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Why You Should Invest In Real Estate This Year

 

Real estate investment can be an incredibly good business decision and a lucrative way to invest in your future life. Property is a commodity that will always be needed and as the world’s population grows it is only needed more and more.

Today we are going to talk about why you should take action today and change the way you make money. Investing in property and renting it out can be a wonderful method of income and we are here to convince you to give it a shot. 

  1. Passive Income 

One of the main reasons you should invest in property this year is the ability for you to make some passive income alongside your job. Getting started in property investment is a challenge and you may need help from a service like Visio Lending, but as soon as you do you will be able to reap the rewards and make income without having to actively do anything. As soon as a tenant moves into the property you will have a consistent source of income. 

  1. Diversify 

If you already invest in other commodities or things such as currency and stocks, it is always good to

Diversify your portfolio and spread your eggs between multiple baskets. When it comes to investment it is important for you to spread your money between multiple things because this gives you a sense of stability and safety. Doing this will make all the difference to you and your ability to make money and keep it. 

  1. Use Market Cycles 

The beauty of the housing market is that it is always changing. As an investor you can make a huge profit on property if you time your investment and sale correctly and this is a great way to earn some capital very quickly. Use your knowledge and trust your instinct to utilize these market cycles and understand when to buy and sell. This can be a great activity for you and it will allow you to really learn what impacts the price of housing. 

  1. Up Your DIY Skills 

One of the fun parts of real estate investment is getting hands on with your property and renovating it ready to be rented out to your tenant. This is a great chance for you to brush up on your DIY skills and begin to understand how you can save money on a renovation. This is not only a good way to learn more skills but it is also an amazing way for you to gain skills to bring with you when you get home. 

  1. Tax Advantages

One of the good things you might manage to see when you invest in real estate is tax advantages. You could gain tax reductions and even breaks by working in this way. 

  1. Cash Flow

Of course, the most obvious benefit of investing in property is the money you will make right away and the cash flow you’ll be able to bring home with you every month. You’ll be able to build a more stable life for yourself and what can be better than that? 

How to AGE 20+ years in a few weeks – Part I

 

Real Estate

If you read my blog on a regular basis, you’ve probably noticed that my posting has been sporadic and I haven’t been posting daily like I normally do. Admittedly my post quality is not the best I know it can be. I know that readers love giveaways too and I haven’t had many of those. Hopefully this will help explain why.

If you have been following me since last year you might recall we put our itty bitty condo on the market. Four people (me, my husband and teenage son and daughter), plus our mini-zoo are just too much for our tiny place. My kids have to share the only bedroom we have and my husband and I have been sleeping in the living room for 12+ years. If you have ever spent some time on a sofa bed you can feel our pain for sure. Not to mention there is no privacy.

Having one bathroom, a tiny kitchen and barely any storage doesn’t help either. We have stuff stored in my father’s basement and our neighbor’s basement storage unit, as well as ours.

Our condo is ideal for a single person, couple or a family with one child.

There is nothing wrong with it. We paid A LOT of $$$ to make up grades and make the place look the best that it can look – new sliding glass doors, new windows, flooring, updated bathroom… we did a lot.

After several months on the market we had no interested buyers so we took it off the market this past April.

In June we thought we’d give it one more shot. We put it back on the market and told ourselves if we didn’t have an offer by mid-August we’d take it off the market again. We would have to wait until spring 2015 to try again because the kids were starting school and by next spring our daughter will be heading into her senior year and the last thing we wanted was to move her to a new school in her senior year.

One neighbor (across the hall from us) had TWO offers and sold in a matter of four months. Their place was exactly like ours but with less upgrades. The only difference was their bathroom was slightly nicer than ours. Another neighbor (diagnol from us) sold in seven months. His place was a total mess and needed $$$$ in updates and repairs (it has the original stove from 73′!).

We had a few people look at our place then is stopped. No one showed up anymore. Our agent took us off the market for a week and put us back on so that we showed up as a new listing. We started to get a few more people to check out our place.

keys

Because we have a dog I have to leave our home with the dog so people can come in and see it. A couple of weeks ago someone came on a Sunday when my husband was home (as well as our kids). My husband walked around with our dog and me and the kids sat inside our car in the parking lot (we parked so no one could see us). The agent some how knew it was my husband’s condo and walked up to him and handed him a business card, telling him that he forgot to leave it on the counter. The potential buyer was with him. My husband took a chance and asked her what she thought of our place. She said she liked it. Of course we didn’t know if she truly meant it or was just saying that to him.

Turns out she DID like it. So much so she came back a week later to take another look at it. A few days later she made an offer. It was a very low offer, which would have resulted in us having to pay our mortgage company $10,000 (it was $10K less then what we owed). We went back and forth with her a few times with counter offers. On August 14th we accepted her final counter offer – the mid-August point, where we said we would remove our condo for sale until the spring of 2015. The offer is less than what we owe our mortgage (blah!) but it’s “doable”.

The buyer is not messing around either. The very next day she had the inspector here at 9:00 AM!

Our place passed inspection but he forgot to check off the balcony. A few days ago the buyer returned with the real estate agent to look at our balcony. Structurally it’s perfectly fine. Cosmetically it could use some new wood.

I have a bad feeling she’s going to want us to replace the entire thing – or not sign the papers. Because it’s structurally sound (I wouldn’t let my kids hang out there if there was any reason to believe it might collapse on them!). We’re waiting on pins and needles to find out. She even had her agent take our By-Laws (condo complex by laws that tell you want you can and cannot do and what the condo complex covers and what is your responsibility).

Even just writing about this makes my stomach twist and turn. Not knowing what she has planned is making me lose sleep! I don’t know if I want to cry, scream or both.

We haven’t signed papers yet (waiting for our agent to get them to us). HOPEFULLY soon.

On top of waiting to hear what the buyer has planned (hopefully nothing), now we had to find a place to live! That opened up a whole other “can of worms” – one that involves toxic black mold, a house that made me DIZZY (literally – I had to leave right away) and other assorted tales.

Tune in tomorrow for Part II of How to AGE 20+ years in a few weeks. 🙂

Real Estate House for Sale

Kimberly