Getting into an income property can turn out to be one of the best decisions you ever make. However, you need to have the right mindset to make it happen. There are a lot of circumstances to be very aware of surrounding owning rental properties, whether residential, mixed-use or commercial.
There are a lot of circumstances to be very aware of surrounding owning rental properties, whether residential, mixed-use or commercial.
Now why can getting into an income property be a great idea?
1. Income properties, like most business set-ups, have tax deductible situations. It is not how much money you make, it is how much you keep. Hire an accountant that is experienced in real estate.
2. Income properties have passive income that pays you again and again each month. I started off renovating properties and selling them to retail buyers.
It was a short-term scenario. Profit generation focused on getting paid right away.
Most start-up real estate investors go this route and seek education from flashy salespeople showboating the buy, fix and sell model.
You can make money “flipping” properties; however having income properties has it’s advantages.
3. Income properties are physical assets. Everyone needs a place to live. More people can afford to rent to live than own their own property to live in.
So rental properties are always in demand. It’s not every day that someone has the downpayment to buy a newly renovated home!
Most however, can come up with a damage deposit for rent!
There are many types of rental properties you can invest in. If you are new to residential income properties, here are some types to search for: condominiums, town-houses, duplexes, triplexes and fourplexes.
There are also many other creative ways to buy income properties. I have used creative financing, to get into income properties without using my own cash or credit.
And you can as well. If you have the right power team and professionals backing you. You don’t need to know how to do it all on your own, you need to find out who knows how to do it!
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