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The concept of having multiple income streams is not new. In fact, at one point or another most of us find ourselves searching for ‘extra cash’ to pay down debt or increase our investments. However, one mistake many people make is assuming that income streams only come in the form of J.O.B’s. Picking up extra hours at the Home Depot or at Duncan Donuts is something we could all do, but that’s not what I had in mind.

Much like cash flows from Multifamily Properties, income streams shouldn’t take up all of our time and make us crazy! When assessing multiple income streams, there are a few factors that should be considered.

Will you have fun? Generating additional sources of income can be a lot of work, so you might as well enjoy what you’re doing.

Keep it inexpensive! A lot of income generating opportunities requires massive investment both to get started and to maintain. Look for opportunities with a proven system in place. Implementation shouldn’t be rocket science and maintaining the business shouldn’t mean you constantly have to dip back into your pocket… That defeats the purpose of having an additional stream of income!

Don’t create another job, create another income! The ideal source of extra income will allow you to call the shots when it comes to your time. Particularly if you have a full time job, the last thing you want is being tied down to an additional set of commitments that make your life miserable.

Make sure it isn’t something that only works one time! The ideal extra income source will continue to generate cash even when you’re not working at it. The idea is to build something that can eventually function without you. (That’s one of the reasons I chose multi family investing!)

Will it get better? Look for income sources that have at least the possibility of generating substantial amounts of income. Finding something that is scalable online is a big plus as I outlined in my book The Six Figure Second Income.

Earning extra income can take work, but its payoff can be huge. Next week I’m having a webinar on creating a new income stream and getting your real estate business online to maximize your pay out. I’ll be e-mailing you soon.

To Your Success,

Dave

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REIA meetings take place in different cities throughout the country and every city has its own association. The purpose of these meetings is to develop a network or chain of real estate investors. They guide the ones that enter the market and learn from those who are already in the market and have a good grip of it.
Not only do people learn and enjoy these REIA meetings but these meetings give people a chance to interact and get to know more investors. These meetings have now become a platform for the networking of investors. These meetings serve the purpose of expanding the real estate circle. Just a few years back, real estate was a small market and people were scared to enter it or try their luck here. But now it is one of the biggest markets with many people investing their money on land with the intention of earning some extra income.
Investors can join in as guests or take membership of REIA, as these associations provide a wide forum to all the investors to introduce their products and get to know about others. These meetings are usually held at the beginning of every month and they update investors about the market and its conditions in previous months. They also forecast about the coming month and how the market will be. No matter if an investor is new in the market or is a millionaire, everyone learns more and more through these meetings.
Other topics that these meetings shed a light on include; learning how to become financially independent as an investor. These meetings provide investors how to retain their wealth once they start making it and keep the cash cycle rolling. When an investor makes a gain he needs to reinvest and all these techniques are taught in these meetings, for those who don’t have much information about real estate.
Real estate has a wide scope and these meetings teach how one can explore other avenues and how they can make more profits by entering these avenues one at a time. The best part about being a member at an association is that one gets to be in the midst of ambitious and proactive people who form a society of real estate investors. Not only investors get to learn through these meetings but they also get a chance to share their experiences with others and get their perspective on it.

You Should Follow Me On Twitter, Here

Technorati Tags: Apartment Investing, Dave Lindahl, David Lindahl, investing, investors, property investing, real estate education, Real estate investing

Apartment properties are preferred by many investors as they bring in passive income (and its my favorite type of deals to do!). When buying apartments, it is normally a longer-term investment, but you need to make sure your money is used in the right place. Below are a few factors that may help in deciding which property to invest in.

Buy an affordable property
One should always choose a rental property they will be able to afford; it’s not just about being able to buy a piece of land. Investors calculate that the rent will be able to payoff the debt of the loan and provide extra money at the end of the month for their own pockets. Until a unit is rented out, the owner (that’s you!) has to pay the mortgage, so he or she should have enough monthly income to settle the payment. Apart from the mortgage, other expenses also need to be fished out from the owner’s pocket. One should have enough funds raised so an investment does not end up in a loss.

Neighborhood and surroundings
A good neighborhood ensures how soon a property goes on rent. As an investor, one should purchase a property in a safe and reputable neighborhood. Neighborhoods are generally categorized into A, A-,B+, B, B-, etc. properties   Properties near colleges go on rent easily, as every season students enroll and they look for a cheap residence. The surroundings of the property should have all the basic amenities like schools, parks, shopping malls, supermarkets and so on. A property that is far away from these basic requirements might not be able to hold tenants for long.

