Buy land, they’re not making it anymore.-Mark Twain
Mark was right, but how do you hold on to it and begin making money from it?
Well, you rent it out. Generating money from rental properties is a numbers game. If you buy a home and your mortgage payment is $900 per month and you turn around and rent that same home to someone else for $1300 per month, then you’ll make $400 per month. Maybe $400 per month doesn’t seem like all that much to you, but imagine if you had 3, 4, 5 or even 10 of these properties that generated $400 per month, each and every month. The best part about these homes that you’re renting out is that other people are paying your mortgage and increasing your equity in the home. As you make your mortgage payments over the years, the amount you owe the bank goes down. As property values increase over time, your equity in that rental property will increase. With rental properties, you have cash flow month after month, and then if you ever get tired of renting it out, you can just sell the property. It’s very realistic to make $400 a month every month for ten years and then sell it for $100,000 of profit. If you’re ready to become a landlord, give us a call and let’s chat about your options!
Call us at 843-584-TEAM or check out homes at FindHomesInCharleston.com