It’s a new year, is one of your 2019 goals to get into the real estate market?
But in the back of your mind are you thinking, but I don’t think I can afford to buy the house I want.
Do you believe your first real estate purchase should be your primary residence, While most of us want our first real estate purchase to be our first home, it may not be your best choice.
Consider this scenario
One of our clients came to me wanting to purchase his first real estate property. He loved where he lived but felt that he needed it to get into the real estate market before it was too late and he was priced out of the market.
After discussing what he liked, the areas he would like to live in, what he could afford, where he currently lived and what his monthly rent was, it was clear to me that unless he wanted to downgrade his lifestyle his first purchase should not be his primary residence, but rather an investment property.
I suggested that he consider buying an investment property that could possibly generate income, give him some tax benefits, and would build equity over time. This scenario would allow him to continue to live where he was and start building his real estate portfolio.
We were able to find him a property that had two small homes on one lot a 2 on 1 that was in his price range, would generate income, and based on market data, quickly build equity due to its location in an up and coming neighborhood. He purchased the property.
Now his long term plan is to enjoy where he lives, allow this property to build some equity, continue to set aside money and when the time is right, pull equity from his investment property combine that money with his saving, and either purchase his dream home or buy another income property.
I’m single, I’m young, and I have time before I need to find the dream home for my future family. By getting into real estate today, I am putting my dream into action and ultimately this will make my bigger goal a reality. I am grateful that Rosa listened to me and had the experience to guide me in making a great real estate purchase, comments xxxxx
If you would like to find the best way for you to become a real estate owner or investor, give us a call.
Rosa Alamillo Buettner