| Step 1 |
|
Find a property you like. Look at foreclosures, the classifieds, work with a realtor or simply drive around in a town you like and look for property for sale. |
| Step 2 |
|
Learn what cash flow is--it is the difference between your income and your expenses on a piece of property. Always try to keep your cash flow positive. |
| Step 3 |
|
Understand your credit report—you will want to see very little credit card and consumer debt. If this is your credit history, you are in good shape. |
| Step 4 |
|
Get a loan from a financial institution you know, you trust and who is reputable. In all contracts involving the purchase of a property there are hidden costs—a good banker will explain the hidden costs. |
| Step 5 |
|
Investigate opportunities that are out of the norm in real estate. Green construction is a possibility. |
| Step 6 |
|
Write a business plan that will provide vision and longevity for your future investments. Stick to the goals you set over the long term. There is no real "get rich quick" plan. |
| Step 7 |
|
Relax and enjoy the freedom that comes from investment properties. |
