After purchasing our first home in 2017, my husband and I immediately went back into debt payoff mode.
Prior to purchasing our home, we had become completely debt-free-- eliminating nearly $50,000 in debt in about 6 months. Though we knew that purchasing our first home would put us back into debt, we considered it an investment with longterm gains.
Nonetheless, we immediately began our debt “exit strategy.”
Though I’ve read plenty of articles telling you not to pay off your mortgage, we knew that we had to free up cash if we wanted to continue building wealth.
Now, three years later, I can officially say that we’re nearly halfway done with paying off our home, thanks to the lessons that we learned from Dave Ramsey and others.
But what happens once we’ve paid off our mortgage? Well, we invest in more property.
Our next real estate venture isn’t very far away at this point. So I’ve found myself searching for information on how we can begin investing in more properties and leveraging it as a passive income source.
I happened to stumble across an interview from one of my favorite bloggers with Millenial real estate investor, Kendra Barnes.
She shared her story of becoming a real estate investor and being able to financially afford to be a work from home mom.
Here’s what I learned from that interview and later following her story:
Save your money while also looking for programs that will assist you with a down payment. You don’t have to carry the brunt of the financial burden when investing. Look for programs and hacks to assist you!
Real estate investing is for everyone...including Millennials. Her story showed that with the right tools, we can all become investors. Education is vital to being successful in the industry, so don’t be afraid to take courses and ask questions.
Manage your money well. You can’t save without managing your money well. I once read an article sharing that we should have at least 8 bank accounts to effectively manage our money. I took the advice and have seen how it works. It makes no sense to make money--through investing or otherwise-- and lose it due to poor management.
I’m excited to be on this journey of becoming a real estate investor. I enjoyed Kendra's interview and learned so much from her journey.
I'm always open to learning and sharing new advice. So, what are your best tips for those looking to invest in real estate?