I’m not sure if you have noticed, but there has been a major trend in the last fifty years in which companies are getting away from providing retirement plans or funding to their employees. This is putting a major strain on a lot of families financially and many are wondering what they can do to make up the difference. As your Mount Pleasant family real estate expert, I often work with people that are looking to leverage real estate to supplement their financial portfolio, and one of the most common ways we do that is by investing in multifamily housing. That got me to thinking that I needed to use the blog to share with all of you why it is so important for young families to at least consider investing in multifamily housing.
1. It Can Pay For Your Kids’ Education
One of the most popular reasons that more and more parents are turning to multi-family investing is to help them to pay for the rising and staggering cost of college. Not only can it help you to pay off your own college loans, but it can be a fabulous way of helping you to save and pay for your kid’s education.
2. Making Improvements Can Be A Family Project
If you are the type of people that enjoy rolling up your sleeves, getting your hands dirty, and creating something wonderful together, then an investment property could be a lot of fun for you! Depending on your skill level, you could score an awesome multi-family in need of some work at an attractive price and work on it together.
3. You Can Use The Rent To Pay Your Mortgage
One of the most obvious reasons that it is financially beneficial to your family to begin investing in multifamily housing is that you can use the rent you collect to pay off the mortgage. Of course, you will have to work closely with your agent to crunch the numbers on each potential investment property to project your cash flow, annual revenue and costs. If you invest early enough in your children’s lives, you may even be able to have the place paid off in time to use all the profits to support them through college.
4. There Are Terrific Tax Benefits
If you already own your own home then you know (or at least I hope you do) that there are terrific tax benefits to being a property owner. However, as an investor, you can enjoy even more write-offs if you run your investment like a business. For example, you could deduct the cost of hiring a property manager, the cost of marketing the property, the cost of background checks on your tenants. The list goes on my friends!
5. You Need To Diversify Your Portfolio
As parents, you are under a tremendous amount of pressure financially. Not just in your day to day lives but in financially planning for your future responsibly. Many people are left financially vulnerable by having their retirement totally dependent on the stock market which means you need to diversify your investments. Real estate has always been known to be one of the wisest and most secure ways to diversify any financial portfolio while also providing cash flow.
6. You Are Behind On Saving For Retirement?
These days, it has become harder than ever to save enough for retirement. People are retiring earlier, living longer, and failing at large to start saving early enough. One of the best ways to overcome the immense challenge of saving enough to not only survive in retirement but actually enjoy it. Not to mention, if you continue to hold onto the properties once you have retired, you will continue to collect the cash flow from rent and enjoy ongoing income.
Let’s Find The Right Mount Pleasant Multifamily Investment Property For Your Family
Investing in a multifamily property is one thing when you are single or when you do it for a career. Investing in a multifamily property in a town like Mount Pleasant when you have a family of your own is something else altogether. There is so much you need to take into consideration when making a financial move like this and it is essential that you hire a Mount Pleasant Realtor that understands how important this purchase really is. Furthermore, you need and deserve a Mount Pleasant Realtor like me that can help you navigate the financing, the move, and the process of identifying the most profitable investment properties on the market. So if you are ready to start taking advantage of all of the benefits of multifamily investing in Mount Pleasant, give me a call today!