Build your real estate portfolio without even trying
October 3rd, 2008 Categories: Buyer's Corner, Market Conditions, Real Estate Tales, Selling Thoughts, Trends
In this tough real estate market many sellers are having an increasingly difficult time selling their homes. Property values have decreased and it seems like all we hear about in the media is more bad news about the market. This is the perfect time to build up your real estate portfolio. Here are some great tips for building up your real estate portfolio.
- Instead of selling your home rent it. Have someone else make that mortgage payment for you!
- Also since you purchased the home as a primary residence your interest rates will be lower than if you had bought the property as an investment purchase.
- Purchase another home for a great price. Prices have dropped and there are still a lot of great values on the market right now.
- Make sure and take advantage of the historically low interest rates.
- This is also a great time to purchase a second home or vacation home. By renting this part of the year you can make your mortgage payments and keep adding to your real estate portfolio or you can purchase with other business partners (check out Ro’s blog about multiple deed ownership)
- Take advantage of vacation or second home rates which are much lower than investment purchase mortgage rates.
- Buy your first investment property and rent it out have your renters make that mortgage payment for you. With prices being so low you might even put some money back in your pocket each month.
- Make sure you talk to your tax professional and take advantage of all tax breaks that you can get from owning additional property.
It is easier than you think to start building up a real estate portfolio without even trying that hard. Most people know more than they realize about the real estate market. This is the best time to purchase property with low interest rates and even lower prices don’t you want to take advantage of these great prices. Make the most of this down market and purchase your first investment home there has never been a better time to buy property.
