How You Can Invest in Luxury Properties

house-1946371_640You might think that you need to be a millionaire or an international property developer to invest in luxury real estate.  Well, you would be wrong.

Before we go any further, this article is not pitching a get rich quick scheme.  Instead, it will outline some simple strategies that the average person on the street can invest in real estate.  Keep in mind, these strategies might not be for everyone and if you have a hard time controlling your finances then the you might want to read this article on how to simplify your home budget.

Now that we have that out of the way, let me explain why you might want to consider investing in luxury real estate.  For starters, it is a hard asset and one that is usually well-positioned to withstand an economic reversal.

Second, the legion of the world’s richest is continually growing.  I know it might not feel that way when you drop your kids off at school but you never know which one of those parents is a successful business person or investor.

That being said, there are five important things that you need to know about investing in something like luxury condos.  Ok, maybe a sixth, as a small piece of advice is that just not all luxury properties cost $1 million.  In fact, many properties are considered ‘luxury’ due to their location or some other characteristic which helps it to stand out from the crowd.

  • Find & Flip

Now, this approach does require some work – both research potential properties and to get them ready for resale.  But you want to know a secret, even ‘rich’ people run into problems with money every now and then.  When that happens, many will choose what is known as a strategic default and this opens the opportunity to buy what would normally be an expensive property on the cheap.

However, there is a lot of skill to this approach and if you are considering getting into the flipping game, then you will want to take some time to study the market and to build up your contacts.  This could include connections in the property tax office, local banks, and even with the contractors who will help you to get a market ready for resale.

In addition, you should be willing to do much of the dirty work yourself as this will reduce how much money you will need to invest in a property – leading to more profit for you.

  • Consider Condos

For starters, condos are smaller than homes, so if you find the right property it will probably cost to prep for resale than a home.  Also, these condos tend to be in well-managed buildings in prime locations and this will and tens of thousands to the sale price.  Another item to consider is that these buildings generally tend to have many services for their tenants including gyms, restaurants, even a dry cleaner all on site.

A final thought about condos, all the work will be inside.  This means you don’t need to worry about expensive roofing projects or landscape gardening.  Not only does this reduce the time needed to prep a property but it also means that it is easier for you to scope out the work that will need to be done.

  • The Grass IS Always Greener

Let me explain.  We live in a global world and there is no law that you can only invest in luxury properties in your hometown or even your own country.  In fact, investment in an exotic location might have a lower upfront cost than anything you can find closer to home.

There are several things that you will need to consider.  First, is whether the country you have targeted allows foreign property investment.  You see some emerging markets restrict the right of foreigners to own property.  As such, you don’t want to make the mistake of investing in a country where you will need a dodgy, and complicated, legal structure own a property.

The second thing that you will need to consider is how you can find, and repair, the property you have in mind.  Fortunately, the internet can help with targeting but construction being what it is, you will need to find a way to be on site during the renovation phase.  If not, the costs will sky rocket and your project will never be completed.

  • Find a Partner

Maybe you have a friend who is already investing in real estate, or maybe it is known developer with a track record of success.  Either way, there are plenty of ways to invest in real estate without owning the entire property, and I am not talking about timeshares either.

  • Buy & Upgrade

‘Luxury’ has less to do with the property’s cost and more to do with the amenities and the location.  As such, you can look for opportunities to buy and upgrade a property.  Who knows you might be able to sell it or you could let it out on Airbnb or similar sites.

How To Start Day Trading

So you want to be a day trader. Honestly, there is no better way to become your own boss and gain financial freedom. If you have the desire, dedication and discipline the sky is the limit for your profits. But how do you get started? Get into a free chat room.

When you spend time in a free chat room, you can start to understand how to get better at day trading right away. You will learn new lingo, make new friends and watch veteran traders in action. That is, you can can see them call out positions and work their way towards good and bad trades and see their reports after all the trades go down.

A free chat room can be an excellent intro into day trading education. Spending time in one will hip you to a very important lesson: There are only a few stocks worth trading on any given trading day. It is very hard to find those stocks. Many big trading firms use big, expensive propriatry software systems to trade. Those powerful algorithms make it hard to beat them.

