’ve learnt to love it! After sixteen years of engaging in this
activity, I had finally come up with a system which enabled me to make
consistent wins with most forms of investing. So, I figured, why should I let
this newfound understanding go to waste? Why should I stop now when
things were going so well?
When I decided to start learning about investing, I made sure that I was as
prepared and organized as possible. I researched thoroughly, making notes on
who offered the best services, the cheapest rates, and which brokerages had a
reputation for being trustworthy. As someone who is naturally meticulous, it
only made sense to take an in-depth approach to this as well. So, I made
sticky notes, wrote in journals, and took copious notes in Word documents -
all with the intention of compiling my thoughts throughout the process. Fast
forward sixteen years later and here I am writing a series of books based on
my experiences!
To ensure accuracy when writing this series from different perspectives -
such as in 'Investing for Women' - I asked friends and fellow investors for
their input to add further insight into each book. In fact, much of what is
written regarding investing has been pre-written by me over time in various
forms - be it a scribbled note or a more detailed outline of what I personally
needed to know to invest in that field. Although not an expert in all areas of
investment, through years of research and experience (and help from others!)
I have been able to piece together content that reflects a diverse range of
perspectives within this field.
Overall, this series of books is an amalgamation of much of my own research
and experiences - some of which I have been continuing the entire time –
others of which I’ve found either not profitable, or only mildly profitable, and
so I’ve ditched them in favour of the better-earning ones! I have also included
the thoughts, opinions and input from others involved in the investing world,
to ensure accurate representation from a variety of perspectives. It has been a

fun journey putting together all the pieces and rewarding at the same time. I
am excited to share my knowledge and insight into investing with you all.
This series of handbooks provides a comprehensive guide for even the most
beginner investor who is looking to start investing with confidence and ease.
Each book dives deep into different aspects of investing, providing readers
with the essential knowledge and information they need to make smart
decisions when it comes to managing their money. These books are tailored
specifically for those who want to gain a better understanding of investing in
the financial markets and successfully managing their portfolios over time.
Despite my American-based viewpoint, anyone can follow the principles
explained within these pages regardless of their country. By reading this
series from beginning to end, readers will be equipped with all the key tools
necessary for success in investing and achieving long-term financial
independence.
In addition to straightforward advice on how to invest, this series also offers
guidance on everything from basic stock market terminology to more
complex financial instruments. Readers will learn about diversification, risk
management strategies, cost/benefit analysis, taxes related to investments,
and more – giving them a strong foundation of knowledge that can be applied
no matter what type of investment they choose.
My goal is for readers not only to understand what's going on in the
markets but also to gain insight into why certain strategies have been
useful for me, and how you can find the ones that suit you best.
Note:
I'm often asked what investments I'm presently making and it's an
important question for those who are seeking to find financial
freedom. After giving the matter a great deal of thought, I felt
writing this information down in a book would quickly become
outdated since I tend to rebalance my investments at least every
three months. To provide readers with more up-to-date information,
I decided to create a website which will help them understand what I
am doing and encourage them to do the same. This website will not
only provides details of the investments but also includes facts and
figures that illustrate how these strategies can help people achieve

their financial objectives. It will offer guidance on how to make
wise investment choices and gives insight into the kinds of risk
associated with each decision. Furthermore, this website contains
detailed advice on how to maximize returns by diversifying your
portfolio across multiple asset classes, mitigating losses through
careful analysis of market trends, as well as other long-term
strategies for achieving financial independence. By taking
advantage of all the knowledge provided on this site, readers can
feel confident that they have taken steps towards attaining their own
financial freedom.
The journey to uncovering the secrets of successful investing can
seem daunting, but I'm determined to make it easier for you! By
subscribing to my email list, you'll stay up-to-date with the latest
books in the series, and eventually be the first to know about my
unique investment system. By being on the e-mail list I will also let
you know when the website is launched too – exciting! I am
constantly thinking “I wish I’d had this when I started! I’d have
saved a decade worth of time!”
So, no matter your level of financial literacy, I have comprehensive
information for anyone who is keen on learning more. With an array
of resources at my disposal, I can give you an in-depth look at the
foundation of successful investing. Through these materials, I will
provide a thorough look into elements such as risk management
principles and best practices, financial forecasting, budgeting
techniques, and so much more.
On top of this knowledge base, subscribers will also be given access
to exclusive tools such as calculators and other interactive features
that can help simplify complex topics like portfolio construction.
This way, no matter what your individual goals are when it comes to
building wealth through investments - I'm here to help!
By joining my email list you'll have access to all these resources and
more. So come on board for this exciting adventure and discover
how you can get started investing for success today!
So, with no further ado, let’s dive in!

Your Free Bonus Gifts
Accelerate Your Learning
Maximize Your Earning
We are here to help you crush it – no bones about it. To make the most of this
book, there are two things you’ll need:
1. FREE RESOURCES
We have created a number of free resources for you to take
advantage of. Use them to accelerate your learning and
maximize your earning!
2. FURTHER RESOURCES
We are constantly striving to continue supporting both our
team and our students. We are busy creating a website to
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Table of Contents
Foreword to the Series
Your Free Bonus Gifts
Introduction
What Are the True Real Estate Timelines?
Chapter 1: Setting the Stage
You Have the Ability
Renovation/Remodeling
Roles Performed by a Real Estate Agent
To Continue With a Business or Develop a Portfolio
Real Estate Portfolio
How to Finance Your Portfolio
Should You Hire an Agent?
Key Takeaways
Chapter 2: Why Aim for Passive Income and Is It Possible With Real
Estate?
What Exactly Is Passive Income?
An Active Earner
Why Passive Investing Is the Key
How Much Is Enough?
A Step-By-Step Guide to Renting a Property
Hiring a Rental Agency
Key Takeaways
Chapter 3: The Basics of Real Estate Investing

How to Obtain Initial Financing?
Important Real Estate Investing Tips
Advantages and Disadvantages of Real Estate Investing
Types of Real Estate Properties
Real Estate Investing Strategies: Core, Value-Added (BRRRR), and
Opportunistic Investments
Key Takeaways
Chapter 4: The Benefits of Building a Rental Portfolio
The Methods of Real Estate Investing: Renting vs. Flipping
The Benefits of Creating a Rental Portfolio
Key Takeaways
Chapter 5: Starting Your Rental Real Estate Portfolio
How to Analyze Real Estate?
Important Federal Real Estate Laws
Real Estate Finances
Key Takeaways
Chapter 6: Making Your Rental Portfolio Earn You Passive Income
Real Estate Passive Income
Common Mistakes Realtors Make in Passive Income Real Estate Investing
It Is Possible
Key Takeaways
Chapter 7: Your Diversified Real Estate Portfolio
Diversifying by Asset Type
Key Takeaways
Chapter 8: Tax Benefits
What Is a Tax Break?
Key Takeaways
Conclusion

Introduction
Now, one thing I tell everyone is to “learn about real estate.” Repeat after
me: real estate provides the highest returns, the greatest values, and the
least risk.
–Armstrong Williams
Currently, many property occupants in the United States are renters. Yet, the
average American fears getting into the real estate market as an investor. This
shouldn’t come as a surprise. Many homeowners today don't know much
about the purchasing processes that went into getting their homes, which is
alarming. But it is understood. There is an unwillingness to enter the real
estate industry owing to several fears about the industry.
You're not alone. Like many other Americans, you have your concerns.
You've made this financially wise decision that provides you with a 9%
return, which makes it possible for you to quit your 9–5 and settle into a nice
and easy retirement—an option that is, surprisingly, feared.
I think you deserve a nice, easy retirement. Everyone deserves a
nice and easy retirement, so why not you? You’ve got some valid worries
about real estate investing. But have you considered these questions?
Did you do a lot of due diligence the last time you bought stock in one of
these publicly traded companies? Their financial performance, did you look
that over? Did you do research into the executive teams of these companies?
Do you investigate their track records? Finally, did you analyze to find out
whether this company had previously reached their target markets as well as
they’d promised?
Be honest. You probably didn’t bother with any of those things, right? Yet,
you were comfortable enough to invest in that company with your hard-
earned dollars. Let’s compare that to real estate, which you worry is risky.

