The term “get rich quick scheme” has been held in low regard since before Charlie Ponzi’s pyramid came crashing to earth in the 1920s. Probably that word “scheme” is a problem…sounds too shifty. And the whole idea of sudden riches sounds as reassuring as “something for nothing” or “free lunch.”
Prudent Costa Mesa residents tend to go a good deal more cautiously when they plan their investments. They usually aren’t even aiming to “get rich.” More like “get comfortable.” Instead of hoping to reap sudden wealth (living off all those tolls after buying the Brooklyn Bridge), they think in conservative terms like “passive income streams” and “lowered risk strategies.” Instead of responding to radio ads for the week’s fastest-growing franchise opportunity, they’re more likely to be scouring the listings for Costa Mesa rental homes for sale.
A week or so ago, The Wall Street Journal published a real estate piece that focused on the building momentum behind this kind of investment strategy. The headline promised to point out ways “to get the best return on a rental property.” It included bullet-pointed tips like “Maintenance costs money” and “Invest for the long term.” The article described the growing number of investors concerned about stock market volatility: they are “choosing a different place to park their money.” The parking place in question? “Buying homes in moderately-priced markets…then renting them out.”
Instead of going high-ticket, one Ohio investor purchased a four-bedroom home for $175,000 in a town with “a strong job market.” After expenses, she nets $350 in positive monthly cash flow. Doing the math, that may be a modest amount, but it’s the cash net after paying for the home loan: she’s simultaneously acquiring the property. It’s a slow but steady strategy. Anyone who finds themselves regularly checking the listings for Costa Mesa rental homes for sale are probably like-minded with investors the Journal describes: “investors who take comfort in the steady income stream.”
With “get rich quick” schemes held in such disrepute, you might conclude that a “get rich slow scheme” would be well-received. Perhaps—but it might be better if we switch out that “scheme” word for one that’s more substantial—like “plan” or “program.” In the meantime, if you are among those looking for this brand of steady-as-she-goes investment opportunity, you don’t need a formal designation to put it into action. For details on the current batch of Costa Mesa rental homes for sale, just phone me at the office!