So the key is to try not to beat them. The key is finding another way. Finding a needle in a haystack by diving around and nosing around is not advisable. So you need the right strategies to see the potential needles. Spending time learning from other day traders is a great way to start to get those techniques down.

But not all free chat rooms are created equal. You want to find one where an accomplished trader is livestreaming the desktop and talking through real-time trades. That is a great way to learn. Day trading is unpredictable, so it helps to be able to see people do it in real time. Having a portion of the chat room screen dedicated to streaming news, stocks to watch and trade alerts is a great feature as well. It allows you to maximize monitor space.

Actionable breaking news headlines are very important in a chat room as well. If a chat room is not providing you will news nuggets that help you make trades, it is not worth your time to be in there. Breaking news is a very big part of taking advantage of the fluctuations in the day trading market.

Then you need to make sure there is a discussion space where you can ask questions and interact with other traders. That is the only way to get better and learn. You need to be able to converse with other traders and get plenty of information out of them.

Spending time in a free chat room is a perfect way to determine if you like trading in that particular community. As with any industry, it helps to find your tribe. The quality of your days is determined by the people that you hang out with. It makes sense to test out these groups before you commit time to working within them.

Why a Side Hustle May Not Solve Your Money Problems

no-money-2070384_640When money gets tight for some people they dodge their bills or file bankruptcy. Others may resort to committing crimes to ease the financial burden. The responsible ones, however, make different choices.

One of the things you could do to ease financial pressure is to cut your bills as much as possible. Another is to take on a side job or side hustle to make ends meet.

But is taking on a side hustle the right choice to make ends meet? After all, there could be reasons why a side hustle may not solve your money problems.

1. Makes Monthly Bills Go Up

In theory, having a side hustle will provide you with greater income and more financial freedom. Managing your money wisely should help you to pay monthly bills and may even give you enough to pay down debt.

Of course, it is possible your bills could go up as a result of your side hustle. For instance, a lack of time to cook may force you and your family to dine out more. This can eat away at your side hustle income giving you less money than you anticipated from the extra job.

When bills go up because of the lack of time a side hustle creates it may not solve your money problems. What I mean is that it could lead you to decide the extra effort a side gig requires just isn’t worth it.

2. Requires the Need for Additional Help

Another way a side hustle may not solve your money problems is that you may need to hire additional help. Being only one person you can’t do everything – there are only 24 hours in a day. Some of the household responsibilities may have to be given to others.

It is possible you might need to hire an evening babysitter for your children. Don’t look now, your childcare bills just went up lowering your take home pay.

If your house is a mess because all you do is work you could find yourself searching for a house keeper. There goes more of your income.

3. Affects Your Main Job

Having another job can cause you to get stressed out, tired, and run down. In turn, these negative effects can affect your main job and put it in jeopardy.

Being fired from your regular job because your side hustle is getting in the way is not going to help you solve your money problems.

4. Causes You to Spend More

Temptation could set in when you have more money in the bank. Seeing an extra couple of hundred dollars or more in your bank account may not inspire you to pay down debt or save.

Instead, for some people, it causes the opposite. More money means more clothes, more eating out, more entertaining and so on.

You get the picture. Some people can’t manage the extra income wisely. They merely spend more and continue the cycle.

5. Doesn’t Pay Enough

Taking on a side hustle may not solve your money problems if the job doesn’t pay enough. Rather than getting paid a few dollars for a time consuming side hustle you may have to let it go. Look for work that pays well to ease your financial strain.

As an example, what if you are answering internet surveys as your side gig? Spending 30 minutes taking a survey to make an extra $5 doesn’t make sense. Give up the surveys and get a different side hustle, or at least look for a survey site that pays well.

6. You Hate it

Whenever possible I try to avoid having a job I can’t stand. It shows up in your attitude, for one thing.

For another, when you hate your job you aren’t going to do your best. Not doing your best could get you fired or passed over for promotions resulting in lost income. This isn’t going to help your financial situation any.

Money gets tight for most of us from time to time. Before you take on a side hustle, consider some of the reasons why a side hustle may not solve your money problems.

Jeanne is a married mother of 2 grown children who works a full time job, has two side hustles, and also helps out occasionally on the farm she and her husband own together. Her background is finance and medical office management, and she hopes to help others improve their finances and change their futures.