A study conducted in 2022 found that 64% of Americans were living paycheck to paycheck. This is true even for high earners and may also be true for you!
With so much stress having to deal with the rising cost of living, you're wondering what's the best way to achieve financial freedom. One method is to find a way to build passive income.
Owning a rental property is a great step forward. This guide will show you how to achieve financial freedom with real estate investing. Here's what you must know.
1. Conduct a Rental Valuation
Your first step is to conduct a rental valuation for your property. This is when you'll receive an estimate of how much your property is worth to potential renters. The amount is a reasonable fee that most renters would be willing to pay.
You don't have to charge this exact amount. It's generally a good idea to stay within the valued rental fee. If you wish to charge more money, make sure you offer more amenities to your tenants.
2. Market Your Rental Property
The next step is to start promoting your property on various rental platforms and social media. This process will be more time-consuming. If you're serious about real estate investing, expect to spend a lot of your free time on property marketing.
Eventually, this will help you get your life back. You want to reach as many potential tenants as possible. Your goal should be to attract a large tenant pool before finding the best option.
3. Offer Multiple Payment Options
If you want to achieve financial freedom, you'll need to improve your cash flow. One of the fastest ways to do this is to offer online payment options.
This is far more efficient than having to collect cash payments from your tenants. You can also give your tenants different options to pay online. This can include allowing bank transfers and credit card payments.
4. Hire a Property Management Company
You have probably heard that it "takes money to make money." This is true when it comes to hiring property managers.
You may not want to spend money on their services. However, in the long run, they'll help you get your life back.
This is because property managers will handle most of your tasks. You'll pay a small price to save time. They'll ensure that your tenants pay their rent on time. They can also collect rent payments for you.
If you want to create a business from your rental property, you'll need to work with a property management company.
Succeed With Real Estate Investing
Now you know how to succeed with real estate investing and free up your time. Once you conduct a rental valuation, you can start marketing your property.
Be sure to offer multiple payment options to potential tenants. Don't forget to hire a property manager to help you with the most arduous tasks.
Blue Line Property Management has served many landlords throughout the Bay Area. We're here to help you as well. Contact us today!
