| Here at SnowHome Properties we tried to define "Rich". We came up with "Rich" as the ability to wake up in the morning with the physical health, knowledge, friends, financial freedom, and passion to do what you want that day. We use the term "Wake-up money" to describe this form of "Rich." And what is the greatest investment toward the "wake-up money" goal? A single-family home. Top Ten Tips for Creating “Wake-Up Money” 1. Buy residential properties. Houses, condos and town houses. Stay away from land and commercial real estate unless you are an experienced investor or are buying as a business “user.”
2. Buy “mainstream” houses and condos. Buy properties that are at or below the average sales price. Buy properties that appeal to most buyers. Avoid high priced or unusual properties. Buy houses with at least three bedrooms and condos with at least two. If possible, buy properties with a garage.
3. Don’t buy with partners, unless you have to. If you have to have partners, make sure they have the same goals and values, are of similar age, and have job, geographic, and marriage stability.
4. Believe in the long run. Real estate markets are cyclical but the long-term trend has been up. Hang in there for the long run. The great investor’s lament is, “I should have never sold that property.” The other investor’s lament is, “I could have bought that property for $____!”
5. Take care of your property and it will take care of you…. It’s your “golden goose.” If you don’t like property management or are too busy, either hire a professional property management firm or buy condos and town houses. They take a lot less management. The homeowners association takes care of most of the property management.
6. Get started early. Put time on your side. Albert Einstein was once asked what he thought was the most powerful thing in the world. His reply, “compound interest.” Don’t wait to buy real estate. Buy real estate and wait!
7. If you don’t have the money, make a plan and commitment to get it. (Consider borrowing your investment money out of the equity in your personal residence.)
8. Know you “enough.” How much “Wake-Up Money” do you need? Know when you are ready to stop accumulating property and start paying off what you have – and enjoying life!
9. Work with knowledgeable people. Pick Realtors, accountants, attorneys, and property managers who know what they are doing.
10. Have a goal and a plan. Develop your goals and a plan to achieve “Wake-Up Money.”
We all have a goal of not working for forever; we all would like to get up each day and choose what we wish to do that day. Buying homes is an intelligent way to get those goals rolling. Jason Brewer Jason@SnowHome.com | 
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