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Why Your First Property Should Be A Rental Property In Columbia

rental propertyMore and more people are choosing to buy a rental property even before purchasing a house for themselves. Learn more about how to do it as well as the benefits in our latest post!

Nowhere does it say that you need to do things in a certain order. You don’t have to get married, buy a house, and then think about investment property. Today, people are realizing that things can be done a bit differently. By buying a rental property first, it can set you up for what’s to come. You can begin building wealth straight out of the gate instead of waiting until you are middle-aged. Below are some great benefits to buying a rental property as quickly as possible.

You Have Energy

Owning a rental property can be a lot of work. While the goal is to have things run simply, it isn’t always the case. You will have to deal with maintenance and the needs of your tenants. You will need to find and screen people before they move into your home. There are many things that will need to be done, and you will need to be up to the task every day.

You Have Time

You may not have the demand of a family or high-pressure job. Younger investors typically have fewer things demanding their time, leaving them better able to find and manage investment properties. As you get older, life typically hands you more things that will occupy your time, leaving you with less time to focus on your real estate investments.

You Will Build Equity

Equity is the amount of a property you own. It’s the percentage you have paid toward the house. You can calculate your equity by deducting your loan balance from the value of the home. By having equity in your investment properties, will help you build momentum in your investing strategies over time.

Your Portfolio Will Grow Quickly

By starting young, you will have the capital and equity to create a substantial portfolio by the time you decide to settle down and possibly have a family. Setting yourself up ahead of time will make all the other things life throws at you easier to handle. Nobody wants to be middle-aged and wondering how they are going to pay their bills. Setting up a real estate portfolio early will ensure you won’t have to worry about ownership costs down the road.

You’ll Be One Step Ahead

While many people tend to wait to invest in real estate, you can start right away. You will learn more, gain more experience, and be better at dealing with competition. This will give you a leg up on your contemporaries who decide to get into the real estate game a bit later. It is never too early to begin your investment career! Cash Home Buyers can help answer any questions you have about getting started.

How To Start

Many people opt to use an FHA loan in order to get their first property. This type of loan requires a much smaller down payment than a conventional loan and can be used on properties with up to four units. The catch is that you need to live in one of the units for the first couple of years. That said, by renting the other units out, you will be able to cover your mortgage and likely many of your other living expenses too. You can even rent the units out to friends or family and create a fun environment for all to live.

Ready to buy a rental property in Columbia? We can help! Contact us today to learn more! (803) 889-0840

Ben Lovro

Ben Lovro is an entrepreneur with a vision to improve neighborhoods and revitalize the communities that we live in. He has a clear passion for people and has developed effective strategies and real estate solutions in todays rapidly changing market. He is committed to being a lifelong student of Success Strategies and Leadership. Knowing what you want is perhaps the most important step in self-development; this takes much persistence and self examination. Once your desire to serve God overwhelms all other desires, you begin to step into your purpose and your mission in life changes. To be fulfilled in life you have to grow. The art of fulfillment is what develops our life into an expression for others to follow. Some of our greatest moments come from facing our fears and doing the things that scare us the most. You have been given one life, and one chance to tell your story. It's never too late to become the person that want to be.

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