Consider These Worthwhile Real Estate Investments To Increase Your Income
Posted on: 15 December 2016
Investing in real estate, provided that you take a careful approach, can be a strategy that is far more lucrative than other investing methods. Instead of putting your money into the stock market and having the outcome be dictated by things that are far beyond your control, you can hire a real estate agent to help you find a suitable rental property that can earn you some monthly income — and if you ever need fast access to a large sum of money, you'll be able to sell the property. Here are some worthwhile real estate investments for the first-time investor.
Buy A Duplex
Buying a duplex can be a smart real estate investment for someone who is purchasing an investment property for the first time. This scenario is ideal because you can live in one side of the duplex and rent out the other side. Depending on the overall value of the residence and the market conditions in your city, the rent you charge for the rental unit can pay for some or all of your total mortgage on the duplex. This can mean that your living expenses will be cut down considerably, giving you the chance to save more of your income and possibly invest in another property in the future.
Buy A Condo
If your real estate agent can find the right deal for you, purchasing a condo unit and renting it out can also be a smart investment. In many cases, condos will require less upkeep than single-family homes. This means that as long as you find a tenant who will treat the condo unit gently, you may not have as many repairs to perform. Additionally, the condo association will take care of things such as cutting the lawn and removing the snow, which can make condo living appealing to a wide demographic of people. This can mean that you won't have an extensive hunt for tenants.
Buy A Mobile Home
Buying a mobile home and renting it out can be a good place to start in real estate investing. Mobile homes are typically less expensive than buying other forms of real estate, which means that the rent you collect will pay off your mortgage more quickly, giving you money in your pocket in a short amount of time. One strategy is to buy a mobile home in an area that caters to senior citizens, as they'll often be more gentle to your investment than, for example, a young family.
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