Why Do You Buy Your First Rental Property - 1741 Words

Working in the technical industry has never taught me anything about real estate investing. When I was starting out, I seriously had no clue what I was doing. I would put most of my money in mutual funds since it was a little bit better than leaving it in a regular savings account. Don’t get me wrong my investment accounts had decent returns but I was looking for an even better investment to put my money in. A new way that could help me create passive income so that I could ultimately quit my job.  How To Buy Your First Rental Property While there are many ways to start growing your passive income, I chose real estate investing simply because I just LOVE everything about it. Not only has it helped me create an additional income stream,†¦show more content†¦I mean, why wouldn’t it be?! YOLO, right?! So if you’re like me, you will need to figure out how much money you’ve been wasting and start working on your spending habits. Start by making it a habit of tracking down everything that you spend. The easiest way to start cutting your expenses is to start a budget plan and learn to follow it. Resist the urges to blow your money on those â€Å"temporary high† purchases and invest into your long term wealth instead. Try to ask yourself before buying anything. â€Å"Do I need this or do I want this?† This simple question is enough to get rid of most of your bad purchases so you won’t end up having buyer’s remorse as often as before. Once you have established a good habit. Saving for your initial capital will be soooo easy! STEP 2: SETUP AN AUTOMATIC PAY-YOURSELF-FIRST INVESTMENT PLAN What does â€Å"Pay-Yourself-First† mean anyway? It simply means that when you get your paycheck, before paying for your bill(s) or credit card(s). PAY YOURSELF FIRST! Start by setting up an automatic deposit on the same day that you get paid and put a set amount of money away from your chequing account to a separate investment account. This is a good habit to have because this tricks your mind to think that you have no money when you look at your chequing account. In addition, if your savings account is directly connected to your debit card. Contact your bank and disable it so that you’re not able to select â€Å"Savings† if you pay with