Would it be a better use of your money to buy a rental property, or buy a primary residence that you intend to eventually turn into an investment? That’s the first question I’m going to answer on this Q&A Monday.
On today’s show, I’m answering three listener questions on how to decide if you should buy a rental or a personal home, how to get started in real estate with a small nest egg, and how busy professionals can break into the real estate industry. I hope this episode helps you on your own real estate journey!
On this episode you’ll learn:
- How to decide if you should buy a primary residence or a rental property.
- Options for getting started in real estate with a small nest egg.
- How medical professionals can pursue real estate investing.
- And more!
How to Decide If You Should Buy a Primary Residence or a Rental Property
Unless you plan on buying a duplex or triplex, buying a primary residence is not a performing asset. If you can rent where you live, I suggest growing your portfolio instead of buying a place to live. When you rent, you can live anywhere you want without worrying about things like maintenance and property taxes. Use your resources to buy performing assets that will help you grow your net worth and monthly cash flow.
Options for Getting Started in Real Estate with a Small Nest Egg
If you have a small nest egg and want to get involved in real estate, there are a few options available. You might consider looking into low cost rental properties, but be sure to do your due diligence. Another option is to park your savings in a high-yield account like Outlet. Then you could pursue finding a great deal—because when you have a great deal, money follows!
How Medical Professionals Can Pursue Real Estate Investing
There’s a reason why we work with so many doctors in our full-service real estate business: investing in real estate takes a lot of time and attention, and doctors have full schedules! If you are a busy professional, we’d love to help you reach your goals. Book a free call at morrisinvest.com.
Ask Me a Question at morrisinvest.com/clayton
Episode Resources
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Driving for Dollars with Zack Boothe
10 Things You Must Do Before Investing in Real Estate
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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