How To Start Investing In Real Estate – Kansas City Style

All throughout the country people want to know how to start investing in real estate.  And while I cannot say for sure the following advice will work in every city in America I can tell you for sure that this works great here in Kansas City.

I’m Twenty-Something And Want To Start Real Estate Investing

Whoa there, partner.  Remember.  You have your whole life ahead of you.  I know that’s tough to believe.  But ask anyone over forty.  They’ll tell you.  My best advice, buy your first house with an eye on it being an investment property a year from now.  Then in a year or two or somewhere in between you buy another house with the same intentions.  You get the benefit of owner-occupant financing (usually cheaper than investor financing) and you can do this forever.  Heck you are young and restless and you know you’re gonna move several times.  Why not just be smart about it. 

I’m Thirty-Something, Trying To Adjust To These Kids But Still Have An Eye On My Future

Ah, the thirties.  Many an investor finds this the most difficult time of all to start buying rental property.   There may be a new spouse and/or kids.  The job is putting the squeeze on and you’re trying to move up to a bigger house because you need more space.  Not to mention the raises are starting to slow down a little because the talent pool coming in behind you seems to be really talented.  Where’s the money gonna come from?  I can’t answer that.  But I know it’s gotta be found somewhere.  🙂  Start small.  You still have time on your side.  Buy a smaller duplex or a small single family home to rent out over in the Waldo area.  But get started you must. 

I’m Forty-Something And I Have No Retirement Planned.  HELP!

So you weren’t able to get started in your twenties or thirties?  Well, neither was I.  Neither were most of my real estate investors.  But if you remember the ’80’s you now know what mortality is and you’ve lost all allusions that your job is gonna take care of you.  The good news is your debts are probably falling (the thirties were a nightmare of debt for me and many people I know/knew), the student loans are all gone and you’ve started with your company’s 401K.  You really need to divert some of that savings in to a very liquid money market account.  Get as much cash together as you can and call me when you get to a minimum of $15,000, preferably $20,000+.  Then we can really get to work.  You’ll be surprised at how fast your investments will catch you up so that you can have a Retirement Worth Having.

Fifty/Sixty-Something And Retirement Is Staring Me In The Face!I can’t work miracles here.  But depending on your situation I can help you to soften the landing.   You are going to need some liquid assets to throw at some carefully chosen properties.  Our first goal is to protect those assets.  Our second is to grow them…in a hurry.  Specialized planning and understanding are a must here for you.  This isn’t a one paragraph answer and will vary wildly from client to client depending on many, many things.  You’ll have to call me to discuss further.

 

Tomorrow I think I’ll show you how owning investment properties will help to alleviate your retirement concerns.  I’ve written about how investment property grows and grows before.  But we all could use the review. 

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