Bram never catches his dream bunny because he doesn't focus on just one … is the same thing holding YOU back from your dream?
During the rental property renovations we went through a few weeks ago, we stayed with Dave’s parents who live in Nanaimo. They also live right across from a large school yard and just steps from a big park. These two places happen to be massive breeding grounds for GIGANTIC black bunnies and the odd brown and white bunny.
When Dave and I first began real estate investing we did it with two main goals in mind. The first was to get our money working for us instead of always working for our money. The second goal was to build up passive income streams. Unfortunately, we’ve discovered that the label you put on things can create problems, so we no longer call it “passive” income.
Thanks to low interest rates and increasing rental rates, my husband and I are enjoying more cash flow from our rental properties than ever before. Sure, our properties aren’t worth quite as much as they were last year. But they are still making us money. And because we purchased in desirable areas, we know they will increase in value over time.
The main reason my husband and I were able to build a multimillion-dollar real estate portfolio in less than eight years is because we found a few trustworthy partners.
After we made two purchases, one of our partners became preoccupied with a rapidly growing business he had recently started. It got to the point where it would take weeks to get in contact with him. After a few years of struggling to make the partnership work, we agreed to split up. We figured it would be an easy split. We owned two rental units, so we each could take one. Except we both wanted to own the same unit, and we couldn’t agree on how much more that unit was worth!
Read more on Why Real Estate Investing Partnerships can be like Chocolate Bars…
We felt swindled. We’d spent nearly $20,000 on several instructional programs, on a mentor for our real estate investments, and to incorporate. Despite all of that, my husband and I found ourselves in court trying to defend fire code violation charges for a six-unit property we’d purchased.
Read more on Read This Before You Sign Up for Any Real Estate Investing Course…
