I recently had a good talk with a co-worker about packing it all up and traveling for 6 months or more.
Since we're experiencing a downturn in the economy, I thought this would be the perfect time to do so. However, this would require me to use up most of my savings that I was planning to use to invest.
The reason why I trusted him with this big decision was because he has done it before. For the past 15 years or so, he's been traveling around the world. He did the whole 'drop everything' and travel for 6 months straight. Knowing that he already experience this situation, I knew he was the guy to listen too.
Choosing real estate as my vehicle to travel the world
I told him about my plans to travel the world without any financial worries and having no schedule to go home. If I wanted to go home, it would be on my terms.
For a few years I've been searching for ways that would allow me to do so and I found that by investing in real estate was going to be my best bet.
However, real estate investing is no quick-rich scheme, it takes a long time to appreciate and a great deal of sacrificing.
To sum up the conversation I had with my coworker, we both decided that I should stick to investing in real estate while going on short trips here and there to kill any travel urges until I've collected enough properties to buy that one way ticket I long for.
There's perhaps a lot more reasons to invest in real estate to fund your travels but here are my top 3.
1. You'll get paid each month while you're out exploring the world
When I traveled to Vietnam earlier this year, I was aware beforehand that I wasn't going to be able to collect any employment insurance if I was out of the country. This means no income whatsoever while I was out traveling.
This was my first time experiencing thisproblem as I've been a salary worker for the past 5 years and always had some sort of income flowing into my bank account.
It sure was not a good feeling when I had to skip out on some activities and felt uneasy with my financial situation the whole time. I felt limited.
With real estate, once you set up a strong portfolio of properties that cash flow well each month, you won't have to depend on anyone except for yourself. No company or government takes care of you better than yourself. These are your properties that you own.
If you set up your properties correctly, rent should be coming in every month without fail allowing you to travel without worrying about your finances.
2. You can go for however long you want
Once you have enough properties and found a remarkable property manager (very important), you are no longer location dependent. This means that you don't have to be in the same city/town to make your real estate run smoothly and properly.
This also means, you can travel however long you want until you decide to head back home. It's all about the options you have in life!
In one of my monthly real estate seminar, there was a success story of a young couple that bought a one way ticket to Asia and traveled for a whole year after successfully investing for 6 years. They returned only because they wanted too, not because they had too. That's a world of a difference.
3. You'll have something to fall back on when you decide to go back home
Traveling around the world for however long has always been a dream of mine but I know that there'll be a time and place where I would want to go back home. Even if you decide to live in another country, it's nice feeling to know that you won't have to start in the beginning if you ever decide to return.
Going back to the conversation with my coworker, one thing he mentioned that really got me to think was that when upon leaving the country, he would quit whatever job he had at the moment and went traveling. However, when he returned, the challenge of searching for another job always arises. It was a viscous cycle that he was in but he found a company that was super flexible with vacation time. The one we're both currently at.
If you decide to take the real estate investing route, when you're ready to go back home, it'll be with ease. You have a few options to choose from. You can either look for a job right away or take a week off, go collect more properties to increase your cash flow making your next travels more luxurious, or even start planning your next trip and leave the following day or so!
A bit of a warning about this industry
I know that this all sounds incredible and hope that you know that it's completely possible to achieve as I seen it with my own eyes. But and this is a big but, the beginning stages of real estate investing as I'm currently going through is that the income isn't passive at all.
You have to be willing to work and put in a lot of sweat equity (your own time) for many years until you start seeing some profits. You'll have to be willing to learn about the industry so you can do it correctly. It took that young couple 6 years until they were able to buy the one way ticket. As I said before, it isn't a get rich-quick scheme. It can get incredibility stressful at times.
There's also plenty of sacrifices you got to make. Saving up for a down payment on a property is a grueling process. If you're saving your own money and have no help, be prepare to say no a lot more.
It's worth it
However, if you put in the work and have been patient, you would be able to travel on your terms. With a little phone call back and forth with your property manager to make sure everything is running smoothly back home, you would be at ease when you're out exploring the world. It's all the little sacrifice you have to be willing to make to have this dream come true. Think of the end goal.
There are a lot more ways for you to do this. To travel freely, to travel however long you want, and also give you a safety net when you decide to head back home. Being in the digital age, there's sufficiently more than one way to make a good living from your laptop. Real estate investing is just the path I've chosen go with.
I've only been investing and studying real estate for the past 3 years, so I am still a bit of a novice. What tips and guides do you have if you're investing in Canada? I would love to listen to accelerate my growth. J
Come visit me at www.duysnextstop.com !
Published by Duy Dang