When you choose to invest in property, you’re making not only an investment for the now but also for the future – and potentially an early retirement. I actually started my career because I wanted to buy rental properties and flip houses. I also saw family members, who thought that they would never be able to, retire by investing in rental properties.
If you’ve thought about it, talk about it with your realtor. There are many different loan products, options and price points that help ease you into real estate investments.
Investing can work for all budgets. Here are just a few ways that someone could invest in property:
- Buy & Hold: you could buy a property and either rent or potentially sell later
- Flip: you could buy a home that needs some work, renovate it, put it back on the market for a profit
- Leasing: you could lease a building for your company or sublease to another company
- Partnering: you could partner with other people to own a percentage of a building which incurs less risk, but can also be less lucrative
Investing in property is truly one of the smartest investments you can make. Regardless of the status of the economy, everyone will need a place to stay. Here in Richmond, the population is growing at twice the rate and new real estate is slow to be built, so property is a smart investment to make right now. It’s also generally a good practice to diversify your funds which allows the potential for you to retire and live off your properties.
Of course, there are risks and fears involved such as: not being able to qualify, the timing not being right, spending too much money, and the list goes on. Property investment is a life-changing decision that should not be taken lightly. This is why the most important first step is to sit down and think through what you really want long-term. I recommend having a long conversation with your real estate agent, financial advisor and accountant to make sure you’re making the best decision for you.
It’s also important to have a real estate agent who understands investment properties. Not all agents specialize in this type of property buying, so it’s critical to find someone who understands the market and best approaches. Kevin Currie Group is proud to specialize in finding our clients their perfect investment property. Contact us for your personalized approach – we’ll buy you coffee and talk about your dreams.