You want to be a for real, no joke investor. Like Kiyosaki, or Trump, or Gates, or who knows who. You don’t want to just be set for retirement. You want to make the most money in passive income you can so you are financially free and can do whatever you want.
What do you need in order to make that happen?
Requirements of Any Big-Time Investor
1. Don’t Be Location-Specific. I’m sorry, but no one can tell me that the big boys all only buy investment properties locally and landlord their own properties. They just don’t do it. Where do they buy? Wherever the best deals are! Where the best deals are is always changing, and will always be changing. Some markets may be pretty consistent in always having good deals, and some markets may be pretty consistent in always having bad deals, but there is no market that will always have the best deals. Plus, an amazing deal may pop up totally under the radar in some random area at any given time for little rhyme or reason. Maybe even in an area that typically always has bad deals. The big-time investor jumps on whatever the best deals are, no matter where those might be. No big-time investor only buys locally. They also don’t work on their own properties.
2. Outsource All Work. Did I mention big-time investors don’t work on their own properties? No way. They only oversee the teams who do all the work. Big-time investors live off passive income. There is nothing passive about lifting a hammer during a rehab or taking repair calls from tenants. Those things are work. Work = not passive = not what big-time investors do. As Robert Kiyosaki says, “I don’t work for my money.” Meaning, he is not hands-on. His job as the big-time investor is to ensure proper teams are in place who will handle all the work associated with a property and then he just has to ‘manage the manager’ after that. And at his level, I’d imagine his job is to ‘manage the manager who manages the managers’. Then his other major task is to figure out how to creatively finance the deals so that it puts the highest returns possible back in his and his investors’ pockets.
3. Leverage as Much as Possible. Another famous debate. Do you pay all cash for a property or do you leverage?