Business
This is the “Know Better, Do Better” series born from the countless conversations two CERTIFIED FINANCIAL PLANNER™ professionals, Lauryn Williams and Chloé Moore, have about the trendy narratives and clickbaity articles that make it hard for them to help their clients. They want to help you gain financial confidence and clarity to control your destiny. This week Lauryn and Chloé are wrapping up the Investments for Beginners series by talking about the super trendy topic of real estate investing. HGTV shows make it look really easy to make quick money by investing in real estate, but things aren’t always as they seem. Lauryn and Chloé are going to cover some of the things that don’t get mentioned on these types of shows. While they’re not against investing in real estate, they share several important considerations that need to be made if you’re thinking about purchasing an investment property. In part three of this series, Lauryn and Chloé talk about: How owning real estate is just like running a business The importance of understanding your “why” before you invest in real estate (spoiler alert: “because it sounds like an easy way to make money” isn’t a good reason) The importance of understanding the ongoing costs of owning an investment property The potential issues that tenants can cause All the different hats you have to wear as a real estate investor (property manager, bookkeeping, etc) Why you need to run the numbers to see if the numbers actually work Deciding what type of real estate investment property you want to own House hacking Why you need to look at the Return on Investment (ROI) How it can help to talk to other investors first and ask questions about the financial side The liabilities involved in owning investment property and the insurance that you need to have (and the insurance your renter needs to have) Why you should talk to an attorney about the right legal structure for you The importance of estate planning if you own investment property If you want to further connect with Lauryn Williams: Instagram: @worthwinning Twitter: @worth_winning Facebook: @worthwinningfp LinkedIn: @lauryn-williams If you want to further connect with Chloé Moore: Instagram: @financialstaples Twitter: @finstaples Facebook: @finstaples LinkedIn: @chloemoore Shared quote: "Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world." -Franklin D. Roosevelt RESOURCES MENTIONED: Worth Listening Podcast Episode 113: Investment Series Part 1 - Understanding the Basics Worth Listening Podcast Episode 114: Investment Series Part 2 - Types of Investment Accoubts Worth Listening Episode 96: Real Estate Investing is a Get Rich Slow Strategy with Sunitha Rao Worth Listening Episode 95: Building Wealth Through Real Estate Investing with Justine Chan Worth Listening Episode 94: Episode 94: House Hacking & Real Estate Investing, with Andrew Kerr Some landlords sell properties as CDC extends eviction ban How to Vet an Investment Property: Cap Rates, Cash-on-Cash Returns and More Coming up next The next episode of the Know Better. Do Better series is all about estate planning with Shalini Codispoti.