Posted by: MonsterMortgage.ca
Trivia question for you…
What form of investing has created more millionaires than all the others?
Answer: Real Estate Investing!
Yes, investing in real estate is the proven way to become a millionaire. Countless others have done it and you can too. All it takes is a plan, some dedication and the patience to see it through.
Here are some tips:
Start by owning your own home, so you can build up equity and establish a credit record. Begin small: even a condo apartment will start you off in the right direction.
Once you’ve spent a couple of years making payments and watching your property appreciate, take out enough equity to make a down payment on a revenue property.
Again, start small. Make a 10-20% down payment and rely on the bank for the rest. Ideally, find a property that generates a high enough rent to cover your mortgage payments. After a few years, sell the property at a profit.
Use these funds to buy a more substantial property with two or three rental suites. As it generates income, set aside some money for a down payment on an additional property.
Gradually build your pool of revenue properties and before long, you’ll be earning enough income–above and beyond mortgage payments, maintenance costs, property tax, etc. –to comfortably live on. Plus, you’ll also have a substantial asset pool that appreciates every year.
Call your mortgage expert today and ask them to help you create a sound financing strategy to ensure success…remember, that’s what we they are here for.