Is your current Salt Lake City, Utah real estate investment strategy going to get you to your retirement goal.
Investing in Salt Lake City rental property is one of the best and fastest ways to generate passive income and reach your retirement goals. However, the old saying of, “If you always do what you’ve always done, you’ll always get what you’ve always got.” is definitely true with real estate investing. A large percentage of those who invest in real estate never ask themselves if their current investment strategy is even on the right path to get them to where they want, and need, to be finically to allow them to retire when they want.
Here are some things every Utah real estate investor needs to consider as they analyze whether their investments are getting them to where they want to be.
Have a clear plan for your retirement goals:
One of the biggest reasons people fail in their retirement goals is simply because they have no clear plan. They have no clear understanding of where they need to be finically, let alone how they are going to get there. Only as investors have a firm understanding of where they must be, and how long they have to get there, can they even begin to develop the real estate investment strategy that can get them there. So, know where you are and develop a plan.
Do more, not less:
Investors often get discouraged with there real estate investments and sell their Salt Lake City rental property because they simply don’t see how they are going to get where they need to be. The problem is most often not the rental property, but the fact that they don’t have enough rental property to achieve their retirement goals. The largest majority of rental property investors have only one rental unit. In most cases, there is simply no way a single rental property will produce the income required for retirement. It’s no wonder so many get frustrated and sell their rental property. Instead of selling and going smaller, investors should be expanding their rental portfolio to help with their retirement goals.
Leverage more of other people’s money for your retirement goals:
Real estate investing is one of the only investments that uses other peoples money to acquire assets that other people pay for. One major mistake made by rental property investors is that they tie up too much of their own money in a single property, rather then using that money to fund additional real estate investments.
Here are some questions real estate investors should ask themselves to get started on the road to greater financial freedom, and on your way to reaching those retirement goals.
- What amount of income do my investments need to produce to allow me to reach my retirement goals?
- Here is a link to a great article to help you determine that. https://www.biggerpockets.com/renewsblog/equation-live-on-investments/
- How much time to I have to accomplish this?
- How passive do I want my income to be?
- What is the best strategy for me to achieve my goals?
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