Over the course of my 20 years in real estate investing, what insights have I gained as a real estate investor?
Start at an early age:
Start investing in real estate at an early age, you will reap a greater return on your investment in the long-term. Real estate investing is an excellent way to build wealth and is less volatile than other investment options.
Would I enjoy living in?
Invest in properties that you would like to live in, so ask yourself, Is this a property that I would enjoy living in?
Location is crucial:
The location is crucial. You should invest in neighborhoods with high population densities, good schools, parks, entertainment, low crime rates, and easy access to public transportation.
Distressed sellers:
Consider homes with distressed sellers instead of foreclosure auctions, for example, a couple going through a divorce or a family selling Mom's house after she passes are suitable sellers; they simply want to sell the house fast and get their money.
Price per square foot:
Identify the typical price per square foot of an apartment in a neighborhood, as well as the rent you can charge for an investment property.
Creating generational wealth:
Investing in real estate isn't about getting rich fast; it's about getting rich gradually and creating generational wealth. As with any other investment, real estate takes time to mature and flourish. Therefore, be patient and consider your real estate venture as a business. Property investment is a business, and you should treat it accordingly.
Inflation & Depreciation:
Inflation increases the value of your property and rental income. Real estate tax deductions reduce taxable income and increase cash flow. It is also possible to reduce your taxable income through depreciation.
In conclusion, the real estate market presents a perennial opportunity, keeping an open mind is essential to your success. To succeed in the city that never sleeps, you will need an experienced broker like myself who can assist you, and minimize risk while maximizing profit by helping you succeed.
Cheers,
Cheryl Rodrigues(646 823 7690)