Get the information
Get know-how of the area, and before signing the deal, visit the area for a few days and at different times. This way one will get to know about the area and the crowd that lives there. Getting information from those who already live there will be a deciding factor in the purchase.

You Should Follow Me On Twitter, Here

Technorati Tags: Apartment Investing, Dave Lindahl, David Lindahl, multi family, property investing

REIA meetings take place in different cities throughout the country and every city has its own association. The purpose of these meetings is to develop a network or chain of real estate investors. They guide the ones that enter the market and learn from those who are already in the market and have a good grip of it.
Not only do people learn and enjoy these REIA meetings but these meetings give people a chance to interact and get to know more investors. These meetings have now become a platform for the networking of investors. These meetings serve the purpose of expanding the real estate circle. Just a few years back, real estate was a small market and people were scared to enter it or try their luck here. But now it is one of the biggest markets with many people investing their money on land with the intention of earning some extra income.
Investors can join in as guests or take membership of REIA, as these associations provide a wide forum to all the investors to introduce their products and get to know about others. These meetings are usually held at the beginning of every month and they update investors about the market and its conditions in previous months. They also forecast about the coming month and how the market will be. No matter if an investor is new in the market or is a millionaire, everyone learns more and more through these meetings.
Other topics that these meetings shed a light on include; learning how to become financially independent as an investor. These meetings provide investors how to retain their wealth once they start making it and keep the cash cycle rolling. When an investor makes a gain he needs to reinvest and all these techniques are taught in these meetings, for those who don’t have much information about real estate.
Real estate has a wide scope and these meetings teach how one can explore other avenues and how they can make more profits by entering these avenues one at a time. The best part about being a member at an association is that one gets to be in the midst of ambitious and proactive people who form a society of real estate investors. Not only investors get to learn through these meetings but they also get a chance to share their experiences with others and get their perspective on it.

You Should Follow Me On Twitter, Here

Technorati Tags: Apartment Investing, Dave Lindahl, David Lindahl, multi family, property investing, real estate education, Real estate investing

You Should Follow Me On Twitter, Here

Technorati Tags: Apartment Investing, Dave Lindahl, David Lindahl, property investing, real estate education, Real estate investing

You Should Follow Me On Twitter, Here

Technorati Tags: Apartment Investing, Dave Lindahl, David Lindahl, goal setting, multi family

Click here for more information on the Apartment House Riches event in September!

Technorati Tags: Apartment Investing, commercial real estate, Dave Lindahl, David Lindahl, multi family, property investing

Delaying things can sometimes be a smart move. For example, orchestrated delays are an artful part of negotiating. But when it comes to managing your property’s day-to-day operations, although there are some things you can put off, there are others that you need to take care of ASAP. Keeping a constant watch on these will keep your investment at peak performance.

Lets look at 3 core essentials you must stay on top of and should never let slide, even for a day.

1. Occupancy.
Units that are filled put money in your pocket. Empty units take money out. Priority #1 for your management company is to fill up your property. Lost income from an empty unit is never recovered. If your occupancy level is below the market average, find out why. There can be any number of reasons tenants are moving out and others are not moving in, such as too much deferred maintenance. Whatever the culprit, fix it.

2. Attitude.
Once your property is filled up, priority becomes keeping it full. And more often than not, you’ll find the key to this is all about having the right attitude. Every member of your management team has to have a “can do” attitude; otherwise you end fruitlessly spending your time managing the manager and trying to turnaround poor attitudes. Find people who are inherently go-getters and ruthlessly dump those who are not.

3. Collections
Collections are always a high priority. Rental income puts the “cash” in cash flow. You can expect a few outstanding rents at the start of the month, but your management company should have all rent collected long before the next rental payment is due. Rents at go uncollected for more than 30 days are likely to never get collected.

The best way to handle this is to have a reporting plan in place that ensures nothing slips through the cracks. A “Monday Morning” report from your management company reminds them that your eyes are on their performance. The report includes current occupancy, projected occupancy, rent collected and delinquent rents.

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Technorati Tags: Apartment Investing, Dave Lindahl, David Lindahl, Management, multi family, property investing, real estate education, Real estate investing

Everyone at RE Mentor would like to take a quick moment to thank & think about all of those who have dedicated their lives to help us better our own: