At eighteen I had the privilege of getting involved in the real estate market and I soon realized that there were no other investments better than purchasing retaining and purchasing and selling real estate. Fast forward thirteen years I am still in the business and I now own Right Key Mortgage. A mortgage company that operates in six states, I also own KK Real Estate investments which is a real estate investing company.
Throughout my years in this business, I often get the question especially by my younger clients if they should rent or buy and my answer without hesitation is always to buy. It is so important to educate yourselves in all sorts of investments and not placed all your eggs in one basket but in my experience, there has been no other investment that I made more money in than Real estate, and here are some reasons why. Everyone pays rent that means if you can afford rent you can afford to purchase.
Your rent is paying your landlord’s mortgage and your mortgage is paying down your principal, so you are essentially saving money for your retirement because when you sell that home guess who is banking the profit? You! There is always the question of the down payment, but in the current market there are loans without a down payment or if you are renting than that first, last, and security can be your down payment.
The main hurdle is that people want to go straight to their dream home, and that is costly so if you get a starter home that is more inexpensive you can live in that property and when you are ready to upgrade you can purchase your next property with minimum down payment which is usually 3-5% down. Now you have an investment property that you can rent, or you can sell that home and capitalize on the equity.
I moved several times and made profits on all the properties I purchased before I moved into my forever home. By the time I got my forever home I had built hundreds of thousands in equity from those properties so was it worth the sacrifice? I would say yes but some won’t agree and that is why it’s so important to speak to a team that is experienced enough so they are guiding you to make the smartest financial decision for you and your family.
Read, research, call us, educate yourself as this is the most expensive purchase you will ever make, and I guaranteed if you do that you can build an incredible amount of wealth. Choose Right the First Time!!!!