Eddie Patella Breaks Down Great First-Time Investments
The real estate market may surge at various times, with specific properties worth more. However, one thing is eternal: rental properties always remain big. This fact is one
Rental properties provide you with a constant source of passive income that can help reinforce later investment opportunities. For example, if you have a mortgage of $1,000 on a home in a prime location, turn it into two rental living areas, and charge $1,000 for each of these areas, you pay your mortgage each month and walk away with a further $1,000 to use for more investments.
You don't even have to invest in residential properties, either.
But where to invest in such properties? That's always the big challenge for first-time investors. Many know the old cliché "location, location, location" and feel they can't afford to buy into prime-time properties perfectly positioned for success. Typically, you need to buy properties in areas with high demand, including downtown spots in growing metropolis areas and much more.
Expanding to such areas is possible, but you need to progress in a meaningful way. Here's a simple tip that
Then, you can use your cycle of passive income to produce a strong investment vehicle for commercial properties. This step includes identifying inexpensive and rundown properties in prime areas, improving them, and putting them on the market for direct sale or renting. Direct sales can help you fund better rental properties and vice versa. This cycle is a powerful way to get ahead in real estate.