The Rise of the Slumlord First Time Real Estate Investor
With all the wealth building conversation centered around Real Estate Investing, the Financial Griot podcast tackles “How Not To Be the Next Slumlord Millionaire.”
Lawrence shares his journey to becoming a first-time real estate investor. His approach to investing in real estate; location, opportunity, and intentionally building wealth. Thinking ahead and investing for the future and the next generation; with the right level of help.
Table of Contents
Social Media, Real Estate and RE Investing Buzz
Social media makes real estate investing appear easy. Unfortunately, it’s a lot of work. Permits, Deeds, Contracts and Loans aren’t simple an Instagram post. The renovations aren’t as fancy. Or if they are fancy, they aren’t cheap.
Buying an investment property to rent can be a solid investment. However, it also comes with a lot of risks.
It’s pivotal to choose the right type and quality tenants to prevent a bad real estate experience and high financial liability.
Additionally, you should:
- Create an Emergency Fund, way before you start investing.
- Set your investment goals
- Research the Market especially during this high inflationary period
- Run the real numbers. Not just the income but the expenses as well. Consider if the investment will generate positive cash flow.
- Conduct a rental property analysis to make sure that buying the property makes financial sense.
- Review the appraisal and home inspection. Don’t get emotionally attached, you can always back out..
Some Resources Include:
Aparment.com is a great systemic infrastructure for landlords. The website has a screening system with a criminal background and credit checks to use for potential tenants. You can set up a guarantor if the credit check for tenants is not great.
Detailed show notes, www.theneighborhoodfinanceguy.com
Going Beyond Real Estate and Landlord Talks
The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. We tell the stories that others don’t. Stories about growth, opportunity and embracing changes. Beyond that we talk about Finances. Specifically, how to become Financially literate, incorporating actionable steps and ultimately building generational wealth.
Can you imagine being a Millionaire in 20 years or less?
Yeah it’s possible. 80% of millionaires are first generation. That means they didn’t come from wealth. We teach you how. Join a community of subscribers that welcome a fresh take on money.
So there you have it, The Financial Griot or TFG for short. The hosts were able to amass over $2 Million in wealth in about 8 years and are on track to retire early. If you want the secrets; we will gladly share them since opportunity is abundant and Win-Win.
Find the TFG Crew Hosts on Instagram
- Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
- Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
- Lawrence Delva-Gonzalez – Federal Auditor, Blogger and Tax Specialist @theneighborhoodfinanceguy
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