Opportunities for renters to build wealth with real estate
LAHAINA – Investing in real estate is not a simple decision. It’s not easy, especially for young folks who may have graduated college in the middle of a recession. You may know real estate investors who over-leveraged themselves. The idea of investing in real estate can be scary.
Many young folks are renters. You may understand the idea of real estate investment as a way to help you build for the future, and when your landlord informs you that your rent is going to be raised or that you need to move because their plans have changed, you may start thinking about it seriously.
You might consider investing in a home with an ohana as a way to have a place of your own and also build wealth. You could live in the ohana and rent the home out.
Or you might just purchase a condo for yourself with today’s low interest rates and comparable payments to what you have been paying in rent.
The first step is to contact an agent to begin searching for the property that would meet your housing needs. Having an agent is crucial, since he/she can answer your questions and identify property that meets your needs, help you qualify for a loan and work with you through the entire process.
If you are lucky, you might find a property with a tenant to share expenses. The tenant can contribute to a monthly mortgage payment. This investment creates cash flow to help build cash reserves and moves you towards the goal of buying more properties in the future.
Contact Barbara S. Potts, Certified Short Sales and Foreclosure Resource and principal broker at Aloha Realty Group, at (808) 344-5008. Search active Maui listings at www.aloharealtygroup.com, and search for additional property information at www.alohapotts.com.
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