The financial industry is flawed in a number of ways, and only a passionate few can solve these issues. First, the system is focused on getting Americans to save into 401k, accumulating $1-3 million so they can retire, but without a strategy for converting that cash into a monthly stream of income. Martel came face to face with this bitter truth when he was working as an actuary. “I was quickly dismayed to see hundreds of company pension plans being rolled over into 401(k)s, shifting a potentially devastating financial risk to employees, the vast majority of whom blindly trusted that their hard-earned money was safely tucked away for retirement,” he recalls.
Second, few to none of all financial experts will tell you the truth about making a passive income from real estate. But from the investor perspective, Martel has three little known but sure-fire tips that can help you achieve financial freedom from real estate. In this article, you will learn how to clearly define the right strategy for achieving your passive income goal, finding the right market where the strategy can be implemented, and how to put it all to work.
Have A Clearly Defined Strategy
Achieving financial freedom from any activity requires not only a good strategy but also the ability to sustain long-term commitment. You might not get it right the first time, and it is perfectly normal. However, you can increase your chances of nailing success by following in the footsteps of people who have been there, done it, and known what works. It took Martel three decades of following through the right strategy to get to where he is.
“I finally achieved my dream of financial freedom through real estate. It didn’t happen overnight, but it wasn’t until I figured out how to sift through all the popular advice about investing and determined the right strategy and regional markets for my goals and resources that I was able to get started.” For Martel, investing in turnkey rental properties was and has always been the right strategy. Instead of doing short-term rentals, Martel’s brainchild, MartelTurnkey sells turnkey single-family homes with long term tenant (1 year) in place. Now he teaches regular working people to achieve financial freedom through cash-flow-positive residential turnkey rentals, joint ventures, and other real estate investment strategies.
Find The Right Market to Invest In
Having the resources and capability to invest in real estate does not guarantee success. Investing in the right markets, however, does. “Once I found the markets that could bear results, I saw the immediate return and the opportunity for sustainable growth,” Martel says.
In 2017, Martel and his sons founded MartelTurnkey, a family-owned real estate investment company. “Building their portfolio one property at a time, MartelTurnkey now has assets in Memphis and Cleveland. The company has bought and sold more than 150 properties. In 2020, they are positioned to sell 120 properties and expand their reach into commercial investing. Instead of spending his time on someone else’s clock, Martel now works with and supports his family with the cash return on their investments.
Build A Team That Gets It Done
You want to make passive income, so it makes sense to delegate. And since you are promoting yourself to investor status, put together a team that will help you achieve your goals. Otherwise, you will end up wearing the property manager’s hat, something you’ll definitely regret doing. Martel learned this more than 30 years ago, but he did it the hard way so that you wouldn’t. “What I hoped would eventually lead to financial security instead taught me two valuable lessons: Property management and real estate investing are two entirely different things, the former of which is definitely not work I enjoy,” he says.
Although most investors will have a team comprised of realtors, contractors, and more, Martel has come up with a strategy that involves only the investor, the property manager, and the property. In his case, Martel contracts a property management company to handle such issues as maintenance, collections, tenancy contracts, and so on. As the investor, you get to enjoy financial freedom-not trading your precious time for money.
In finishing, Martel says, “What I’ve discovered and what I hope to prove in simple steps and real-life examples are that anyone can and will achieve financial freedom if they refuse to give up.” With the proper guidance, mindset, and tools, you, too, can find an investment strategy specific to your personal goals and resources and take the steps to manifest personal wealth. You can find a way even when no way appears to be found, and you can live the life you want on your own terms.