Here are four easy ways to start building wealth through real estate.
Should you invest in real estate? In our opinion, investing in real estate is one of the best ways to grow long-term wealth. If this is the route you’ll take to build your fortune, here are our four favorite ways to invest in real estate:
1. Own your personal home. This one is easy. All you have to do is pay your mortgage and let your house appreciate.
2. Buy a long-term rental. You’ll build equity with this property just like your primary residence, but you’ll also collect supplemental income through rent.
“Investing in real estate is one of the best ways to grow long-term wealth.”
3. Buy a short-term rental. These operate more like hotels. They’re more work than long-term rentals, but you can charge higher rates. Plus, these are typically located in nice vacation areas. You can visit your short-term rental when no one is renting it.
4. Flip a property. Buy a home that needs work. Fix and sell it for a profit.
One thing you might not have thought about is buying investment properties for your grandchildren. We’ve had clients buy an investment property whenever a grandchild is born. When the children are old enough for college, they either refinance and use the money to pay for their tuition, or sell it and give the money to them when they graduate.
If you have questions about this topic or anything else, please call or email us. We are always willing to help!
