Four Checklist Must for First Real Estate Investment

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As many may have already expounded, real estate is a low-risk investment with returns sooner and larger than any other kind. But investing in real estate is also something to take seriously by considering various factors to be able to afford this kind of investment.

 1. KEEP YOUR EMPLOYMENT STEADY. You guessed it, income is very important and should be prioritized. It is the most consistent and stable way to accumulate enough funds to pay for that condominium down payment or any other real estate investment. This is also the ideal source of your monthly dues when you finally start your investment so keep it going and make sure that you are never vacant.

 2. PRIORITIZE INVESTMENT. Brandon Turner wrote in a Forbes article and quoted Lauren Greutman, author of the book The Recovering Spender, a financial counselor, and founder of LaurenGreutman.com saying

 “I think people need to get laser focused and remember their value system with every purchase. Every time they make a purchase (at Target), they need to realize that the foolish purchase is making their goals get pushed further and further away. They need to make their spending a reflection of their value system and put that down payment at the very top of their value list.”

 Some people just love spending time in trendy coffee shops or going to the latest opened club. But sometimes it is good to lay low and prioritize at may be more beneficial in the future. Cut off those unnecessary expenses or replace them with practical alternatives. For instance, instead of buying an expensive cup of coffee, just drink a three-in-one. Prioritizing investments means paving the way for a better life in the future.

 3. LIVE ON A BUDGET. As seemingly simple as this may sound, it is the most helpful because living on a budget can help maximize your financial capability. Having a regular list of your payables and usual expenses will greatly guide you in managing your funds well. When you know what you will spend, you can prepare for it and at the same time avoid spending excessively.

 4. SET ASIDE YOUR SAVINGS. Probably the best practice to learn is to set aside a portion of your money for savings before spending anything. When this is done, you will have a guaranteed bulk of funds that is secured for your Investment and any other future needs. So when you get that next paycheck, set aside at least 10 percent and the rest can be allocated to the unlimited expenses that you have.

 In this day and age, we are given numerous options and opportunities to have an improved life. It’s just a matter of choosing wisely and prioritizing what can benefit one’s future. Invest in your own future.
Source: TheMillennionaire

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