In real estate, you can't only ask these questions about a property; you can
also learn about the operator, the deal, and the market by looking into these
factors in-depth.
To convince you further on this, most firms nowadays, like Spencer
Hilligoss’ Madison Investments, look into over a hundred due diligence
questions before they invest their capital in real estate. They even go a step
further and request a meeting in person with the operator.
Let’s say you plan to pay great attention to these details before investing in
one of these publicly traded companies. Before you purchase that share of
Twitter’s stock, can you request a meeting with Elon Musk to discuss any
reservations you have or hear his plans for this company that you plan to put
your hard-earned money into?
Another awareness that you must have is that real estate professionals can be
corrupt and unethical. People who lack morals or basic human decency are
present in every industry that exists. What differentiates real estate businesses
from corporate jobs is that, for professionals, the barrier to entry is lower in
real estate. It’s easier to become a professional in real estate than in the
corporate world. The corporate world is more cutthroat, academically
demanding, and hypercompetitive.
Since there are bad people in every industry, it means that bad people in the
corporate world are much better at preventing you from detecting their
badness.
Have a look at it. There are as many, if not more, questionable stakeholders
in the corporate world as there are questionable professionals in the real
estate industry. Considering that stakeholders are just one of the many units
in the organizational setup of corporations, we can see just how grand this
case might be.
The benefit of preferring real estate investment is that it is easier to look up a
professional before you decide on investing with them. And it’s also easier to
hold them accountable, as they don't have a significant number of corporate
gray areas in which they can remain elusive and unaccountable.
Also, you worry about that permanency feeling that’s associated with getting

into real estate investment. Every deal is drawn out,
and you think you will feel trapped if you get into real estate.
You worry that the process of closing a home usually takes 45 days or more.
Also, you worry that the most common way to finance real estate transactions
is with a mortgage that is fixed for 30 years. These stories serve to support
the claim that if you plan to invest in real estate, you will be in it for the long
haul. Most renters, not just you, share this fear. But, in reality, it is very far
from what is true.
What Are the True Real Estate Timelines?
Even though homeowners usually take out a loan for 30 years at a fixed rate,
they often sell at any point between the first five and ten years. Wholesalers,
on the other hand, sell off the properties they acquire in a matter of weeks. As
for house flippers, it’s just a matter of months before they begin their search
for new properties to flip.
Limited partners stay as part-owners in an investment for no longer than five
years. So, yeah, those claims about the real estate industry are a reinforced
fallacy at best.
To conclude, do risky investments exist in the real estate industry? Do shady
real estate professionals exist in the industry? Is it possible that some
properties you invest in will legally or financially trap you? Yes, to every
question.
But this is true of any industry that exists. Whether they are Wall Street
traders, government agencies, niche law firms, tech venture capitalists, etc.,
these answers are the same—they never change.
The real estate industry is no different and doesn’t deserve your being
especially scared of it. There are juicy opportunities within it. Get into it and
think about that opportunity to succeed and thrive; not fear. What you should
fear, if you must, is having an imbalanced portfolio that is entirely dependent
on a company-sponsored retirement account to fund your retirement. Retiring
without a passive income should be what keeps you up at night.

So, sort out your finances, participate, hire suitable agents, and start passively
making money that doesn’t keep you up at night today or in the future.

Chapter 1: Setting the Stage
If you want a thing done well, do it yourself.
–Napoleon Bonaparte
While the advice would be to delegate aspects of your business, you are not
conversant with others. I’ll say that you are in much better hands when you
task yourself to perform certain roles or take up parts of your business that
you can handle and “Do It Yourself.” An example of this is renovating the
property you plan to make into a rental. Whatever it is you can bring to the
table to improve your chances of success, do it.
Also, for the aspects you are not very comfortable or confident handling
yourself, you’ll need to know how and to whom you should transfer them, as
well as what services they provide.
If the intention is not only to survive while investing in real estate, but to
become successful and even thrive, how do you build a portfolio that allows
you to sit back and grow exponentially to create great wealth?
And to what extent are you going to trust yourself to handle
business and get things done in real estate investing? At what point would
turning to a seasoned professional be worth it?
Continue reading to understand all of these.
You Have the Ability
To succeed in real estate, there are certain attributes you should develop and
maintain. These will help you through your many investments, ensuring
success or making it very likely.
Plan

You should look at real estate investment as a business. This requires
developing short-term and long-term goals for yourself and your business. A
good business plan helps you maintain focus on the big picture, which makes
it easier for you to handle minor setbacks or losses.
Real estate is a complicated and demanding business. A solid plan will only
help keep you organized, on the move, and on target. It makes you an
investor in action!
What plans could you make? For example:
1. Understanding the potential gains in real estate.
2. Knowing when a property is due for refurbishing.
3. Staying accurately informed regarding the changes happening
in your location of interest.
These kinds of actions are the kinds that are set to affect your
business over time. You want to be there. You want to be an active investor,
always on the move.
Know Your Market
You will also need to gain sufficient knowledge of your market to succeed in
your business. You can do this by narrowing in on the particular demographic
in which you plan to invest and understanding what the market holds for
commercial and residential properties.
Keeping abreast of these matters, like changes in mortgage rates, the
spending habits of consumers, the unemployment rate, etc., helps you make
the best plan for your business and your future. You become better positioned
to make predictions, stay prepared for the most likely changes and
developments, and act as quickly as possible.
Be Honest
Real estate investing is a people's business. While it is not compulsory to
pledge yourself to honesty in the handling of your business, to be truly
successful with people, I’ll advise you to maintain high ethical standards. It

builds trust and improves your reputation with the people you deal with. For
this reason, instead of checking to see what you can get away with, just be
honest and fair.
Understand Your Environment
Concentrating and gaining adequate knowledge in a specific area increases
and nearly guarantees your chances of success in real estate investing. This is
integral to ensuring that you succeed over the long-term as well. When you
master particular markets, you give yourself the opportunity to move into
new areas, applying the same approach to build in-depth knowledge there as
well. Examples of niches in real estate are low-income multi-unit housing,
high-end residential, and rural farm rehabs.
Encourage Referrals
A sizable portion of your business will be brought in via referrals. It
is for this crucial reason that investors must adopt fairness, respect,
and honesty in the real estate market.
Paying attention to detail, listening, and responding actively to complaints
and concerns represent your business in the best possible light, which makes
referrals possible.
Those are the qualities and habits you need to adopt if you want to succeed as
a real estate investor. Now, here is an example of a task that you can handle
within your business to improve your chances of success.
Renovation/Remodeling
One approach to investing in real estate is to seek out well-placed homes that
need several upgrades to become true
moneymakers.
It is a sound strategy when you are looking to update a property yourself
before you sell it. You have to try your very best to do it the right way,
though. Taking on this task means you'll be able to buy low and sell high.

Houses you purchase at bargain prices need to be tidied up a little to become
truly profitable. This section necessitates some effort. You cut costs by
handling most of the renovation yourself and selling at prices that make you
more money than if you tried to sell the property in its current state, keeping
your renovation money for yourself.
This is how you should go about the renovation of your properties. A good
fix might help a property increase its value. You get to choose from four
types of renovation projects, keeping in mind that they don’t all return the
same profit on investment; for example:
● The Basics
● Curb appeal
● Best-bang-for-the-buck
● Passion Projects
The Basics
These include providing a roof that doesn't leak, making the gutters
functional, providing a dry basement, having solid floors, having a reliable
furnace, etc.
You won’t improve the condition of your property greatly when you adopt
this strategy. But it has its uses. When a property needs a slight upgrade to fit
in with its demographic, this is the strategy to adopt. What you do not want to
do is raise the standard of your property above what is available in the area.
What that does is limit the number of potential buyers, as those who will be
able to meet the valuation that would be necessary for you to recoup your
investment would mostly be unwilling to move to such neighborhoods.
Curb Appeal
This means having a well-kept lawn, clean carpets, new paint inside and out,
inexpensive landscaping, and new address numbers.
Curb appeal greatly improves the exterior of the property. It creates a good
first impression, as potential buyers are left impressed the moment they
arrive. Curb appeal renovation won’t improve the value of your property
optimally, but it helps you sell it faster, as the initial appeal built-in to
potential buyers can be built on to make a sale.

