Healthy investing businesses make most of their money during periods of crisis when everyone else is struggling. What strategies can we use to withstand market lows? In what properties should we look to invest? And how can we attract the attention of brokers? In this episode, Michael Young speaks about his journey as a real estate investor and how he built wealth using a few simple steps.
- Managing small properties isn’t a long-term strategy. Aim high from the beginning, and hire a property manager so you can focus on what you know best.
- The best time to make money is when there is turbulence in the market, and other people don't have the resources to make a move. That’s why you need enough capital reserves.
- It doesn't matter what happens with the market in the moment. There will always be lows and highs, but if we find a good property, you should buy it no matter what the state of the market looks like.
In the beginning, we talked about the importance of having multiple streams of income and leaving the managing of properties to a manager so we can have more time to find good deals. Next, we talked about the importance of networking and what it takes for a broker to take an interest in you.
We also covered:
- What kind of return in percentages the properties your buy should have
- Why debt is not a bad thing and how can you use it to your advantage
- Why buying hard assets is better than using the money for a savings account
Michael Young is the founder of Princeton Pacific Properties. They provide excellent client service, in-depth knowledge of the ever changing California Real Estate market, and the experience of thousands of completed transactions. Go to princetonpacificproperties.com for more information or email firstname.lastname@example.org.