For most people, financial freedom is a goal that’s worth striving for. The idea of being able to stop trading your time for money, and instead, rely on passive income sources that will allow you to enjoy life on your terms, is something that can give anyone the peace of mind that comes from not having to worry about if the rent will be paid or if there will be food on the table.
There are many ways to grow your wealth and achieve this goal, but one tried-and-true method has long been real estate investing. With this strategy, you can use leverage and a steady source of residual income to help you achieve your goal of financial freedom.
In order to achieve financial freedom with real estate, you must first make sure that your property portfolio is growing at a consistent rate. To do this, you should purchase rental properties that provide a steady stream of residual income. This can be accomplished through single-family homes, duplexes or apartment buildings. In addition, you should look for rental properties that are generating positive cash flow. This is a key aspect of any real estate investment, and it will allow you to reach your goal of financial freedom faster.
Once you have your portfolio growing, you must start to think about how much income you need in order to replace your day job. For example, if you earn $100,000 per year through your job and want to achieve financial freedom, you’ll need to have an active income that is equal or greater than this amount. This can be achieved through building a business that can grow without your input over a long period of time, or by investing your current active income into passive streams of revenue.
The next step is to assess your long-term goals and how your real estate investments can help you reach those objectives. This could mean purchasing a property that will serve as your “boat fund,” or it could mean buying a multifamily home in a city where housing prices are lower than Toronto so that you can achieve the ultimate goal of financial freedom sooner.
If you’re ready to start making a change and learn how to achieve financial freedom with real estate, be sure to contact Trevor Shakiba at NB Elite Realty. He will be able to guide you through the process of finding, analyzing and closing on the perfect deal. You can be on your way to financial freedom in no time!
Learn How to Quit Your Job with Real Estate – Even If You Don’t Have Experience or Cash
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