Best Bang for the Buck
This includes the provision of amenities like new siding and windows, and
making extensive kitchen renovations.
You will be adding the most value when you go this route. You are unlikely
to see a return on your investment with this, but it is possible.
Passion Projects
This includes building tennis courts, swimming pools, wine cellars, hot tubs,
and game rooms.
These are upgrades you make when you are passionate about renovating in
this sense. These amenities are quite cool, but they are expensive, and
prospective renters without your passions will be reluctant to pay the rate you
have billed for the property. This is why it is recommended to upgrade only
what is necessary, omitting luxuries.
Roles Performed by a Real Estate Agent
Handling aspects of the real estate business that you understand and enjoy
doing fosters a connection between you and your business. This makes you
enthusiastic about even aspects you don't know well enough, so you'll be best
advised to delegate to others.
So, in what areas do you feel you don't fully comprehend or that you wouldn't
enjoy doing even if you did? What approach would you take to solve this
problem?
Do you handle it yourself by setting up a task list where you take up the task
bit by bit? Do you delegate to friends, family, and/or groups instead? Or do
you hire seasoned professionals to help you in this area?
A real estate professional can help you in many ways if you want to be
successful in the real estate business.
Real estate agents who help owners sell or rent out a property are also known

as listing agents or seller agents.
You could contact a real estate agent when you put your property up for sale
or rent. These agents will act on your behalf to the extent that you allow them
to. Real estate professionals should act with your best interest at heart at all
times. They use their knowledge of the market to set a price for the property
for sale or rent, then list it and look for potential buyers or tenants.
Some roles and duties you could delegate to real estate agents include:
1. Conduct market research to determine a reasonable asking price
for you.
2. Determine which aspects of an apartment contribute to its value
and where money should be invested to improve and add value.
3. Arrange your property to appeal to potential buyers.
4. Photograph the property's interior and exterior for advertising
purposes.
5. Put the property up for sale or rent.
6. Schedule and supervise property showings when there is an
interest in the property.
7. Produce paperwork such as contracts, closing statements, and
offers.
8. Maintain open lines of communication with lenders, home
inspectors, appraisers, and escrow companies.
To Continue With a Business or Develop a Portfolio
There are two ways you can go about your business in real estate investing.
You can decide to invest in a property, develop that property to generate the
most value, and then sit back and reap the dividends of that property. This
approach will require a lot of effort and sweat equity on your part, as the
returns are lower but fewer risks are involved.
You can decide to go a different way by taking a different route—by building
or developing a real estate portfolio. This concept might be foreign to you,
even if you have been involved in real estate for a while. A real estate
portfolio helps you track an extensive list of investments once you decide to
handle more than a few properties at a time.

Real Estate Portfolio
A real estate portfolio is an aggregate of the various ways in which you've
invested in the market. This also includes documents that cover your present
and past investment assets in real estate. In a way, it could pass as your
resume in real estate investing.
Your portfolio can include flipped homes, rental properties, and real estate
investment trusts (REITs). You are free to discuss the portfolio with your
clients, contacts, and business partners. It’s
not a legal term.
The following are ways to build your real estate portfolio:
“Buy-and-Hold”
Most real estate investors who want to build a portfolio of properties,
especially for cash flow, prefer this strategy. In this approach, you buy a
rental property, rent it to a tenant, and then simply collect the rental income.
Besides the possibility of getting consistently positive returns from the rent
collected on that property, you can also benefit from the property's increasing
value in its market.
So, using the buy-and-hold strategy, you start out with one property,
manage it for a while, then sell it or collect the cash flow generated
from the rents to refinance another project.
But the point is to increase the number of projects exponentially. What do I
mean by that? If you sell the property, you don't go and get another house;
you go and get two... or more.
Short-Term Rentals
You stand to make quick returns on your investment with short-term rentals,
thanks to websites like Airbnb and VRBO. The short-term rental industry is
surprisingly growing at a faster rate than hotels.
The flexibility that short-term rentals offer is appreciated by both tenants and

landlords. As a landlord, you get to decide to use your property as a vacation
getaway for a month. You can also choose to make money in the short term
for the rest of the year through flexible leases. Renters here do not pay
annually for the property. They rent the property for no more than 30 days
most of the time.
This strategy is very similar to the buy-and-hold strategy, since you can
decide to reinvest your profits into purchasing more units for short-term
rental and building your portfolio.
Repair and Resale
If you have a booming real estate market in your city, you can make quick
profits by identifying houses that need repairs. You may have to spend a bit
of money on restoring or remodeling these houses, but the return on
investment for fixing and flipping real estate properties often outweighs the
cost by a large margin.
In a few months' time, you may be able to sell the house and make a profit
from it. Then, invest the profit into more houses, fix them, flip them for
profit, and keep growing in that manner. This strategy is called “house
flipping.” You can make a whole lot of money fast in real estate when you do
this. You just have to identify a good market first.
Real Estate Investment Trusts: Real estate investment trusts are truly
passive income generators, so it would be wise to include them in your
portfolio. REITs give you a chance to reap dividends similar to how you do
when you invest in the stock market. You don't even have to manage
properties. All you do is provide a portion of the wealth needed to purchase a
host of properties. Then you sit back and reap the dividends.
You can conveniently diversify your portfolio in this manner without needing
to dedicate a great deal of time, effort, and money to building a portfolio in
real estate yourself. And they are very profitable, too. An example of a well-
performing REIT is the FTSE Nareit All Equity REIT, which did very well in
2021. It had a total return on investment of 41.3% in 2021. Some drawbacks
to REITs are that the dividends received from investing in these types of
investments are taxed at higher rates than other strategies for real estate
investing. You'll also need to do your due diligence since you will not be

handling the business yourself. This is why you should be extra careful when
you shop for REITs.
Real Estate Syndication
This strategy involves partnering with other investors. Here, you combine
capital with other investors to buy multifamily apartment buildings, then put
the management of these properties in the care of a property manager.
Just like in REITs, you'll reap the benefits without having to deal with the
stress of property management. I'll advise that you learn more about this
strategy if you wish to increase your real estate portfolio really fast.
The properties that will be tied to your wealth-generating portfolio will be
much larger when you buy through syndication than when you decide to buy
them on your own. You can also decide to expand your portfolio to include
mobile home parks, land, and self-storage units.
Wholesaling
Do you have low capital but wish to increase your real estate portfolio?
Wholesaling is the most convenient strategy for low-capital investors.
Wholesaling is also referred to as “micro-flipping.” You buy undervalued
properties and sell them to end buyers—individuals who purchase the
property to fix it up and flip it or put it out as a rental.
What this means is that you're reselling houses at prices higher than what you
paid for them, thanks simply to leverage. What this means again is that you
will only succeed at wholesaling when you develop above-average
negotiation and sales skills. Most realtors prefer wholesaling for this reason.
How to Finance Your Portfolio
● Cash Financing: If you have access to significant capital yourself or
through other channels or networks, you should take advantage of
that.
● Hard Money Lenders: If you have low credit, you can get short-
term loans to purchase properties and build your portfolio.

● Private Money Lenders: If you have any channels or connections
that can lend you the capital, use this option. But make sure that you
clarify the terms of the loan to determine the interest rate and the
period of payback.
● Self-directed IRA Accounts: You can tap into your Individual
Retirement Account to access capital. When you invest in an IRA,
you also save money on taxes.
● Seller Financing: When you plan to buy from sellers who own their
properties outright, you can make an arrangement where they
finance your purchase of their property. You will have to maintain
the payment schedule though, or else what is left unpaid from the
initial agreement becomes a debt, as you and the seller will have to
employ employees to draw up contracts and a promissory note that
cover your arrangement. This strategy makes transactions faster.
● Traditional Financing: Consider taking a conventional loan if you
qualify for one. Interest rates are usually high on traditional real
estate investing loans, but you have the option of using the equity in
one property to secure a favorable loan for another property to build
your portfolio.
Should You Hire an Agent?
These are clear steps that, on their own, if followed to the tee and conditions
remain favorable, any investor, even a rookie, should have enough to manage
well enough in the real estate business. But, conditions don’t usually stay
favorable, and certain situations might require the need for expertise, which
isn’t gotten through reading books or attending lectures but through years and
years of experience. This is where agents come in.
You can delegate your affairs to the agent while you learn to
become better at managing your business in real estate investing.
You don’t have to wait until you get good at it to get into the real
estate industry.
The charge is that you invest and make money. It isn’t necessarily for you to
become an active player in the day-to-day running of the business. The
expertise a professional can bring to your business should not be
underestimated or taken for granted by you when you decide to invest in real

