Most people purchase their first home with the intent of living in it themselves, rather than renting it out for passive income. However, it can be a good idea for your first Boston North Shore home to be an investment property. This is especially true if real estate is a form of investment you’re interested in. The sooner you start investing, the better the rewards are in the future. Here are three reasons why it’s a great idea to make your first Boston North Shore home purchase an investment property:
There Are Many Bargain Homes for Sale
You can find a lot of good deals on homes that will bring in a profit for you. Distressed homes are usually great opportunities for beginner investors in real estate. A distressed sale is a property that has been foreclosed and the bank is willing to lose money in order to clear its books.
Passive Income Stream
Another compelling reason to make your first Boston North Shore home purchase an investment property is for a passive income stream. Although you may have to wait about a year to start generating a profit, it’s worth it for the steady flow of money every month for years to come. If you’re wise with your investment, the rent money tenants pay you will cover expenses of the property, such as taxes.
Gain Experience in Real Estate Investing While You’re Young
Have you wanted to invest in real estate for a few years now? If you have always liked the thought of earning passive income with a property, then start when you’re able to. Investing in real estate while you’re young will help you gain experience, so you’ll be better at it when you’re older.
Buying your first Boston North Shore home is an exciting milestone, but it could be even more electrifying if you put it to work for you by renting it out to tenants for a passive income stream. Some investors choose to live in the home while leasing the other rooms. Others, however, prefer a place of their own and continue to rent until they’re able to buy a second home for themselves. Regardless of your approach, there are many great benefits to buying an investment property as your first home.
See more articles pertaining to Boston North Shore real estate in the section of articles on Boston North Shore Real Estate just below Boston North Shore Real Estate Categories in the column to your right. And remember, we also post tips daily on Facebook and Twitter. Check us out there as well. Be sure to call us for a free, no-obligation consultation on any real estate needs or questions pertaining to the Boston North Shore area. 1-978-219-4928.