Of course you should. I practice
this for quite a while and I never looked back. I think
this is the perfect combination. You get the best of
both worlds. Did you know that 90% of all millionaires
made their fortune with real estate and 10% with the
internet or the stock market? Well, this doesn’t leave
any room for the paycheck workers, doesn’t it?
I once read a small phrase that
totally changed my life “Trading hours for money doesn’t
bring you any wealth”. This powerful phrase stuck with
me ever since. Take a moment and think about this. We
all do it by being employed by an employer we trade
hours for money. How many hours per week can you trade
without completely giving up your life? 60, 70 hours
max. This doesn’t leave much room for a family life or
having some fun, doesn’t it?
Well, enough of this depressing
stuff. Let’s talk about something fun. Did you know you
can actually make money while you’re sleeping? It is
called residual income.
With your internet business you
want to achieve residual income through selling
membership subscriptions to any form of service that
charges monthly dues. Typically you will receive your
share of this as monthly installments. You do the work
once and you get paid over and over again.
With real estate you achieve
the same effect with rental properties. Although your
involvement in the process is a little bit bigger, but
it is still manageable. You have to collect the rent and
making sure it is paid on time. On the other hand you
have to pay all the bills like mortgage payments,
insurance, taxes and sometimes utility bills. Depending
on the type of lease agreement you have with the
tenants.
This takes care of the residual
income part. As a rule of thumb if your residual income
covers your living expenses you’re on your way to be
successful. Now you can start doing the fun part with
real estate. Not that there’s anything wrong with being
a landlord. I personally don’t like this part of
investing in real estate.
The fun part for me is to work
deals with real estate. It could be buying an old
property way below market, fix it up and sell it with a
profit. Another method in dealing with real estate is
called flipping. In this case I simply control the
property through a contract and then assign the contract
to another buyer. Of course I will collect a fee for my
services. I prefer the second method because the least
amount of money and work is involved. Fixing up
properties can turn into a time and money consuming
project.
The point I want to make is
that you need to establish some sort of residual income
to cover your basic living expenses in order to expand
your business.
Of course you can do all of the
things mentioned and still working full time. That’s
what most people are doing. However you have to decide
if the extra income is worth the effort. You will need a
lot of time to do both investing in real estate and
running an internet business.
Visit my home business website
and my real estate website to learn about effective
systems to leverage both business models without
completely giving up your life.
Peter Dobler is a 20+ year
veteran in the IT business. He is an active Real Estate
Investor and a successful Internet business owner. Learn
more about real estate investments at
http://www.suncoastrenttoown.com
or send a blank email to
mailto:suncoastrenttoown@getresponse.com
