Do you believe someone in $600,000 of debt can someday own a real estate group that sells over $60 million each year? It’s possible, and it’s possible when you invest in real estate.
Linda McKissacka and her husband now own the McKissack Realty Group that sells over 300 properties a year. Not only is Linda an entrepreneur she is also an author, a trainer, and speaker who helps people reach their maximum potential. She teaches lessons from her book explaining how to start investing in real estate and earning money, when you have no money yourself. Linda’s Husband explains that after some difficult decisions the pair had to make, his mentor advised him to go into real estate. The pair took jobs at a real estate office and it went uphill from there. He did state that it wasn’t a money making business from the start, but it all paid off in the end.
Linda lives by a simple strategy called HOLD. She describes the HOLD strategy as a method to ensure financial freedom. The HOLD system is extremely simple:
- Find the right property for the right terms and at the right price.
- Analyze – Make sure you have an offer in which the numbers and terms make sense. Do your due diligence on market values, rents, home prices and appreciations to limit your risks.
- Buy an investment property where you make money going in. If your numbers are right, you’ll make money on the margin and get a positive cash flow from the start. Don’t buy a property hoping it will become a good deal. Buy it because it’s a good deal to begin with.
- Manage a property until it’s paid for or you have a large amount of equity to leverage. Learn to run your investment properties like a business.
- Grow your way to wealth and financial freedom. If one investment can bring you $2,000 a month, imagine the income from 10, 20 or 100 properties.
She explains that the strategy isn’t a get rich quick scheme, but something that takes time and patience. It teaches you how to run your real estate career as a job.