You want to retire early don’t you?
Like Most people working in this rat race and trying to get ahead, we are always looking for that lottery win. Be Honest with yourself, you see other people who had the guts to get ahead, and use their equity to make purchases, and even pay off their properties, and say to yourself, that you can do that as well but, it seems very risky; and it is, but the only way to get ahead is to take some risk.
With low interest rates, it almost doesn’t make sense to pay off your mortgage fully and to use that equity to purchase another property.
There are a few different options when purchasing a property and the kind of returns you are looking for, also keep in mind that you must have a great team in place that you trust and that can guide you into making the right moves.
There are many different types of properties that people use a second investment.
Some people like to purchase a house that has a second floor or basement they can rent and live in. This is great for keeping an eye on the property while still living there.
Buying a condo has been the latest and easiest way to invest in a second or third property. It is also an easy way to fix a place for cheap if the tenant destroys it.
One of the best ways to start making some returns is a duplex or triplex. This allows you typically buy a fixer upper, and get a few rents in return.
Storefront and Apartments are a great way to either live in a unit or get two rents from a commercial long term lease, and tenant.
A building is a goal most people attain to because you can get multiple rents, while fixing certain units and raising rent as you go.
Renovations, have become very popular in the past 10-15 years. With the explosion of tv shows showing us how to fix places and sell them, there are many people out there. The above properties types can all be renovated and sold for a profit.
Understanding what each of these investments are and getting into them, is a key to using your equity for the future. Build a team and get started today.
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