If you ask one hundred people to name the best investment they ever made, almost all of them will say their home. If it was such a great investment, why didn’t they buy two?
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Did they earn any income form it? No
Did they use creative financing? No
Did they get any special training to buy it? No
Was it an asset? No - It was a liability, at least until they paid it in full because they had to pay the mortgage every month. Some investment!
What if you had bought two home? Well, in thirty years, your house would have been owned free and clear. Also, the other house – that you rented- would have been free and clear too because the renter would have paid off the mortgage. Then you would have had income from the rent to cover those utilities, and plus enough to pay for gas, food, and an occasional movie. That’s a better life than most Americans achieve.
If all you do is find a way to purchase your own home and one other, you’ll be ahead of the game. You’ll be in the top 5 percent of American who won’t become burden to their families and friends, and you won’t be begging for handouts from the government. You might even find yourself in a position to help others in need. All because you bought one house to live in and one house to rent out!
These two strategies sure give a lot of hope to a lot of people who don’t know what’s coming around the bend.
Excerpt Nelson- Bell, K. (2007) Nothing Down for Women – The Smart Woman’s quick start guide to real estate investing.
By Lorena Tankersley SFR, CHRE. Lorena is Listing and Short Sale Specialist with JoshuaTree Realty and president of the Women Investment Group (WIG). You can find her at www.WomenInvestmentGroup.com
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