What is important to you? Why would you want to invest in residential real property? What purpose would it serve? How would it help you in your life?
The answers are found inside your head and within your situation.
Here are some cues to getting to what stands out as important for you.
AGE
1. What is your age now?
2. When will you life situation change dramatically?
3. When do you plan to retire?
LIFE SITUATION
1. Family: kids, parents, extended family
2. Work: current position, future position, retirement, business ownership
3. Fun: possession/car, house, travel, vacations, 2nd home
4. Schooling: back to school, kids college
5. Health
6. Change where you live
7. Other: ???
MONEY SITUATION
1. Capital to invest now
2. What you can contribute regularly towards investing
3. Existing retirement position
4. Debt (Now & Future)
These bring us to answer 3 questions:
- Do you need CASH FLOW or to have a real estate EQUITY POSITION?
- HOW MUCH do you want?
- WHEN do you want it? How many years from now? (What is your time frame?)
