We have written many times about the benefits of property investment. The biggest reason most folks consider investing is to grow wealth. With that in mind, Jamison Property Investments wants you to know that you don’t have to be wealthy to begin your investment journey.
If you ask a millionaire about sound investments, he or she will tell you that property investment reigns supreme. In fact, some of the wealthiest people on the planet, from entertainers to the President of the United States, acquired the bulk of their wealth with sound real estate investing. The right property investment can generate year-round income and continue to appreciate in value year after year. The best news is you can achieve great wealth by starting small.
You don’t have to be a millionaire to invest in rental property!
Thinking of investing in rental property?
At the time of this writing, the average one-bedroom apartment rental in Charlotte is around $1,400. According to Bankrate.com, a home valued at $200K will have a monthly mortgage payment around $1,200 on a 30-year fixed mortgage. Buyers can invest in a home in the Charlotte market and offer very competitive rental pricing to a two-bedroom apartment, which is more than $1,500 per month on average. Homes offer things that apartments just do not. A home might be more comfortable for growing families, or single professionals, who are in search of more privacy and larger accommodations.
Your rental home could be highly competitive with local apartment rentals!
Is now a good time to buy Investment Property?
Yes! Interest rates are encouraging investors to act now. Investors can get into the game at a premium. You can purchase an investment property at an interest rate of 3%. Right now, you can leverage up to 75%, requiring only 25% down.
What do you need to begin investing in rental property?
Beginning an investment journey is one that should not be undertaken lightly. Work with a real estate professional or firm, which specializes in property investing, like JamisonProperty Investments. Owner, Paul Jamison, is not just an experienced investment property REALTOR®, he is also an investor. And while it doesn’t take a fantastic sum of liquid cash to begin investing, it does take drive, determination, and a willingness to work to achieve your property investment goals
What type of rental property should you invest in?
There are benefits and drawbacks to all types of investment properties. With the advent of vacation rental websites, like VRBO and Airbnb, folks are getting into the short-term investment game. While short-term rentals can generate weekly income, they will require much more of your time and attention to stay rented. Every time one tenant leaves, you must cycle the next tenant in. If you are going to invest in short-term rentals, it is advisable to hire a reputable property management company.
Home flipping has become very popular but remember that when you purchase a home for the purpose of renovating and reselling, you can actually lose money. The portrayal of the business of home flipping on “reality” TV is…well, not very realistic. Short-term investments can be very profitable, but they can also take a turn for the worst very quickly. In addition to that, finding the right home at the right price is time-consuming. Then, you might see yourself in a bidding war for the property. After that, there is the renovation. Will you be performing sweat equity to get top dollar? Will you act only as a General Contractor? No matter which, you will spend a lot of time flipping the home. Will your sale match your investment of time and money?
If you are in search of a rental property investment, with which you can grow wealth, long-term investing is the soundest. One small rental property can get you started in purchasing many rental properties over time. Many choose long-term investing not only to grow wealth, but to begin a family legacy.
Is investing in rental property right for you?
Real estate investment might not be for you. If you research what it takes to become a successful property investor, you might decide that it’s just not the type of business you want to be in. But if you are looking for a way to get the most of your investment dollar, putting that dollar into a great rental property is where it’s at. You can become wealthy over time with the right investments, but you don’t have to be wealthy to get started.
Also read: Unlocking the Keys to Successful Property Investment: 4 Steps in the Right Direction
If you are interested in growing your wealth of knowledge about property investments, we invite you to reach out to the team of advisors at Jamison Property Investments at (704) 846-3663 or purchase Paul’s book, Opportunity Is Knocking: How to Open the Door to RentalProperty Investment and Management.
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