For many people, financial freedom is a lofty goal that seems out of reach. But the truth is that for anyone willing to work for it, financial freedom is actually very achievable – and real estate is one of the best ways to achieve it.
Financial freedom is defined in different ways by individuals, but for most, it means living without the stress of worrying about where your next paycheck will come from or whether you’ll have enough money to pay the bills this month. It can also mean being able to travel the world or pursue your hobbies without having to worry about how you’ll afford it. For some, it even means being able to stop working altogether and live life on their terms.
How many houses does it take to achieve financial freedom? It might be more than you think. In this article, we will discuss how 2 houses – 1 of which is your own mortgage free home – can be enough to set you up for financial independence.
The key is having consistent cash flow. In order to make that happen, it’s essential to have a real estate investment property that produces at least a 6% annual yield (in today’s dollars). If you’re able to do that, you can start living a very comfortable lifestyle with the added benefit of having a nice passive income.
You can do this by purchasing a home with a second suite, and then turning it into a legal two-unit property. Ideally, this will be located in an area with affordable housing in a city such as Hamilton, Kitchener or Barrie. By renting out the second unit and having the tenant help pay your expenses, taxes and mortgage, you can begin to enjoy a steady stream of cash flow. Over time, you’ll build a substantial passive income that can allow you to quit your job and spend more time with your family.
If you continue to invest in additional rental properties, this passive income can grow and allow you to save more of your own money. This will enable you to buy a more expensive, higher return property and ultimately grow your wealth even faster!
The path to financial freedom with real estate is a great way to build long-term wealth and live the life you want, rather than relying on a pension or other employer-provided benefits. With the right strategy, proper education and a dedication to doing your due diligence, financial freedom could be just a few investment properties away! Ready to learn more? Contact us at NB Elite Realty! We’re experts at helping investors like you become financially independent through investing in cash flow real estate. We can show you how to invest in the best properties in the market so that you can enjoy a better quality of life. Get started on your journey to financial freedom with our help today!
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