estate.
Real estate agents serve a purpose. I’ll advise exploring this route when
deciding to get into real estate. Consider their services, especially in areas
where you are yet to develop a critical understanding.
Here are five reasons why real estate agents might serve your best interests in
real estate investing:
Neighborhood Knowledge
You may be new to real estate investing or be interested in learning more
about it—that’s why you’re reading this book—to improve your abilities and
knowledge in the market, but take note that real estate agents aren’t new to
any of this.
They understand the market. This is one of the first reasons to consider hiring
the services of a real estate agent. Their well-groomed understanding of the
local neighborhood will help you come to a better decision. You will find out
the prices of properties in the same grade as yours. You get all the
information you need from a real estate agent. You just have to make sure
you pick the right one. I recommend hiring someone conversant with the
locale of the property. This is always sensible.
Negotiating Skills
Good real estate agents are very good at negotiating, so they represent your
best interests at all points during negotiations. A real estate agent that
represents you will make your investment goals possible sooner. This makes
them irreplaceable.
An agent should provide you with insight from both the buyer’s and seller’s
perspectives. This helps you come to the best possible decision.
Specialized Knowledge
You can get this done by yourself as an investor. That is true. Real estate
investing is expensive and should not be attempted on a trial basis.
When you hire a real estate agent to handle an aspect of your affairs that you

do not trust yourself to handle properly, you are hiring a specialist who will
use their experience and skills to significantly reduce the hassles you would
normally face while navigating this business.
Problem-Solving
As a new investor in the real estate industry, the questions you will face will
all be new to you, so the chances of providing wrong answers will be high. It
should take you a while to come to terms with the requirements of the
industry. Real estate agents have already gone through the same learning
curve as you will. A good real estate agent will have sufficient experience to
answer your questions related to real estate investing.
Problems like proper documentation, taxes, legal fees, etc., might confuse
you if you don’t have a sound understanding of them. Hire a real estate agent.
Professional Networking
There are real estate professionals' contacts that seasoned agents typically
have. This is true because the property industry is their world. Professionals
like house movers, legal experts, accountants, developers, etc., are all part of
this network. Working with an agent gives you access to all these
professionals, whom you will need in your journey as a real estate investor.
If a real estate agent can't help you in the way you need, they might refer you
to a colleague who can help you better.
Working with real estate professionals doesn’t only make the whole process
hassle-free; it also helps you spend less time, money, and energy investing in
real estate.
You're probably wondering why real estate investors don't invest in real
estate when they're so good at what they do. There might be a few reasons for
this.
One of them is that you need a fair amount of capital to exploit the
opportunities in real estate. Some agents have an education but lack the
capital to get into investing.
A second reason is that there is a big market not just for investors in the real

estate industry but for agents as well.
CBC News reports that, in 2022, renting will be growing twice as rapidly as
homeownership (Evans, 2022). With the number of homeowners steadying at
65% since the Great Recession ended in 2015 (United States Census Bureau,
2021), most people who have homes or are acquiring homes are doing so for
rental purposes. Real estate agents are following the market, but not as
investors.
Key Takeaways
● Bring specific skill sets to the real estate business to have fun and
save money.
● Compartmentalize or pass on the aspects of your business you
don’t enjoy doing.
● Operate a real estate investment as a portfolio to achieve
exponential growth.
● Pass on parts of the business that you are unfamiliar with to
seasoned professionals.
Now, get busy, get investing, and get involved in ways that you are capable
of. But when you get to those points where you are not sure of your abilities,
do not be ashamed to seek professional assistance. All the biggest real estate
investors did that at some point.

Chapter 2: Why Aim for Passive Income
and Is It Possible With Real Estate?
If you don’t find a way to make money while you sleep, you will work until
you die.
–Warren Buffett
Sorry about the doom and gloom with the quote, but passive income streams
are really the surest path to not just financial freedom but freedom itself.
Our world today is shaped in such a way that effort ensures our existence.
That's how capitalism works. There has to be a considerable amount of labor
being carried out for wealth to be created. Our right to live is bought by the
sweat on our backs, depending on what kind of task we carry out. Sure,
machines and algorithms are being created to take over from humans—and
this threatens us because “If we don't sell our labor, how will we make a
living?” But, presently, the work we do with our hands and our minds is what
guarantees our meals, our shelter, and our water. Slavish, wouldn't you say?
For this reason, many of us slug it out in workhouses for hours on end. Every
weekday, from 9 a.m. to 5 p.m., just so our bosses don't pull the plug on us.
We regret that this is the only option, but is it really?
Sleep is crucial for our well-being as humans. Neuroscientist Matthew
Walter, who has been paid to provide sleep advice to sports corporations
within the NBA and NFL, has this to say about sleep: “The shorter your
sleep, the shorter your life.”
So, what way ensures you can get the optimal amount of sleep as a human
without having to pass on the opportunities earning a wage brings us? What
is that way that ensures that we have our wealth taken care of without
sacrificing our health and vulnerability? That is passive income.
From this chapter, you'll understand why passive income is the solution, how

you can start earning passively by investing in real estate, and why that is a
good idea.
What Exactly Is Passive Income?
This is any money you earn without putting in too much effort. Most passive
income-generating ideas, like real estate, require a bit of work to begin with.
But, soon enough, money is earned even when the owner (you) sleeps.
Reasons to Build Passive Income
If you want to make money from your personal income, you have to work for
it. However, if you have the right business and tools, you can make a lot of
money by setting up passive income streams. You won't need to work, either.
Remember how we started by saying that in a capitalist system, work
guarantees benefits? This means that our work is what keeps us alive. When
you set up passive income streams in the real estate industry and earn while
you sleep, that labor is still being done, just not by you. You are, at that point,
letting your investments work for you.
But it is never rosy in the beginning, especially if you intend to invest in a
rental property and gradually and exponentially build wealth. You use the
money you make from managing your rental properties to buy more. When
you have enough money saved up, you can eventually become passive and
set up automated financial systems that run without your help.
Here's how to manage a rental property actively, so it can quickly grow and
become passive:
An Active Earner
Here are three things you need to take care of if you want to be involved in
running your rental business:
1. Tenant Management

You will need to have acquired a high level of people skills to manage
tenants. Since they are also people, it goes without saying that you will have
to take care of their needs.
You will need a diplomatic approach when handling complaints
from tenants. You will also need to put your foot down when their
demands become unreasonable.
Managing tenants feels like keeping tenants satisfied enough that they stay
while keeping the income from rent flowing.
You'll have to know how much notice to give before entering your property,
follow the Fair Housing Act, and know the landlord-tenant laws within the
state where your property is situated. If you don't know this, you could be
breaking the law and be liable for significant fines and/or lawsuits from your
tenants.
2. Property Management
You will have to keep your property safe as well. That's to the benefit of your
tenants and the neighborhood where your property is located. You will have
to inspect your property regularly to attend to small issues before they
become large, costly repairs. This means that the heating and cooling systems
need to be serviced regularly, and the gutters need to be cleaned out before
the snow and rain start. If the systems break down because of bad
management, it could cost thousands of dollars to fix them.
When you self-manage a rental property, you will need to complete a move-
in and move-out checklist with tenants. This document lists the property's
condition before the tenant moves in and again when the tenant's lease is up.
This lets the landlord know what kind of damage is normal and what isn't.
In some states, you will be allowed as a landlord to hold back a portion of
your tenant's security deposit. This is done to pay for damages that may have
been caused by the tenant.
3. Financial Management
You could be purchasing rental property frequently in no time to make a

profit. To be responsible, you will have to manage the finances of these
transactions, keeping track of all the money you spend and receive.
On the chart of accounts, rent payments, security deposits, and late fees need
to be recorded and credited in the right way. As a landlord, you will need to
pay attention to costs like insurance, repairs and maintenance, utilities, and
property taxes.
Even if you only have one rental property, it is still possible to under-report
income and over-report expenses. You could be charged fees and penalties
for honest mistakes if an audit is done and errors are discovered.
This and other reasons are why it is important to seek the services of other
professionals to handle aspects of the business that you don't understand very
well. These could be technicians to handle repairs so you don't have to do it
yourself or even be present, financial experts to handle your finances, and
real estate agents to deal with the legalities of your business. In the end, you
need to hire a property manager if you want to have nothing to do with how
the property is managed.
Here are two kinds of management services you can get:
1. Management Services: à la carte
With some property management companies, you can pick and choose the
services you would like to outsource. You can outsource a “leasing-only”
plan, in which case the company will take care of everything related to the
lease, such as showing the empty property to potential tenants, screening
them, and signing a lease for your property.
This may work for you as you transition from active to passive, but if you
truly want to relax while your rental property makes you money, you will
have to hire a full-time property manager.
2. Full-Time Property Management
With this option, you do nothing, and whatever income you receive is truly
passive. When you hire a good local property manager to take care of your
property's maintenance, tenant relations, repairs, and other legal issues, you

