October 2019 Mortgage Market Update - Should You Buy an Investment Property?
Purchasing an Investment Property
This month I wanted to talk about buying an investment property. Many people have been asking me lately if they should buy. With the growing popularity and interest in fixer uppers, airbnbs and remodels, it has become a very attractive idea. An investment property can be used for passive income and is a great wealth-building tool (when done correctly).
Is This The Right Option For You?
Before you decide to purchase a new property, you should figure out how that fits into your long-term plan. Do you have a long-term plan? Is it the right time to buy? How much money will you need to put down? Is the property in a good location for you to get the maximum return on your purchase? These are all great questions to consider. You should also talk to your CPA about how this would effect your taxes. Last, but not least, be sure to purchase when rates are low.
Low Rates
Right now we are seeing some of the best rates we’ve seen in a long time. Most experts are predicting we will see rates stay low way into the election but there is certainly many factors that could change that. If you are thinking about refinancing, purchasing or selling now is a great time to run the numbers and see if it makes sense for you.
As always, if you need anything from me or have any questions on these topics, please give me a call. I’d be happy to sit down with you and help you make educated decisions towards your future plans in real estate.