Cash Flow Quadrant - Investing
If you're a fan of Robert Kiyosaki, than you've probably read Rich Dad Poor Dad and have seen the above infographic. It's pretty easy to understand. You are most likely firmly implanted in one quadrant, but can be a combination of many. On the E & S side, you're probably working hard for some one, or working hard for yourself. Either way, it's a lot of work. If your on the B & I side, you're most likely sitting back and managing investments you currently have, or are helping to spin the plates of a business you own. This tends to make people more money, with less work.
Anchorage Real Estate Rental Market
Whether you're looking at or currently investing in single family homes, apartments, condo's, duplexes, fourplexes or even apartment buildings, you know that this can be a lucrative business. With rental prices at all time highs, you are aware of this. Investing in Real Estate in Anchorage, Eagle River or Wasilla is a smart move, and it puts you on the I & B category. This isn't a get rich quick scheme though, it's a get rich slowly. You can always be self-employed (S) or employed (E) and still invest in real estate? How? By using an FHA loan or conventional loan to get your foot in the door. Check out this link for more info: http://www.propertiesofalaska.com/blog/fourplex/
Isn't Owning A Multi Family Property Hard Work?
It can be, but it can also be quite easy. As I tell a lot of my own investors, it depends on your personality type and planning. If you have a system for screening tenants, set aside money for repairs and renovations and don't defer maintenance, owning property as an investment can be quite simple and painless. Sure, you might get a call on a Sunday night from a tenant telling you your heat is out, but you can have half a million dollars in equity in 30 years from doing little to no work.
Where Do I Start?
Start out by understanding your current position: Do you currently own or rent? How's your credit score? How's your loan-ability? Are you working with a lot of cash on hand or not? Once you figure out where you are, the path that you should take becomes quite clear. Remember, the path of a thousand miles begins with just one step!
Properties of Alaska