Did you know that investing in real estate is a fantastic way to build wealth and secure your financial future? Whether you want to become a real estate mogul with dozens of properties or own a duplex in a developing neighborhood, buying real estate is a wise money move. Here are some of the best real estate investment opportunities.
Consider Your Capabilities
How much money can you afford to invest? How much risk can you accept before you begin pacing at night? Understanding the answer to these kinds of questions focuses your investment effort and will help make it a successful venture.
Construct a Professional Team
Before you start exploring properties, put together a team of professionals to help you make sound investment choices. The two professionals that are crucial to successful investing are a real estate agent and a loan specialist. Look for real estate and financing professionals who are experts in working with buyers who want to invest in real estate.
Some of the very best real estate professionals and loan specialists associate with Homes for Heroes. These experts appreciate the Heroes in their communities and are eager to help you with your real estate needs. As an added benefit, the professionals affiliated with Homes for Heroes offer discounts that will save you substantial money on your property purchase. SIGN UP to find out how Homes for Heroes can help you become a property owner.
What a Real Estate Agent Can Do For You
Unfortunately, not every real estate investment succeeds. The key to making money when buying property is to pick the right property in the right neighborhood at the right price. A knowledgeable real estate agent understands the real estate market in their community and can locate exceptional properties that fit your needs and budget.
The real estate specialists affiliated with Homes for Heroes will work with you to make a positive investment. You’ll save money on your purchase if you use a Homes for Heroes affiliate real estate specialist to buy your property. In recognition of your dedicated service, you’ll receive a Hero Rewards check for $700 per every $100,000 of the purchase price a few weeks after closing. SIGN UP for a referral to a real estate agent in your community.
What a Loan Specialist Can Do For You
Unless you can pay cash on your property purchase, you’ll need to obtain financing. Choose a lender with access to many different loan opportunities that fit your financing requirements.
Lenders use factors such as your credit score, income, and down payment amount to determine your eligibility for a loan. Since a lender takes a risk in loaning money, they prefer borrowers with high credit scores, reliable sources of income, and substantial down payments and award these buyers with the best interest rates and lowest loan fees.
Don’t worry if your credit history isn’t pristine and you lack a substantial down payment. There is a loan specialist affiliated with Homes for Heroes in your community who can match you with fantastic lending opportunities. Our lending specialist also discount their loan fees to save Heroes money. SIGN UP and we will connect you to an expert lending specialist in your community.
Once you have your professional team in place, it’s time to start examining potential investments. Here are four fantastic real estate investment opportunities that won’t overwhelm you as a first-time investor:
1. Home Ownership
The first real estate investment that you should consider is buying a home. Home ownership lets you build equity in the space you live in. Along with the substantial tax benefits of home ownership, you’ll enjoy the peace of mind that comes from knowing your future housing expenses. Also, buying your home gives you the freedom to share your life with a pet and decorate your house in whatever way makes your heart smile.
A significant benefit of buying a home as an investment is that it is often much more accessible to qualify for a loan for your primary residence than for another type of real estate. There are outstanding home loans available with little and no down payment for eligible buyers.
2. Rent Out a Room in Your House
Do you want to buy a home but you’re a little worried about paying the monthly mortgage? If so, you should consider purchasing a house and renting out a bedroom in it to help with the costs of ownership. Renting a room is a terrific option because you get the benefit of homeownership along with some additional rental income.
Room rentals are an investment option for many Heroes. Firefighters and law enforcement professionals, for example, often work with young people who are just breaking into their profession and need to find an affordable place to live. Doing so makes it simple to find a trustworthy renter.
3. Buy a Duplex
Have you considered buying a duplex? Duplex ownership is a common practice in urban areas where duplexes are abundant. As opposed to owning a rental property where you live off-site, a duplex setup lets you live in one unit and rent the other. You’ll receive the tax and equity building benefits of homeownership, plus help to pay the mortgage.
4. Purchase Land
Sometimes dismissed as an unexciting investment, purchasing a vacant lot can be a fabulous way to build wealth. Undeveloped land is often cheaper to buy, and the property taxes are relatively low. You can do things such as hold onto the land and allow it to appreciate in value, develop it and resell for a profit, or sell it undeveloped after the price goes up.
Keep in mind that it can be more challenging to get financing for vacant land because lenders believe that it is a riskier loan. You’ll often need a high credit score, financial resources, and significant down payment money to qualify for a land purchase loan.
Lastly, with the excellent interest rates and available credit, now is a terrific time to think about investing in real estate. Homes for Heroes wants to assist you with your real estate goals. SIGN UP to speak with an affiliated real estate professional in your community.