will have to pay the company a monthly fee.
Most property management companies charge around 8% of the rent they get
from tenants each month. This is a small price to pay to be free of the many
demands of rental property management. Here, you can truly earn passively.
Why Passive Investing Is the Key
“Health is wealth,” or so the saying goes.
Active participation in business guarantees greater returns. This is because
money is saved from tasks you would have had to delegate to others if you
tried to earn passively. But the goal of passive income isn't only to make a lot
of money. What I propose is that you work to make just enough to be
comfortable and free enough to enjoy the wealth that you create. The way to
do this is to set up passive streams.
How do you manage this?
You buy your first property.
Renovate it efficiently to attract renters who will pay just about or above
what is available in that market. Renters who are sensible enough to handle
your property with respect are a blessing too. They help you save on
maintenance costs.
You manage your first property well enough that there is a substantial return
on that investment. This includes taking care of your tenants, property, and
finances in a way that helps you cut costs and make as much money as
possible.
The returns on that property that you gain through rent and a steady
appreciation of the value of property in that area are reinvested in another
property, which compounds the interest that you stand to gain in the year.
This is done again and again, so many times that you build up your portfolio
and have several management companies handle the affairs of your business.
When you try to invest with the returns on that investment in mind, you take

care to invest wisely and work very carefully to avoid unnecessary costs and
cesspools.
When you invest the returns made on your investments, you increase the
amount you stand to gain in the future—a lot more than you would have if
you maintained the size of your investment. The compound interest gained
from this leads to exponential growth.
With exponential growth, early retirement can be planned. In this sense,
“retirement” does not mean just sitting around and living off your savings. It
means having a number of investments in the pipeline that are going to work
for you.
Early retirement is possible with passive income. Oh! And Matthew Walter's
research assures you that you'll live long enough to enjoy those dividends in
full, thanks to all the sleep you'll be getting!
Setting up a Passive Income Stream
There are different paths to earning passively in real estate, and I've
mentioned a few of them already. While some of these investments can be
both actively and passively run, real estate investments like REITs and real
estate syndication are entirely passive and simply require your money in a
capital pool to start. You sit back to earn a profit each month.
But the focus here is on rental properties and how to not just invest to earn
passively from them but also how to feel fulfilled by investing in and earning
from rental properties. Because what's the point of doing anything if we don't
enjoy it?
I stated in the first chapter that a way to stay engaged in investing in real
estate is to find areas of it that you are conversant with and love doing, and
then perform those roles. It could be finances, renovation, negotiation,
management, etc. Just make sure you are very good at that part of the job,
and be honest with yourself when you find that you aren't. Then hire an
expert.
How to Stay Motivated?

When you are moving between huge paydays and the thrill that comes from
closing a deal, it won't be difficult to stay motivated. But when markets
become tough and deals start falling through or something else in your
personal life weighs you down, your motivation might dip a little bit, if not a
lot. So, how do you cure this?
These real estate rituals might prove helpful.
Pinning a copy of your biggest check is one way most real estate investors
motivate themselves. This will remind you that there is money to be made in
real estate. It also reminds you that you have the capacity not just to handle
and close deals, but to close the biggest deals. If you are just starting out and
have yet to hit the big bucks, taking one of your bank statements and adding a
few extra zeros to it before you paste it on the wall should do the trick—don't
laugh.
I mentioned earlier that keeping your eyes on the prize is a great way to view
setbacks as nothing more than lessons. The destination must be reached, so
quitting isn't an option. This mentality and approach keep you going. It also
helps to take time away from work. Outsource aspects of your investment
that you cannot handle, and take time out to walk. You could go to the beach
as well and enjoy a bit of relaxation and freedom. Money shouldn't be your
biggest motivator for getting into real estate, but a bit of it is never bad. Treat
yourself to treats. Find something you absolutely love doing and do it. Have a
bit of fun. Enjoy. You'll find that when you make your way back to work,
you'll remember once again why you were working to begin with.
How Much Is Enough?
You have read that the goal of real estate investing shouldn't be to make the
most money possible. Rather, it should be enough that you are comfortable
enough to enter into a passive-income retirement. To do this, you've read that
you must build up your portfolio and outsource the responsibilities that come
with running your rental properties. But how many properties in your
portfolio would be sufficient to consider your retirement as active rather than
passive income?
There is no general rule for this. Contentment differs from person to person,

and if you will take my advice, more money doesn't really equal more
happiness. Usually, the reverse tends to be the case. So, on what monthly
income do you think you can retire without greatly altering your lifestyle?
Example:
Say you live comfortably on $5,000 a month, and the income you receive in
the form of rent from each of your rental properties is $500 a month.
You take the monthly income necessary to sustain your lifestyle ($3,000) and
divide that by the amount each property brings in the form of rent every
month ($500).
$5,000 ÷ $500 = $10
So, you'll need at least 10 properties in your portfolio to consider full-time
retirement into passive income as a rental property investor.
To handle the fee for property maintenance to a maintenance company and
funds for repairs and miscellaneous, I'll advise adding an additional two
properties to your portfolio for these very purposes. This way, you can kick
back and enjoy a quiet early retirement while providing support to those in
your community who might need it.
A Step-By-Step Guide to Renting a Property
You should follow these quick steps whenever you decide to begin your
journey into rental property investing.
Conduct Extensive Research
Before you consider buying a rental property, you should do a lot of research
in your vicinity, wherever your property will be located.
Using available real estate databases, you should look at the rental
units that are currently available in the area of your property. This
way, you'll have a good idea of what you can realistically expect to
charge in rent for your property.

Take note that the amenities you plan to have on your property, the location,
and the size of the property will all influence just how much you can charge
in rent.
Learning about landlord-tenant laws is something you should definitely do as
well. Many states have different housing laws that say what powers landlords
have and what powers they don't. It would be wise to know these laws
because violating them leads to serious legal trouble.
Select a Property
After you've done your research, you'll have to choose a property. You
should select one that is affordable and is located in an area where charging
rent will pay for the mortgage if you end up taking one. You should research
the average cost of utilities in the area surrounding your property. You should
research the current interest rates if you plan to buy the property using a
mortgage loan.
Once the perfect property is found, you should take your time to calculate the
amount of rent you must charge to cover the cost of the investment and make
a profit. This is how to ensure you have a good business investment.
Secure a Mortgage
You'll have to secure a mortgage if you don't intend to pay cash for your
property. The government doesn't issue loans to individuals looking to buy a
rental property. Rather, you'll need to seek a loan from your lender. You'll
need to meet the requirements for a conventional property loan for your
investment. These loans are harder to qualify for, especially if you have never
managed rental property before.
Lenders think they are taking on more risk when they give out investment
loans instead of mortgages for primary homes. To qualify for conventional
loans, you will have to put more money down and expect to face a higher
level of scrutiny.
Market Your Property and Screen Potential Tenants
After your home loan is secured and you're ready to put your property on the

market, you'll have to advertise. You'll need to use websites with big real
estate databases or just advertise your property on Craigslist. You should
provide interested parties with a clear way to contact you and apply for the
space.
Work as a Landlord
After your tenants have moved in, what you'll need to do next is be great at
being a landlord. You have a responsibility to make your tenants understand
the expectations associated with paying rent. You will also have to attend to
maintenance requests very quickly. If you show your tenants the respect they
deserve, they will respect you and your space.
Hiring a Rental Agency
When you purchase a rental property and wish to fill it with tenants, it will be
in your best interest that the property is cared for in the best possible way.
This can be best achieved when you place the best-suited tenants in the
property and conduct regular maintenance checks on it.
As a new rental property investor, you may overlook many aspects of
property rental. The work that goes into making the process smooth,
organized, and seamless should not be underestimated.
You might also be too busy to juggle this with your other obligations that
require your attention as well. In this situation, you'll be better off hiring the
help of a reputable rental agency. They make sure that the entire process goes
smoothly.
Screening and vetting tenants are very time-consuming. Rental agencies
ensure that the right agent is chosen. They also check on your property
frequently. The maintenance jobs that need to be carried out on the property
can be set up by the agent. All that will be required of you is your approval of
the necessary funds.
You also decide how much involvement a rental agency can have and how
far their authority can extend. You can choose to have the agency handle

