If you’re unsure whether or not you want to invest in real estate, now’s a great time to make that leap, and there are several ways to go about it.
The first is to purchase or invest in a real estate investment trust (REIT). This is an entity that owns shares of interest in homes, apartments, commercial buildings, multifamily spaces, etc. It’s a way to invest money in a property you don’t necessarily own, but don’t have to spend time with either.
"I’d be glad to sit down with you and make a plan for your investment purchase. "
The second thing you can do is go the traditional route and buy a rental property. If you’re thinking of buying a single-family home, I suggest something with three bedrooms and a garage. The property should also be located in a great school zone. That kind of property you’ll always be able to rent. Also, you could buy a rental in an area that’s zoned for short-term rentals, like Airbnb.
Additionally, you could flip and sell that property. This real estate market is a great opportunity to sell a property. If you want to ease into real estate without buying a whole property, you can rent out a portion of your house—a couple of bedrooms, for example.
All of these have tax consequences, so check with a tax professional before making any decisions. If you don’t know where to start, give me a call or send me an email. I’d be glad to sit down with you and make a plan for your investment purchase. Don’t let 2021 pass by without you building your personal wealth!
If you’re thinking about holding on to your home and aging in place during your later years, there are a number of things you’ll want to do. Here are some simple home improvements you can make to increase accessibility and mobility throughout your living space:
1. Install grab bars: You can put these in your shower, around the toilet, along the stairs, and near entrances. Additionally, you need to determine whether you have the space to do so.
"Renting and flipping are both good options, but figuring out which one to choose depends on your real estate goals."
2. Improve stairways: Think about the number of stairs you’ll still need to navigate. You’ll want to install handrails to help you get up and down the stairs, both indoors and outside. You may also want to add ramps for wheelchair accessibility.
3. Widen doorways: This helps you to move a wheelchair throughout the home.
4. Alter the floorplan: If all your bedrooms or bathrooms are currently upstairs, you may need to figure out a way to bring them to the main level. However, it may be a better idea to move to a new home instead of spending the money on these big changes.
5. Remove carpets: It can be difficult to use mobility aids, such as a walker, on carpeted floors. You may want to change to hardwood flooring or something similar.
6. Modify the shower: You may need to be able to roll a wheelchair into the shower, or have a shower with a low threshold that’s easy to step over. However, if there’s not enough space, these modifications can be difficult.
Many of these changes are necessary for people who wish to age in place. However, not all homes have the room for these updates; in these cases, it may be far easier to find a new home that fits your needs. If you have any questions about aging in place, or if you’d like to find a house that won’t require expensive changes, feel free to reach out to me. I look forward to hearing from you soon.
