During the Wealthbuilders Launch Conference I hosted this past weekend, I took a couple of sessions to delve into real estate issues. As a part of Wealthbuilders, we teach people to to gain and build passive income–so that they can be free to start being able to invest in Kingdom matters. One of the best ways to gain passive income is through real estate. And so that will be a big part of what we teach in Wealthbuilders.
Over the conference, I received a couple of questions. I want to pull out what I feel is some of the most relevant topics covered.
- Be in driving distance to your properties. This was a really good question that someone asked during the conference. While I personally have properties all over the country–I really don’t recommend it. Unless you’ve been doing real estate for a long while and have a working system set up, don’t buy investment property far from where you live. It is so beneficial to periodically drive by and look at your properties. Be near and in control.
- A good housing investment is 3-4 times the median income. If it’s more than that, the housing market is likely overpriced–likely because investors (with deep pockets) are buying and not locals. To look this up simply google the median income and median price of single-family housing in a city. Then you will know! This is one of my real estate teachings that I can’t reiterate enough. Look for investments that are 3-4 times the median income!
- For median home price, go by houses SOLD, not listed. Despite teaching about this 3-4 time rule many times over, I received this question during the weekend: “Do you go by houses sold or listed?” And the answer is sold. Wherever you’re researching in real estate, this number is always the important one. Listed only tells you ambition–sold tells you the reality.
We had an amazing time this past weekend and I am so excited to keep rolling out Wealthbuilders and establishing it in 2015! I hope that you will be along for the ride.
What scares you about delving into real estate investing? Let me know in the comments below!
If you’re interested in what Wealthbuilders is about, please watch the video below.
[youtube id=”Nl7m9-B-cmc”]Learn More!