The answer to the question "how
to get out of the rat race" is my primary goal as a realty
investor. It wasn't fun, at least for me, working in a 9 to 5,
whitecollar office job. And I bet finding ways to get out of that
same scenario is your reason why you are reading this. You want a
more accomplishing lifestyle where not only will you have financial
freedom; you want your time back and never slave away to an
employer who's only role is to reap the benefits.
Getting away from the rank and file lifestyle is not a simple feat, let me tell you that. But I had the best chance to get out of the rat race quicker after I started real estate investing. Bear in mind that at first, I didn't quit my regular job. Having a day job provides stability. . I've got to a family to establish, regular debts to pay, not forgetting my mortgages.
I've taken care of my mortgages quickly. This gave me a leeway to save up and start my venture in real estate. There are lots of learning materials found in the internet. I, for starters, followed Matt Theriault’s tips and achievable and realistic goals. Just expecting and not doing anything can be a hindrance so I adhered to his system of moving at the speed of instruction. Since I was just a novice, I have decided to start out slowly and surely instead of going creative and using money out of my 401k and Roth IRA.
After having a comprehensive research, I acquired my first property in Memphis coming from my savings. Buy and hold, I believe, would be the ideal option for me. I don't only get to keep the property, I will have a constant stream of cash flow from the month-to-month rent. Memphis has no state tax and features a very high percentage of property rentals in the US which makes it an excellent choice right even after the property bubble burst. Also, if you're a fan of great tasting barbecues, Elvis Presley, and places which has a affordable cost of living, the Midwest has all those things to offer.
At this point, I'm likely to get more properties in Memphis. I have also made the decision to already quit my work. I have an emergency savings fund, I'm making more compared to working in an office, and I can devote more time to my family. Escaping the rat race can look complicated at the beginning but if you truly set your mind to it much like what I did, you can do it too!
I am Dani, a real estate investor and finance expert from Los Angeles, California. I am also the PR manager of cashflowsavvy.com, a real estate investing company operating in Memphis, TN but based in Los Angeles, CA.