Investments are crucial to earn more money even without a day-to-day full-time job. If you’re trying to look for avenues to have passive income, you can give real estate a try. Real estate is the go-to investment of people who have smart insights and the ability to predict markets.
Graham Stephan is a young millionaire who saved his money and eventually invested in high-profit potential real estate properties, which made his career even more successful. In this Stratford Management Inc review, he shares his expertise in real estate investing by starting his discussion with shared expectations and his expert advice on each. Read on to know his real estate secrets.
Real Estate is a Passive Investment
Remember that real estate is a passive investment that requires excellent property management. Graham provides a convenient solution for owners when managing their rental properties with the help of a property manager. These will allow the owners to focus on their investments.
But of course, every investor should still dedicate time and get involved in some management aspects, as what Stratford Management Inc Review also recommends.
Pay Someone to Do Repairs
Investors don’t need to do maintenance repairs. You can hire a trusted contractor to ensure that if something goes wrong with the property, such as HVAC or plumbing issues, all of these will be taken care of. Since you are using these services for the benefit of the real estate, you can add their services as tax write-offs. With tax write-offs, you cannot deduct the amount of DIY labor. So it’s cheaper to hire someone and deduct the cost as a tax write off.
Best Down Payment
It’s best to put 20 percent down for higher-end markets, like in Los Angeles, to reduce interest, adding enough equity for better cash flow. Additionally, it’s also essential to set a budget for renovation to increase the chances of attracting more tenants.
Not a Reality TV Show
Real estate investment shows are not the same in an actual situation. You will need professional firms like Stratford Management Inc review to help you earn more money. The problems you’ll face in the real world are tiny inconveniences rather than dramatic ones you watch on reality real estate TV shows. Don’t be afraid to put your money in, but always remember that you should only invest what you can afford to lose.
One Property Can’t Make You Rich
Real estate properties generate more returns when there is more than one of them. Unlike what most people assume, one real estate investment alone won’t make you wealthy. This singular property can make you good money to sustain your family’s needs. It’s a good start, though, to build your long-term portfolio.
Graham’s pieces of advice are realistic. He provides strong points on each expectation and resolution for investors on how to face real challenges of real estate investing. His real estate expertise shows how well he manages his rental property investments by his shared suggestions and personal experiences. Take these pieces of advice to heart on your journey to real estate investment.