Explaining the difference between good and bad debt when investing.
What’s the difference between good and bad debt and how do you make money with real estate? Today, I’m here to give you advice on all of this because I have a personal experience with it. I’ve lost money and made money, plus I have my hands in so many aspects of real estate in this county. Therefore, I will show you what I learned personally, not just what I heard from somebody else.
Let’s start with good debt. There are many ways to do this, but if you can get a loan and invest in real estate, you can start earning cash. This cash flow is the fastest way to accumulate real wealth. I don’t recommend quitting your job, as you can do this as a side hustle if you want to. Just know that you can benefit from investing.
Then, one thing that I would consider to be bad debt is a car loan, as that has negative cash flow right away. If you invest in real estate instead of cars, you can earn more money. Once you have the money, if you choose to splurge this way, do it! However, know that I prefer investing in real estate and am using it as my path to retirement.
One important piece of advice I have for you is don’t be afraid to get multiple mortgages. I currently have about 15, and I’m using that as my way to invest. Also, know that you can use a personal loan to leverage your debt and get another property. This will get you more income.
If you want help with creating a plan to implement this in your life or want more information about the details, don’t hesitate to reach out! You can call or email me anytime and I would be happy to hear from you.