Did you know that only 1 in 3 millennials are home owners? This comes at no surprise since millennials have shared difficulties purchasing while salaries are the same and home prices have increased.
But beyond just cost, some millennials are actually opting to buy their first investment property (or at least a stake in one) prior to buying that dream home.
This incredible shift comes from their pains of not making an adequate salary to afford their “dream home”. The logic behind buying their first investment property is to secure an additional, recurring source of income and create a long term investment that can grow with them.
While there is no right or wrong way to view buying your first investment property, depending on the local market we think it’s a great idea to invest first rather than later. One of those exact local markets we believe it’s most beneficial is our very own.
The Bay area, and more specifically the city of Fremont, was highly ranked as one of the best places to live in California. Our local neighborhood is optimal for first time buyers looking to purchase their first investment property and now more than ever is the time to do so.
As the real estate market shifts across the nation, California’s shifts in a different manner. We’ll be seeing the market level out and go sideways moreso than have a drastic drop in price.
With that, now’s the time to actively get into the market. Here’s the top two steps to get started so you can get ahead and make moves towards your first investment property.
Consult with a Real Estate Agent
While the internet is great, actually discussing your goals with an agent can help you gain insight you wouldn’t otherwise have knowledge of. Market shifts, average prices, booming neighborhoods, etc. are all areas they can provide you with the inside scoop on.
If you’re in the Bay area, contact our team to get more information on buying in this market - firstname.lastname@example.org
Determine Your Approach
From your initial consulting with a real estate agent you should then have a better understanding of how you with you go about buying your first investment property. Will it be purchasing a multifamily home that you’ll live in and rent out? Maybe it will be buying a townhouse with a friend to then rent out with Airbnb. How about investing online and being more hands off with programs like Fundrise? There’s many ways to get started and understanding what will work best for you is important before making any moves.
Now more than ever is the time to think about and act on securing your first investment property! We hope this helps you with having more information to get started and understanding why now is the best time.
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