By Mark St. PeterWhile millennials are drawn to the quick buck. Advertised and marketed too. There is nothing quick about money, it comes from dedication, hard work, smart research, speaking to people and building relationships. It doesn’t come from putting one or two paychecks into an electronic currency to find yourself in a flashy new Bugatti. As enticing as it might seem to put your hard earned cash into a new avenue, in the hopes to be driving a Bugatti a month later. Make a sound decision to do something that creates longevity.To this day, Real Estate will give you the highest ROI (Return on Investment)for your money. Real estate has been by far the most consistent investment you could make but where do you start if you’re a new college graduate?
Check out my 3 simple steps towards making an investment in Real Estate, while calling it home:
1. Friends/ Roommates = $$$
You know those dorms you’ve been living in or the overcrowded 5 bedroom house? Well don't give up your college roommates just yet, make them your renters.
A great option is to take a look at a Multi-Family building. Wouldn’t it be great, to come home from work to still be making money? Purchase a building with a few units, live in one, rent out the others and have the renters pay your mortgage, while also creating a little passive income on the side( I guarantee it will pay you a higher dividend than any other stock out there).
2. Get a Co-Signer
Banks and lenders are more willing than you think, to lend you money to buy a multi-family building. Start researching different mortgage companies and if your credit score is a factor, talk to your family or already established friends about coming in as a Co-Signer (what’s the worst they could say? No?).
3. Make Small Improvements Over Time
Lastly, do your research, and then research some more. Especially if you’re going to need a co-signer, go to them with a laid out map showing step by step of why this is a great investment. Start building relationships with local realtors who know the market, they will generally be happy to point you in the right direction. They can be a great resource for giving you an inside look at the area. Depending on the size of your loan or the amount of cash you have saved up, a good starting point could be to look for buildings under market value. A great way to build wealth over a 5-10 year span is to bring the property value up by making small improvements with the passive income you’re acquiring from renters.
"Making money that will give you a great life in Ten years, is a whole lot sexier than losing your money in Two years".
There’s a lot of ways to make money but look at what real estate can do for you first before anything else. It might not be as sexy as a Bitcoin, but actually making money that will give you a great life in Ten years, is a whole lot sexier than losing your money in two years.
I’m not saying that Bitcoin or Stocks are a bad option but I am telling you to check out all of your options. People are always going to need somewhere to live, they might as well pay you.
Author:Mark St. Peter CalBRE 02006012 Phone: 707-217-2428 Dated: February 12th 2018 Views: 75 About Mark: Mark St. Peter understands the true value of what Sonoma County has to offer. His family pioneered t...
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