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Each geographic area has its own unique dynamic, its own zoning regulations and its own distinctive resident, so it’s a good idea to focus on one particular area.As you become an expert in one investment area, you will be more apt to learn another area quickly. You will make mistakes, so make them early on, with low-risk, low-end properties in which there isn’t as much at stake for you.
One final point about why it’s a good idea to stick to the same game plan when you’re investing in real estate: When you assemble your team of advisors, one of them will be your real estate agent.
He or she will be an expert in one particular sector—the one you’re investing in—but most likely won’t be an expert in other sectors.
Some decide to downsize their homes in order to free up some money for investment, while others may opt to rent out their existing home and move to a smaller home to generate cash flow, increase passive income and decrease expenses.
Only you can decide how to address your financial situation.
Your assets, as you’ll recall, are the things that generate wealth for you, such as investments, savings accounts, stocks, 401(k) plans, mutual funds, real estate, or a business that you own.
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Your liabilities are all the things that take money away from you, which might include your credit cards, the remaining balance on your car loan, or the mortgage on your home.The income statement will show you your monthly financial activity.Next, you’ll create a balance sheet, which lists your assets and liabilities.The only real way to significantly improve your income will be to increase your passive or portfolio income.Passive income is the suggested method for growing wealth.What would a reasonable monthly passive income goal be? Some people learn best by doing and making the occasional mistake, while others do what they can to head off those mistakes by completely educating themselves first and consulting with advisors and investors.Everyone is different, and you should do whatever is most comfortable for you.Your balance sheet will give you a picture of your current wealth.(For more tools on creating your financial statement visit dev.corporatedirect.com/loopholes-of-real-estate.) Your personal financial statement will bring your financial goals into sharp relief.You’ll see where your debt is concentrated or how to pay it down, and you might see where you could bolster your asset column.(Here’s a list of 29 small business financial resources.)It may lead you to form a plan to decrease expenses or increase income.