Build Your Riches with Rental Property!
by J. Tar

Have you ever thought of owning rental property? Many people dread the thought of becoming a landlord. They don't want the headaches of being called in the middle of the night for repairs or having to deal with tenants. But what could be better than using somebody else's money to own real estate? Yes, by renting out part or all of your home, your home will essentially pay for itself and appreciate at the same time. Careful planning and management is require and there are no guarantees that it will always be easy, but being a landlord is really not that hard. We know because we do it everyday!

David Bach, author of "The Automatic Millionaire Homeowner" is interviewed by CBS co-anchor Rene Syler regarding one of the concepts covered in his great book. As Bach puts it; "As long as you are alive, you have to live somewhere. The secret is to own where you live first and then own a couple other homes that people rent from you. If one home is good, two is better, three is great".

Bach says people need to get into the automatic millionaire mindset by breaking away from traditional patterns. "Here's what most people do. They buy a home. As their family gets larger, as they make more money, they go from one home to a more expensive home," he said. "What I suggest people do is this. Buy a home and start paying it down early. Then look and see if your home will rent and if the rent will cover your mortgage payments. If the answer is yes, pull some equity out of your first home, rent the home you're living in now, buy another home."

Enjoy this great interview and let us help you take the first steps!

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