Investing in real estate has great potential for passive income. It can also be part of your retirement planning by selling the home and getting a big chunk of equity.
It also comes with risks.
So I wanted to share with you some of the things that I have learned when it comes to knowing our local real estate market and the real estate agents who specialize in working with real estate investors.
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- Know what’s happening in your area – Are people moving into your area because of job opportunities? Are people retiring there? Are you in a vacation area where you can buy short-term rental homes? Do you want to buy a duplex or four-plex home, live in one of the units and rent out the others?
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- Understand the costs involved – In addition to a mortgage payment, taxes and insurance, you will need to budget for repairs, landscaping/snow removal.
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- Long-term or short-term investing – Investing in real estate can help you build your wealth over the long term. Or buying fixer-uppers and selling them immediately can give you more cash over the short term. You will need to decide which one is right for you.
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- Know all of your financing options – the mortgage rules are different in regard to the down payment, the closing costs and interest rate. I can help you decide which loan program would be the most advantageous for you.
- Know your numbers – Cash flow and income tax rules can benefit you when you invest in real estate. That’s where a great accountant/CPA can help you determine if the numbers work for you and your tax bracket. (I can recommend one to you.)
- Build your own real estate investment team – Even if you are only considering buying one or two rental properties, it’s best to work with people you can rely on to give you good advice. A real estate agent who specializes in working with investors (I can recommend some to you), a property management company (if you don’t want to manage your own), and a network of contractors who will help you if the home needs to be repaired.
If you are interested in exploring the possibility of investing in real estate, please let me know and we can set up a time to talk.
Published by Heather Paige Moody
Welcome! I'm Heather ( AKA: Paige) Moody . A Little About me: I was born and raised in a small town in Eunice, Louisiana where I started my first mortgage company in 2005 at the age of 21 years old. Since 2005 I’ve grown to know everything when it comes to the industry, from owning a mortgage company, processing loans, mortgage underwriting rules, to now managing.
Why I’m in the Mortgage Business:
My family has a history of Banking and real estate . I could see at an early age how satisfying the real estate profession was for them, so I started off as a Real Estate agent and quickly realized that the mortgage side was my passion.
I am a mother of 4 very active kids that have been/ are being raised in the Real Estate /mortgage world. I have always said that their first baby blanket was a file folder.
I love to be able to teach that going the extra mile for others is such a blessing to us as well as the other person. Most importantly that no matter what the obstacle is that we must work hard and give it our all in all that we do. Our family lives at a field or a gym for most of the year. Between baseball, cheer, volleyball, football and anything they can possibly sing up for, I have developed little-known disease called Bleacher Butt.
When I am not working ( or should I say.. not behind my desk) or attending an event for one of the kids . I really enjoy bible studies , reading and listening to podcast. My children go to 2 different schools and I am so blessed to be part of two Mom’s in Prayer groups. It is a National Organization that Moms can get together to pray for our children and our school.
As the Southern Mortgage Mom, I help homebuyers and Real Estate Agents make the Mortgage buying process as stress free as possible. I have been called the miracle worker by clients and agents( on occasion) because I have saved some mortgage loans that others have denied . It has nothing to do with miracles , but all to do with knowing how to get a loan approved.
If I am lucky enough that you chose me or my team as your go to lender, I promise that I will be fair, I will be honest and you will feel like family when you sign the final papers and I will keep in touch (till you tell me not to) long after the mortgage loan is closed. Looking forward to working with you when it comes time to buy a home or refinance your current mortgage.
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