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Every business requires money to evolve and to get better with time, so it’s very critical from the very start of a business to save money for long-term growth and to build sustainability in it. The same goes for the real estate business, which has become quite famous among the investors as it provides security to your money and becomes a reliable source of income via rentals every month. It is a perfect tool for investors to grow your business and save money. Our investment advisor in Melbourne is sharing with you some useful information on how to start building your real estate business while living rent-free.
The Basics of Living Rent-Free
There is a simple theory for living rent-free as a real estate investor. To start off, you need to buy an investment property to live in, while renting out the rest of the property.
Multi-family properties are the best option for real estate investors to live rent-free. After buying the property, select the portion to live in, and rent out the rest. If every plan executes properly, you can live rent free as well as make a healthy profit to pay other expenses.
Purchasing a Property to Live Rent-Free
Even if you are sole purpose is not to live rent-free, the success of real estate investment depends massively on the property you purchase. The right property can bring you a fortune while going for property which is cheap in price but not good location wise, the results can be disappointing.
Multi-family properties such as apartments, condos, duplex, etc, are ideal for investors looking to live rent-free. These kinds of properties generate easy revenue, but there are few things one should keep in mind when they are in the pursuit to buy the right property.
For beginners, investors should focus on the property price and its financing that must be large enough to live rent-free. Ensure that rents collected from tenants must cover all the mortgage and expenses. Plus, keep in mind the factors of vacancies and budget for timely repairs and maintenance of the property.
Get Started: Duplexes, Triplexes, and Fourplexes
The easiest way to get started is by purchasing a multi-family house and lives in one of the units. However, it could be challenging for starters to finance the whole property at once. Therefore, they can apply for a mortgage, in which they will have to pay a specific percentage of down-payment which will give them the ownership rights. It is one of the most affordable ways to kick-off your journey of real estate investment with limited finances.
Live Rent-Free to Build Your Real Estate Business
If you are up for real estate business than buying a multi-family property and living rent-free is an affordable solution to get into investing. It will leave you with more money to invest back in your business. It all depends upon the selection of right property, which can allow you to live rent-free.
If you are getting interested with the idea of living rent-free but need more assistance, get in touch with our financial advisor in Melbourne to get the detailed information of the current market situation and how you can make the most out of your investment. Contact 10 Properties in 10 Years at +61 452 238 490 or leave us a message at [email protected].