How do I know if buying a multi-unit property is right for me?
Answer: Well, there is no real answer to that. I would ask yourself some questions, and as you know, I am a bullet point kind of gal, so here goes
I would like to own a property and have someone else help me pay the mortgage
I would like to plan for my retirement so I can travel, and have a good income
I would like to have a good tax write off
I would like use my skills in accounting or advertising or construction for my benefit and not just my employers
I would like to have some extra monthly income that has nothing to do with my job
Okay, if you said “yes” to any of those questions, then owning an investment property is right for you.
Here is Why:
Answers 1) If you have a duplex or even a single family house – the rents you receive from the tenant are paying your mortgage!
Answer 2) Planning for retirement isn’t just stashing cash away, it’s investing wisely. A property, over the long run, at these low-interest rates is a perfect investment. Pay it off early, and you could have easy cash to live off of once you retire or even before! It’s one of the best investments out there.
Answer 3) As you know on your own home, you can write off the interest you pay on your mortgage loan as well as your property taxes and insurance! You can even depreciate your property every year, lowering your tax burden even further.
Answer 4) Everyone has talents, and if you can do maintenance, or paint, or clean or advertise your property, or keep the books yourself, then do it! Some people would rather have a property manager do it for them, and I know several good ones! But if you have some of these talents, use them!
Answer 5) Having income that has nothing to do with your job is always good. Jobs come and go no matter how good you are in your career. So invest in yourself, and pay off that mortgage as soon as you can, start benefiting from that investment by putting a plan together for an early payoff!
Suggestion 1) Go to my website www.clcandassoc.com (that's for Cora L Carleson and Associates) and start hunting around there to see what you can get, then use the mortgage calculators THEN call me! There are many aspects to this and you must have all the scoop on how to best make this work for you.
Fill out the form if you want me to contact you about investing in real estate. It's not that difficult!