Millennials all over the country are using real estate to make money. Some people might give them a bad rap, but people of all ages can learn a thing or two from their unique investment styles. Learn how you can use investment real estate to generate extra income as well in our latest post!
Real estate investment is not just something older generations can utilize. All over the country, millennials are using real estate to build wealth. In some cases, real estate investment is helping the millennial generation avoid working 9 to 5 jobs. No matter how old you are, real estate is an excellent investment! Keep reading to learn more about how you can buy and sell properties to generate a stable income for you and your family.
Thinking Outside The Box
First, you spend some time renting, then a starter home, then maybe an investment property. This is how it is done right? Wrong! Millennials are flipping the script and getting their feet wet in investment real estate right away! Many choose to continue renting, allowing them to pick up and move to where the action is at any given moment! Plus, when they have an investment property that literally pays for itself, they will have a house to move into, free and clear once the mortgage is paid off.
Finding The Right Properties
When looking for investment real estate in Chicago, not every listing is going to turn into a profitable investment. You need to run the numbers and know where to look. The MLS isn’t the best place to find investment properties as this is where everyone is looking. Homes are priced as high as the market will allow and typically won’t be the kind of deals you are after. To find the best deals, you can either opt to work with a professional such as Luxdoor Invest who always has a wide range of properties available. Or you can choose to scout them on your own. To find them on your own, network with other investors and drive the neighborhoods you are interested in. Many sellers will appreciate the convenience of working with a cash buyer, so try to have the funds ready to go ahead of time.
Finding A Partner
Many millennials are choosing to partner up in an effort to find the best deals. By working with a partner or a team, investors can learn the ropes and find properties they likely wouldn’t have been able to find on their own. When working with a partner, make sure your skill sets compliment each other. Maybe one of you loves the data, while the other loves talking to people. Working as a team will help you both to grow both professionally and personally!
Working With The Right People
As a real estate investor, it is important to have the right team of individuals to help you along your way. By partnering with the right people and finding the right mentors, you can almost guarantee you will be successful! Make sure you have a top-notch accountant, a reliable lawyer, an agent whom you trust and that you know some professionals who buy and sell in the area! Luxdoor Invest is a professional home buyer and seller that works with people of all ages! We love helping people find the best deals on investment properties, helping people use real estate to make money.