Buying versus renting real estate

There is no question that most of the wealthy people in the US have made their fortunes in real estate.  They did not wake up one day and say,  “hey, I am gonna buy property and make millions”.  They had a goal, a game plan, the means to execute their plan.  

Recently, I had someone contact me about buying an investment property to use as a rental.  I was confused as they are renting themselves. While I can’t argue that investing in real estate and using as a rental isn’t a smart decision, I had to learn why this person did not want to buy their own residence. My job is to ask exploratory questions of my customers so I may learn how to best assist them in their goals.  For this particular person….. she said “I do not know where I want land just yet, so I want to wait to purchase my own home”.  Makes sense, right? NOPE.

If you rent:

– have the means to buy with down payment, full cash purchase and/or a mortgage

– move every 12 months or 18 months

– desire to build your own portfolio of rentals

then I think this will apply……   

Why not buy something that is not exactly what you want that might be a lower price but will make an excellent rental? You can now be your own landlord. Take the time to make modification or cosmetic changes while you live in the home.  After 12 months, you can now rent it out and move to your next home purchase. As they say, why pay someone else’s’ mortgage?

If you would like to talk more about real estate and your goals, feel free to reach out to me at 407-721-0611.  I have many resources to help you with all your needs.

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