Are you wondering if 2020 is a good year to invest your money in real estate? The answer is "yes." Mortgage rates are low and properties are selling faster than a year ago. These are some reasons why investing in real estate is a good move, despite the pandemic.
Passive Income: You can make your money work for you.
Build Assets: Real estate is a great way to build equity.
Diversification: This is key to any investor. It helps insulate your income sources from any economic crisis by keeping your eggs in multiple baskets.
Invest your real estate money in a:
Rental Property: One of the best ways to secure passive income. Make sure you are able to maintain it and have sufficient capital to cover the expenses.
Airbnb: If you aren't able to afford a second property, think about acquiring a main residence and listing a spare room on Airbnb.
On the other hand, if you want to invest in another residence that you will use from time to time, consider listing it through Airbnb when the property is vacant. That way you can enjoy the property and let it earn you money while you're away.
Commercial Property: You can either start a business, or rent out space. (Think medical space and data centers if you have any desire to get filthy rich.)
Multifamilies: If you have a small family, think about living in one unit and renting out the others. This is a great way to invest your money if your budget is tight due to the pandemic. Owner-occupied homes also get great money incentives via taxes and such.
Remember to contact us at Castles Unlimited with all of your real estate needs!