Do you have a great credit score, good salary and would like to increase your cash flow?
Yes, the unemployment statistics say that the United States has 10% unemployment, but that also means that 90% of America is working!
Here are five reasons to begin your real estate portfolio for your retirement, or for a better life.
First- Lowest mortgage rates in history exist now.
This is the first time that mortgage rates are down and the prices of homes are not rising. Check out the bank and lenders who will give you rates lower than a 5% because you have good credit. Rates are much lower with a good credit score. You may want to buy your first home or re-finance to save money each month. You can borrow on the equity in your home to buy a second home for a rental. This is how you can begin a portfolio. Owning is more economical than renting, and owning multiple rental properties increases your financial assets and builds more equity.
Second- Lowest real estate prices in ten years are here.
Maybe you need to upgrade to a larger home or move out of Mom’s. You have a job and good credit. Start looking through ads for something you can afford. Most agencies have a website that can calculate your monthly costs with mortgage, interest, taxes and insurance. Prices are lower and since the interest rates are lower, you may qualify to own your own home.Look at a two family where the rental apartment can generate income to help pay the mortgage. Build equity.
Third- Largest number of foreclosures in the last fifty years.
Because of the tremendous loss of jobs, there are so many families who have walked away from their homes and are now looking for a place to live until they can build up their credit again. When you buy real estate for rental purposes, there are no shortages of families who need a good home. After buying your rental home, upgrade carpets and flooring, buy new appliances and paint a neutral color throughout the home. Renters will appreciate a beautiful space and will take much better care of your home.
Fourth- There is no shortage of properties for sale.
Rental property is excellent because property prices have never been this low, and the inventory so high. You can choose commercial properties, or private residences. Check inventory in newspapers, real estate agencies online sites, and For Sale by Owner sites. There is no shortage. It is a buyer’s market, so if you have good credit, you can apply to Government lenders who require little money down. You will have so many homes to see as possible investments. Thousands of people are searching for a rental now, either to rent or to buy, now that they are in a different financial situation or because of the buyer’s market.
Fifth- Become a real estate investor because it could mean a better life style in your retirement.
Start small and see how you like being a landlord or landlady. There are many men and women who have portfolios worth in the millions after a few years of buying one property a year. For a price, you can have a professional agency manage your properties. When you retire, you have equity and assets.
This opportunity may never come again. Nothing ventured, nothing gained!
Good Luck on your adventure into real estate investing!