everything, including tenant vetting and screening, rent collection,
maintenance checks, inspections, and managing contractors who work on the
property. You can also decide to have the agency place tenants and collect
rent at the end of each month while you take care of the rest yourself.
What is important is that you and the agency understand what the terms of
service say, and the tenants understand where to go and whom to contact
should any particular issue arise.
Rental agencies find the best available tenant for your property. They vet the
credit profiles of the prospective tenants. Even though the rental agent from
the agency works on your behalf, they are obligated by law to provide every
piece of information regarding your property to the tenants they are looking
to put in your property.
Whatever complex or muddy situation concerns your property must be
reported to the prospective tenant. This could be a lack of parking spaces on
the property or the level of crime in the area. All information, however
damaging, must be reported by the agent to the prospective tenant.
When you go looking for agencies to hire to manage your property, make
sure to check to see that they are accredited to function in that capacity. For
one, property managers in the United States need to have a real estate
broker's license to work within the country.
You should also check to see whether the agency has the clearance to access
necessary systems like the property management system, has issued the
necessary training, and whether they properly test the agents they send out
before they do.
Your investment is very important, and it is in your very best interest that you
hand it over to an agency that is both qualified and capable. The choice of an
agency must be made with the utmost care.
Key Takeaways
● With passive income, it is possible to make money while you
sleep.

● Passive income is most likely when a return on investment and
compound interest are taken into account when investing in real
estate.
● You don't need too much money to retire into passive income; you
only need enough.
● Rental agencies and property management companies are available
to help you transition into early retirement and earn passive
income.
The National Sleep Foundation and the neuroscientist Mathew Walter
(remember him?) both say that you should sleep between 7 and 9 hours every
night. This helps you stay productive. Getting fewer hours of sleep every
night than this number exposes you to serious health challenges and,
sometimes, sadly, an early death.
You don't deserve that. You deserve a long and healthy life where you can
reap the benefits of all that you have spent your time sowing. That requires
you to take every chance you get to maximize your “sleep opportunities,” as
Walker calls them. And you are now aware of the only way to earn money
while sleeping.
So, what are you waiting for…

Chapter 3: The Basics of Real Estate
Investing
Once you're a homeowner, your house will probably be the biggest, long-
term investment you have.
–Rachel Cruze
Obtaining financing is the most crucial aspect of real estate investing. Unless
you are very liquid, to obtain the finance you'll require to buy the properties
you'll need to start up your real estate journey, you'll need a loan, which
means you'll need a bank. This also means you need me right now, because
I'm about to take you through the basics of real estate investing, starting with
loan approval and what banks look for. You'll also discover some simple
facts about the upsides and not-so-bright sides of real estate investment and
the common types of properties you may put your money into. Buckle up! It's
a ride, but it won't be bumpy. I promise.
How to Obtain Initial Financing?
When you visit lenders, hoping to get a loan for your mortgage,
what you want to do is go the extra mile to prove to the lender that
you've got a good deal and that you're a good bet.
Lenders are in the business of making money. They want to have some
confidence in you that the money they invest in you will yield the expected
returns.
It's not always easy to make your lender happy enough to say yes to your loan
request, particularly if you are a first-time investor with no real estate
experience. The trick is to find out what lenders look for before deciding to
approve your loan.

Most people believe that a good credit score is the end-all and be-all of
inspections, but this is not the case. Here are seven things' lenders look out
for when assessing you and your loan application.
This way, you can understand your prospective lender, see things from their
perspective, and understand that when your loan requests aren’t approved, it
isn't because the lender despises you or your face or based on a hunch.
The process of approval or declination is more analytical than sentimental.
Your Credit
Yeah, the big one first.
Nearly every lender out there looks first at your credit score because that
gives them a sense of how you have managed the money you borrowed in the
past. When your credit score is poor, the lender assumes you are more likely
to default on the loan. Many lenders are scared—too scared to lend you the
money you apply for because they are scared that they might never get their
money back.
The scores on your credit range from 300 to 850 using these two very popular
credit-scoring models:
● FICO Score
● VantageScore
Your Work and Income History
Lenders will want to know whether you can pay back the loan you seek. This
makes it necessary to check if you have a consistent income and whether it is
sufficient. The amount you wish to borrow usually determines what income
requirements you are expected to meet, but the higher your income, the better
your chances, basically.
You'll also have to show that you've got steady employment or have the
capacity to become employed in no time. When you are only employed for
half a year or are self-employed, you'll have a harder time getting your loan
application approved.

Your Debt-To-Income Ratio
This calculates your monthly debt payments as a portion of your income each
month. Most mortgage lenders won't approve you if your loan payments
account for more than 43% of your income, since lenders prefer a low debt-
to-income ratio.
If your salary is acceptably high and your credit is solid, you could still be
able to acquire a loan even with a debt-to-income ratio that is higher than this
number, but some lenders won't take the chance. Before applying for a loan,
work to reduce any previous debt you may have and lower your debt-to-
income ratio to under 43%.
The Value of Your Collateral
In the event that you are unable to make your loan payments, you agree to
provide the bank with collateral. Secured loans are those involving collateral,
while unsecured loans are those without them. Because the bank has a
mechanism to get its money back if you default, secured loans often have
lower interest rates than unsecured loans.
The amount you can borrow will also be somewhat determined by the value
of your collateral. You are not allowed to borrow more than the home's
current value when you purchase it. The reason for this is that if you can't
make your payments on time, the bank wants to know that it'll be able to
recoup all of its money.
Important Real Estate Investing Tips
Increasing Your Credit Score
If your credit score is high, you stand a better chance of getting loans with
which you can exploit the real estate market. The tips below will guide you
toward improving your credit score.
● Address your revolving credit balances: You need to pay more
than the required minimum each month if you have the money to do
so. Your balance is normally reported to the credit agencies once per

month by your credit card provider. The biggest and fastest way to
raise your credit score is to pay off the entire balance. How quickly
each creditor reports the paid debt will determine how quickly your
score improves.
● Increase your credit limit: You may want to consider doing your
due diligence before requesting a credit card or raising your credit
limit. The card company or lender must look at your credit report
for each application. This lowers your credit score by a few points
and causes a hard inquiry on your report.
● Look at your credit report for mistakes: Reviewing your credit
record for any mistakes that could be affecting your score is one
strategy to raise it quickly. One in four US citizens has complained
about errors in their credit reports. If you are successful in disputing
them and getting them removed, your score can go up. Misreported
payments and duplicate or fake accounts are a few examples of
frequent mistakes.
● Demand the removal of negative entries that have been paid off:
Request their removal if your credit report has a string of late
payments. Compared to the original creditor, you would probably
get greater outcomes working with debt purchasers or collection
agencies. Even a settled collection account or paid charge-off could
discourage creditors from ever extending you further credit.
Lenders don't share what the lowest credit score they'll consider is, and that's
because they look at your credit score along with these other things we're
about to learn.
Compare Several Lenders
Reality is setting in. You should now be aware of your comfort level for
monthly payments, the geographic locations you can afford, and the amount
you can put down. It's now time to look around for a mortgage.
To determine if now is the right moment to lock in your rate, compare
mortgage rates offered by various lenders and types of mortgages. Likewise,
take into account your relationship with the lender.
You can find affordable rates and excellent service in the US lending market,

but you need to pay special attention to how responsive and transparent your
lenders are.
Save Money Early
The primary expenses to consider when you save for a home are:
● Initial payment: A down payment may be necessary depending on
what type of mortgage you choose and the lender. Some
conventional loans intended for first-time homebuyers with good
credit only require a 3% down payment. But even at percentages
that low, it can be hard to save up. For instance, $9,000 is a 3%
down payment on a $300,000 house. Decide on a goal using a down
payment calculator, and then start saving by setting up automatic
payments from your bank account.
● Closing costs: They are the fees and charges you pay to complete
your mortgage; they typically range between 2% and 5% of the total
loan amount. Your closing expenses might range from $5,820 to
$14,550 if you put 3% down on that $300,000 house. You’d be
required to pay more money than the down payment agreed upon
initially to do that. In a buyer's market, you may frequently
negotiate for the seller to cover a percentage of the closing costs, as
well as compare prices to avoid paying for certain expenditures like
home inspections.
● Moving-in costs: After buying a home, you'll need some cash after
you buy your home. Put some money aside for the uncertainty, like
when your home needs urgent repairs, upgrades, or new furniture.
Determine the Cost of Your Home
Before you start looking, determine how much you are able to afford to spend
on a house. It's not only about how much you desire; it's also about how
much you can spend on ongoing expenses after you've bought your house.
The three main monthly costs of homeownership are the mortgage,
insurance, and property taxes, but you'll also have to pay for utilities
and possibly HOA dues.
It's also a good idea to set aside some cash on a regular basis to cover

