real estate investing « The Debt Dance

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THE DEBT DANCE METHOD OF GETTING OUT OF DEBT IS EASY–IN THEORY:

DECIDE WHAT YOUR OVERRIDING DREAM OR GOAL IS.

EXAMINE HOW YOU CAN TRIM YOUR SPENDING.

USE THE 3 TIERED METHOD TO ALLOCATE YOUR MONEY:

First PAY THE GOTTA’S: MORTGAGE, INSURANCE, UTILITIES, MINIMUM DEBT PAYMENTS, CAR PAYMENTS, MEDICAL, CHARITY.
Second PAY YOUR DREAM: MAKE AN EXTRA PAYMENT ON A CREDIT CARD, START SAVING FOR A DOWN PAYMENT ON LAND YOU WANT TO BUY….
Third LIVE ON WHAT’S LEFT: GROCERIES, DINING OUT, CLOTHES, ENTERTAINMENT, ETC.

Sounds wonderful but it may Read the rest of this entry »

Tags: help with credit card debt, help with debt, How To Get Out Of Debt, income property, make extra money, make more money, real estate investing, start a business, the debt dance method

More Money: How to Have Other People Make It For You

Aug 30

Posted by Morgan in How to Discover Your Dreams, How to Earn Extra Money, More Money | 7 Comments

REAL ESTATE

Yup, even in these crazy times I highly recommend investing in real estate.

Maybe more so in these crazy times.

You know the old saying, land…they’re not making any more of it. It holds true today UNLESS, it’s in the middle of a gang battle ground, or it has a meth lab next door, or it has toxic chemicals in the dirt from the plant in town, or it’s sinking, or it’s in the way of frequent flooding or fires or hurricanes…. you get the picture.

My husband and I bought a small house four years ago even though we barely had two nickels to rub together. And we had two horrible tenants (although they didn’t trash the place for which we were grateful) but it still has been very lucrative.

The investment property gives us a lot of nice tax deductions so it has paid off well in that regard.

But the neatest thing about buying property and renting it is that SOMEONE ELSE IS BUYING THE PROPERTY FOR YOU. Can you think of another investment where you can put very little money into it and someone else pays the mortgage so that in fifteen or twenty years the property is all yours? It provides retirement income. Or money for that trip around the world. Virtually free.

BUT, there are a lot of pitfalls. So here are a list of my very best advice on buying and leasing property.

Educate yourself. Take classes at the community college. Read books (and not the get-rich crap that’s out there.) Successful Real Estate Investing: How to Avoid the 75 Most Costly Mistakes Every Investor Makes by Robert Shemin, Start Small and Profit Big by JayDeCima and After the Fall by Steve Bergaman are all good resources. Don’t go to free seminars that are just luring you in for the big kill. Danger, danger Will Robinson!