Interest rates are at an all time low. Why not build a portfolio of real estate investments that can support your retirement when they are paid off? Let your tenants pay the mortgage!
You’ll receive income by collecting rent each month. Be sure you are purchasing a property where the rent you collect will be greater than the mortgage payment you will be making each month.
Select an area for your rental property by searching where homes are predicated to increase in value.
Be sure to get good value for the money you pay for your investment property. A Realtor can help guide you. At least three bedrooms and more than one bathroom is recommended, if possible. Some improvements and repairs are inexpensive, but have greater returns in adding value to the home.
This is the difference between the current values of your property and what you own on it. You can borrow against this equity to make your down payment on the next investment property you purchase or use the equity to make improvements to the property.
Watch your dollars stretch as the property you own appreciates, which means increases in value over time. Your Realtor can give you advice areas that experience greater appreciation over time than other areas.
There are tax write-offs on some improvements you make to your investment property and (at least currently) on the interest you pay on the mortgage. Don’t forget to have your accountant depreciate the property for an even greater tax saving.
Contact your Realtor to get started!