maintenance and unforeseen repairs.
As a general rule, you should budget 1%–3% of your home's value per year
for household expenses. If the property you ultimately purchase is larger,
older, or has facilities that require a lot of maintenance, like a pool, you may
have to set aside extra money.
One lesson to be learned from the 2008 housing disaster is that just because
the bank gives you approval for a certain amount, it doesn't necessarily mean
you can afford it.
Another thing to think about is that if you browse for homes below your
budget, you may have some negotiating power to pay more than the asking
price if there is a bidding war, which is not uncommon in the current market.
Advantages and Disadvantages of Real Estate
Investing
Advantages
Cash Flow
After you’ve covered operational costs and paid for your mortgage, the cash
flow from your real estate investment becomes your remaining net income.
This is a very important advantage to investing in real estate. Most of the
time, as you pay off the mortgage, which increases your equity, your cash
flow simply increases over time.
Tax Breaks and Deductions
As a real estate investor, you get to enjoy many tax deductions and benefits,
which help you save during tax season. The other expenses that come with
owning, maintaining, and operating your property are usually deductible.
Appreciation

The value of real estate properties tends to rise over time. This is why it is
possible to make huge amounts of money from selling real estate properties.
With an increase in the value of the properties comes an increase in the price
of rent. So, if you are operating a rental, you stand to benefit from the
appreciation of properties as well.
Build Equity and Wealth
When you pay off your mortgage, you build equity, which is a part of your
net worth. Additionally, as you raise your equity, you may buy more homes
with less money down, boosting your wealth and cash flow even more.
Real Estate Leverage
Leverage is when you use different financial tools or borrowed money (like
debt) to increase the amount of money you could make from an investment.
Leverage is when you can purchase the home you desire with a 20% down
payment on a mortgage, for example. Financing is easy to access since real
estate is a physical asset that can be used as security.
Competitive, Risk-adjusted Returns
Real estate returns vary depending on geography, asset class, and
management, among other things. Even so, a common goal among investors
is to outperform the S&P 500’s average return, which is sometimes referred
to as “the market.”
Inflation Hedge
Real estate has the capacity to withstand inflation. It results from the
correlation between GDP growth and a favorable increase in the demand for
real estate properties. Rents rise as economies grow due to a greater demand
for real estate. Higher capital values are the result of this. The real estate then
has a tendency to keep the capital's purchasing power intact, having passed
part of the inflationary pressure onto tenants and assimilating some of it
through capital appreciation.

Real Estate Investment Trusts (REIT)
A real estate investment trust is a relatively safe method of
investment to think about if you are looking to make money in real
estate but aren't ready to try the more traditional and labor-intensive
method of buying and managing properties.
Publicly traded REITs can be transacted on many stock exchanges. You can
enter and exit a position rapidly since many trades are at high volume. Since
REITs are required to distribute 90% of their revenue to investors, they
frequently have greater dividend yields than many stocks.
Disadvantages
Despite the advantages already mentioned, there are certain drawbacks to
investing in real estate, and it will benefit you in the field if you know some
of them. This thickens your skin and prepares you best for possible hold-ups
and other challenges.
Drawn-Out Process
Real estate investing, typically, yields profits over a long period of time, but
only if you make wise purchases and put enough money into maintaining
your homes. Additionally, a significant amount of effort may need to be spent
managing the properties, depending on the kind of properties purchased and
the character of your renters.
Varying Income
There may be times when you lose money. This is particularly common when
there is just a small down payment, leading to higher mortgage payments.
Additionally, during times of weak demand, it may be impossible to increase
the rental fee as much as you'd like, or a property may not be leased at all.
This is especially true if you bought a property in a neighborhood that had
inherent flaws, like a reliance on a single local company that later closed and
laid off workers.

Requires Maintenance
Unexpected maintenance problems, like a broken water heater or a leaky
roof, can occur unexpectedly. The accompanying expenditures for repair or
replacement could be high and deplete your cash reserves. This could be,
especially, shocking if the problem was missed during the home inspection of
a recently purchased property.
Rent Control
If you invest in rental housing, the local government may put in place rent
controls that limit how much you can raise rents. Even though it is possible to
ask a rent control board for a targeted rent increase, such requests are usually
only reluctantly granted.
Requires Your Time
Real estate investing takes a considerable amount of time. It will take time to
research the areas where you wish to make investments, spot concerns with
potential investment opportunities, and take care of maintenance problems. A
property manager can be hired to handle the residents, but dealing with
property management will still take some time.
High Transaction Costs
The costs involved in buying and selling real estate can be fairly high.
Commissions, title insurance, loan origination fees, and other closing costs
can quickly cancel out an increase in a property's market value. Expenditures
can only be properly compensated for when you keep hold of assets for a
long time, which allows them to appreciate significantly. The real estate
agent’s commission, which varies by kind of property, makes up a sizable
portion of these expenses. A freestanding home commission is one of the
highest fees a realtor would charge.
Types of Real Estate Properties

Single-Family Rentals (SFR)
A single-family residence is a stand-alone building on a separate plot.
Purchasing a single-family home is essentially buying a residence to rent to a
sole tenant. Being compensated for your property instead of merely paying to
keep it is one of the most straightforward descriptions of investing in single-
family rental properties. It has some advantages and disadvantages, but it all
depends on what you want from the property.
Normally, people will purchase a home in an economic or low-cost
neighborhood and then renovate it to draw in new renters. Buying single-
family rental properties gives investors the freedom to choose how they want
to split their profits. When you buy a single-family home, you can get huge
tax breaks, make money without doing anything, and make long-term capital
gains on the property.
As a new real estate investor who's new to the game, buying and holding
single-family rental properties is simple. They offer you the potential for both
quick benefits and asset appreciation over the long term. This kind of real
estate investment turns into a reliable source of passive income every month,
making it a great way to save for retirement. In the US, there are more renters
than owners, and this disparity widens daily.
Real estate investing is attractive to investors for a variety of reasons. Real
estate is a physical asset as opposed to stocks. Real estate is the preferred
asset for investors because it is tangible and can be seen to increase in value
over time. Single-family rental properties are viewed by them as a means to
increase their monthly income flow and diversify their holdings.
Other property types include
Multifamily Homes
Buildings with multiple family units under one roof include duplexes,
triplexes, etc. They undoubtedly offer more rental income streams than SFRs,
but they also require greater maintenance and tenant management.
Apartment Complexes

Generally speaking, buildings with more than five living spaces are
designated apartment complexes by most lenders and often go through a
specialized financing procedure. Although this type of business has a clear
potential for expansion, it needs more owner participation in management.
Commercial Properties
These can be detached warehouses, businesses, or stores inside a complex or
mall. They can also be industrial properties. In contrast to SFRs, they
typically have longer-term leases (e.g., 2–3 years), and the tenant is a
business rather than an individual or family.
Vacation Rentals
Vacation rentals are lodgings that vacationers can lease on a short-term basis.
These lodging options can include homes, villas, condos, and apartments, as
well as tents and boats. They can also range from high-end luxury homes to
spare guest rooms in other people's apartments.
Real Estate Investing Strategies: Core, Value-
Added (BRRRR), and Opportunistic Investments
They are words used to describe how a real estate investment would perform
with regard to risk and return. They can be conservative or aggressive,
depending on the estate's features and the amount of loan taken to finance a
project.
Physical features of assets include the length and period of the current rental
agreements, the tenants' reputation, the property's condition, and its location.
The amount of debt used to finance a project is also important because it
affects how risky the investment is. For instance, a property with a good
renter and a long-term lease in place can be appealing to a cautious investor,
but not if debt financing accounts for 80% of the acquisition price.
This is what you should know about each term:
Core Real Estate Investments

