Finding success in the real estate business is a big dream for many people, but it can also seem elusive and out of reach. Success in real estate can mean financial freedom, and it can be an exciting field to work in. So how can you find success, in real estate, and in other fields in general? We sat down with Michael Andrew Lauchlan, a Las Vegas rental property investor. He recently shared secrets you need to know about generating passive income. Now, he’s sharing success secrets, his perspectives on real estate, and more useful business tips.
Michael, why were you attracted to the rental property investment business?
I saw rental properties as a very accessible investment to get involved in, and extremely worthwhile. Don’t get me wrong, it can be challenging to enter the rental property investment business. You need some upfront capital, and the energy to manage the properties. But you can start small, with one relatively inexpensive property, and just focus your energy on that to begin with. You don’t have to be a real estate tycoon to enter the rental property investment business. If you’re looking to set up some passive revenue streams for yourself in the future, this is definitely an excellent avenue to explore.
What are some challenges of rental properties?
Sometimes when you buy a property, it may need more work than you think. That can be a challenge to encounter, and it can happen a lot with foreclosed properties, which have usually been sitting around for a while. It can also be challenging to deal with tenants. These are real people with stories and families, and some may be a breeze, but others may be more of a struggle.
Why should someone buy their first rental property?
Two words: passive income. If you want to have financial freedom and success, this is what you want to look for. Sure, there are a lot of ways to generate passive income. And buying, rehabbing, and managing a rental property certainly takes work. But usually, after most of the upfront work is done, you’ll only have to do some occasional maintenance. Plus, if you’re really successful, you can hire people to take care of the upkeep and management for you.
What are some of your success secrets for rental properties?
You have a to have a good eye for properties which are a good deal. They may need a little bit of love, and you don’t want to get involved in rehabbing a property which has some very expensive problems to fix. The ideal property will just need some cosmetic work, which can be fun to do. Having a good eye for properties will definitely help you become and stay profitable, and it’s also a skill you can learn.
What about tips for general success?
As far as general success, I’m also pretty strict with myself about sticking to a solid daily routine. I put my work down by a certain time, get a good amount of sleep, and like to wake up early, so I’m ready to go. Even though I’m a total workhorse, I’m sure to get my daily exercise in, which really helps with my energy and focus. Staying on top of your well-being can be complicated and time consuming, but it’s well worth the effort.