Have you ever dreamt of the time when you can just quit your day job and spend precious days doing what you really want? Tired of waking up early in the morning and facing the daily hassles of the rush hour? Chances are, you are not alone in thinking that way. Many have thought of financial independenceand many have made plans towards achieving it. But most failed to put their plans into action.
Gaining financial independence through real estate is very achievable. But how come only a few succeed? The answer varies from person-to-person but the common denominator among them is the lack of patience and effort to make it work. Most have ventured thinking that success will come their way instatntly. What these people should realize is that it takes a lot of time and effort to reap the benefits from their property investments.
If you would look at the general trend of real estate prices, you will see that over the years, prices of properties do tend to increase. The capital appreciation may not be as quick as your stock investments but at least, the risks are minimized and you are assured that the value of your property will not plunge overnight.
Rental income from properties such as multi-door apartments, townhouses, duplex, and condominium units are also a great way of earning passive income that can eventually take the place of your day job as your main source of income.
Let’s say that as soon as you got your first job, you have already started saving enough cash to afford the downpayment of an income-generating apartment. You then use the monthly rental payments of your tenants to pay off your mortgage. After a few years, you manage to save some cash again, enough to fund a duplex for sale nearby. You then repeat the cycle and use the rental income as mortgage payments. Then do that again everytime you have saved enough. Eventually, the mortgage payments will mature and the rent you get from tenants will purely be your own passive income.
Those are just a few ways you can escape the rat race. Remember that all it takes is time, patience and effort on your part.