Core and income are interchangeable terms in the stock market. Core realtors
are cautious people who want to make a solid income with little risk. Core
estates are often purchased and held as an option to bonds and would need
very little participation from you. When purchasing properties directly, this
sort of investing is the closest thing to passive investing that is possible. A
core property is usually rented out to credit tenants with long-term leases, and
it doesn't need much property management.
These assets are among the least volatile in terms of value and produce steady
and constant cash flow for their owners. For example, a large, fully rented
office space in Manhattan with low or no maintenance costs and a Walgreens
with a long-term lease would both be considered core properties.
Value-Add Real Estate Investments (BRRRR)
The stock market's equivalent of growth is “value-add,” which is associated
with moderate-to-high risk. At the time of purchase, value-added properties
often don't bring in much or any cash flow. However, once a value has been
added; they can bring in a lot of cash flow. These buildings often have
problems with management, occupancy, maintenance that has been put off, or
a mix of all three. The people who own these assets need to know a lot about
real estate, plan carefully, and keep an eye on them all the time.
BRRRR stands for “buy, rehab, rent, refinance, and repeat.” This is
a tried-and-true way to invest in real estate. Those who employ this
strategy purchase run-down properties and refurbish them. But
instead of selling them for profit, as is the typical fix-and-flip model,
they rent them out instead.
For the penultimate “R,” the investor would apply for a bigger mortgage
relative to the increased equity of the now-appreciated property. Lastly, the
return on investment (ROI) from a successful use of this strategy would be
put back into other run-down properties.
Opportunistic Real Estate Investments
Of all the real estate investment methods, the opportunistic kind is the
riskiest. Like “value-add,” it is associated with growth in stock market lingo,
but it is considered riskier. The most challenging projects would be taken on

by an opportunistic investor, who might not see a return for three or more
years. To succeed with this strategy, you’ll need a team of experts and many
years of experience. One way to make an opportunity-based investment is to
start from scratch, buy an empty building, develop a property, or change the
use of a property.
When they are bought, opportunistic properties often have little or no cash
flow. However, once the value has been added, they can make a lot of cash
flow.
You will gain a lot from understanding how each strategy differs from the
others. This is because the risk that is claimed and the real risk of an
investment could be very different. If you’re a cautious investor who solely
wants to make money, you should make investments in higher-quality homes
with little debt or in a debt fund that makes loans. However, if you have a
higher tolerance for risk, you should think about value-added or even
opportunistic methods. You may increase or lower your leverage as a way to
mitigate the amount of financial risk to which you might be exposed.
Everyone, even you, can find a private real estate investing strategy that
works for them. Success in real estate investing depends on selecting
investments that match your unique risk and return profile.
Key Takeaways
● You don't need all of your money to start real estate investing.
● A good credit score puts you in the lender's good books, but it isn't
enough to guarantee you'll get a loan.
● That you are good enough for a certain amount of loan does not
mean you can afford that loan.
● Small Family Rentals (SFRs) are the most convenient for first-time
real estate investors to try their hands on.
In the next chapter, you'll finally get to see how you can go about building
your real estate portfolio. Your real estate portfolio is the most crucial
element of your journey into passive income retirement. Read on…

Chapter 4: The Benefits of Building a
Rental Portfolio
If you don’t own a home, buy one. If you own a home, buy another one.
–John Paulson
One property is not enough. I’m very aware you’ve read this before, but this
is the whole point of buying and holding real estate investments. You have to
build a portfolio.
Owning a single real estate property is simply an investment headache. It's
fine to start with one property, but only for the purpose of gaining the
necessary experience to build on to create a portfolio that allows for passive
income generation.
This chapter will look into the methods of real estate investing, like flipping
and renting, talk about how they compare, and touch on their advantages and
disadvantages. Then, we’ll talk about how important it is to have a real estate
portfolio if you run rental properties and how that helps you and makes sure
that you can start earning passively. Then, finally, we’ll talk about how you
need to hire a management company and why this is important if you want
the money you make from your investment to be completely passive. But
first, it will talk about how you need to get the real estate experience you
need before going this route.
The Methods of Real Estate Investing: Renting vs.
Flipping
There is no one right answer to the question of which real estate investment
approach is better: flipping or buying and holding? Instead, choosing one
approach over another should be based on a simple strategic plan that takes
your overall objectives into account.

The chances that the current market offers should also be taken into account.
Here is a look at each method’s requirements and how to choose which one
could be best for you.
How they compare:
The ability to generate passive income from purchasing and holding real
estate as opposed to active revenue from flipping homes is a fundamental
difference between the two.
Passive income is cash made through businesses that continue to
grow in value without any active involvement on your side. If you
engage a management firm to handle all the necessary
responsibilities, such as selecting occupants, collecting rent, and
managing the upkeep, you would be earning passively from that
investment.
You can also make money without doing much work by investing in real
estate investment trusts (REITs) or by buying rental properties and keeping
them. This will give you a monthly income.
Active income is the compensation you get as a return for putting in the
effort. That includes both your earnings from working and your profit from
house flipping. Flipping is considered an active way to make money, even if
you don't do the physical work of taking out floors. Locating properties to
flip, buying them, getting insurance, supervising contractors, directing the
work on the property, and other activities are all still part of your business.
When this is considered, flipping differs from other types of investing, such
as purchasing and keeping stocks or real estate. If you have a regular job, you
should keep in mind that all the requirements involved in flipping a house
will certainly consume your free time.
Flipping
This is “Flipping 101” that you should really understand if you want to try
your hand at flipping properties in your real estate investment journey.
First, you’ll need to assess what skills you have to make sure that flipping is
your calling. If you are not very conversant with building repairs and costs

and are not ready for the ride and grind, then you might struggle to make
headway in flipping properties. These are qualities necessary to develop
sweat equity and ensure that you make the most profit from these ventures as
possible.
You can assemble a team of experts to assist you with finding, fixing, and
selling the properties, but you’ll need to be familiar with how these are done
in order to prevent any of these professionals from doing a job for you
because flipping is a contractual business. When you try to purchase an
investment property, use the 70% rule to come to a decision on its purchase
price. The 70% rule states that, as an investor, you should only pay 70% of
the value of the stated value of a property before you embark on making the
repairs necessary to bring the property up to a standard that is worthy of
living in. Finding a good real estate agent to advise you through the process
of home buying, fixing, and selling will help you greatly, especially with
finding houses, as this is one of the most challenging aspects of house
flipping.
Finding funding for house flipping is a challenge as well. With no funds to
begin with, you can turn to the banks to be preapproved for a loan. As usual,
you’ll need a good credit score, and you might be required to fork out around
20% of the amount you seek as a down payment. You’ll be required to
provide collateral otherwise. Once you complete repairs, you can proceed to
find buyers and sell the house. Keep in mind that the longer a house stays
unsold on the market, the less profit that would be made for it, and slow sales
would greatly impact your ability to build wealth through flipping. The whole
point of flipping properties is to make quick improvements on them, hold on
to the properties for as little time as possible, and then sell them as quickly as
possible for the highest possible amount that ensures that you’ve made a
profit.
Real estate agents can help you decide on what resale price is feasible in
whatever market your property finds itself in.
Costs
The cost of flipping a property varies depending on the purchase price, the
amount of work needed, and how quickly the sale can be completed. Let’s

take a quick look at the costs associated with property flipping.
Your Monetary Commitment
Doing arithmetic work is essential to buying and selling a home. You want to
be sure that everything will result in a profit, making an effort and money
invested worthwhile.
You’ll need to budget for more than just the upfront costs of purchasing and
upgrading the house. The following costs should be anticipated by those who
flip houses:
● Marketing costs
● Insurance payments
● Down payment
● Home inspection fees
● Closing costs
● Real estate agent fees
● Utility costs
● Property taxes
● Your time
Of course, getting involved in flipping homes involves more than just
investing your money; you must also devote a lot of time to the process. The
actual amount of time is dependent on the magnitude and complexity of the
project.
If all goes as planned, the business of purchasing and flipping a property
should take between 6 and 12 weeks. This process, however, could be
extended by a few months or more if the renovation process is prolonged or if
you need consent from a third party to purchase the property.
Pros and Cons of Flipping
Pro: An Expedited Return on Your Investment
Flipping houses is a great way to make money quickly, which can then be
used for other things. Though first-timers should prepare for the possibility of
operations taking a bit longer, the typical time to flip a property is roughly six

Passive Real Estate Investing: How to Make a 9% Return: Quit Your 9–5 and Retire Early From Rental Property Income (Real Estate: 3 Best-Sellers + Free Book)

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