“90% of all millionaires become so through owning real estate.”

-Andrew Carnegie

So, why is investing in real estate so great? Here are 5 reasons:

1) Passive cash flow.

2) Asset appreciation.

3) Tax benefits.

4) Leverage.

5) Growing equity.

It’s true. Buying a home is a life-changing decision — and one no one should take lightly. If you’re thinking of buying, my advice is to gather as much info as you can from friends, family members, and industry experts like me!

Top of the list is getting prepared by securing a mortgage.

Then…

Make the decision after you’ve learned more about a mortgage if you want to buy.  Here are the pros and cons of renting vs. buying.

PROS AND CONS OF BUYING

Pros: Build equity, fixed monthly payment, tax benefits, can remodel and customize, stability

Cons: down payment required (in most cases), upkeep and maintenance costs, property taxes, HOA fees, not easy to move

PROS AND CONS OF RENTING

Pros: Upkeep and maintenance costs covered, no property taxes, avoid market fluctuations, easy to move

Cons: Won’t build equity, rent may increase, no tax benefits, can’t remodel or customize, pets may not be allowed (sniff, sniff).

No matter where you find yourself in life, it’s never too early or too late to begin investing in real estate, even if you only have a few hundred dollars to start with.