Building Wealth One Property at a Time

| January 30, 2008 | Reply

If you currently work a full-time job and want to quit someday, buying rental property is one of the fastest ways to create income and build wealth.  Most likely, you already have experience with purchasing your own home, so buying rental property should come easy if you’re willing to give it a shot.  You can create enough income to quit your job and cover all of your living expenses if you stick with it for a while. 

You may be thinking that being a landlord is not your cup of tea.  A common response I hear is, “I wouldn’t like all the tenant calls in the middle of the night to fix a toilet.”  And I’m the first to agree with this; I don’t want to fix a toilet in the middle of the night either. 

However, I always remember this: with any business you will have problems that are your responsibility.  The idea is to find a solution that simplifies how you deal with them.  In fact, most of my tenants don’t call me unless it’s a semi-serious problem (such as a water heater or plumbing issue).  If it’s a small problem, I’ll fix it promptly but make sure it’s convenient for my time.  The idea is to set the tone through your actions that you run the show, not your tenants.  If you’re successful in doing this, they will be patient and won’t have problems paying you rent either. 

So if you’re thinking about buying rental property and your having second-thoughts, don’t let a toilet get in the way of living your dreams!

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Category: Business, Interest Rates, Investing, Real Estate, Success

About the Author ()

Rob Myrick is a entrepreneur, web designer, and blogger who resides in Phoenix, Arizona. He works with entrepreneurs who have the need to take their product to the Internet, or who simply need marketing skills as a supporting strategy to their existing business. Rob has worked for several well-known entrepreneurs such as top blogger Katie Freiling, and also businesses such as The Startup Garage located in San Diego, CA.

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