There comes a time in life, when you decide to buy real estate for your future living or as an investor to gain wealth. The repayment process takes a long time, so this is not a spontaneous decision to make. The Wilson Group focus on YOU and will help you to make the right decision in Richmond, Virginia.
What to avoid, when you invest in real estate, especially in leased real estate and real estate from an investors point of view.
One of the most important things, when you buy real estate is, that you come as fast as possible to the breakeven point. Basically, it means, that your investment automatically covers your interest rate and repayment to the bank with rental income and tax benefits. If anything of the rental income and tax benefits remains, then even better.
Also important is, that on the income site, you don’t really rely on tax benefits, rather concentrate on realistic rental income, because tax benefits can be discontinued. When you have to do renovation, calculate the return on capital of your real estate and value how much the renovation will cost. After you know the exactly amount, add it in the purchase price. You must imagine, how much the real estate is worth, when it has no defects. For that reason, you have to invest some amount to get a real estate without defects. You must pull of that investment sum from the purchase price, when you wish to buy it.
How to prepare for the next 10 – 40 years
If you wish to find tenants in 10, 20, 30, 40 years from now, who pay good and you also receive high rent per month, it is very important that you buy real estate in popular areas, like Richmond, Virginia. The Wilson Group has a lot of opportunities for you. Just contact us and you will see, that dreams come true!