Why buy a rental property. If you need to build wealth, you may want to invest in rental properties or income properties.
There are 2 ways to generate wealth. You either invest in stocks or invest in Real Estate.
The fastest way to increase your net worth and wealth is to own your own house and better own rental or investment properties.
95% of American’s at age 65 or more at retirement needs financial help either from their family or friends or from the government. So investing now will give you a head start in building wealth and having a great retirement
So here are 5 reasons why buying rental property is good for you when it comes to wealth building and growing your net worth.
1. Tenant is paying your mortgage monthly and not you.
2. Over the years, the rental rates will increase so you will have a positive cash flow
3. Depreciation on your property for tax benefits. ( Consult with your accountant)
4. You will have tax deductions and other benefits from the mortgage interests, property taxes and other deductible expenses. (Consult with your accountant)
5. Over the years your property value will increase and at the same time your mortgage will be paid off by the tenants and you will approach 0 balance. So imagine you buy a house for 500K and you never paid a mortgage payment and then the value doubles in 20-30 years and it is all paid off.
Like and leave comments, post any questions below.
For more tips and ideas on Real Estate and Lifestyle, Subscribe my YouTube Channel: https://www.youtube.com/user/mikepatelgroup
Here are the links to FREE BOOKLETS:
15 Critical Questions to ask when Buying a Home
15 Critical Questions to Ask when selling a home.
Search Current Homes For Sale:
Get an Instant Free Home Valuation of your home by email:
Here are my other links: Let’s connect!