Over the past 30 years, Cindey Nordman has worked in nearly every area of real estate, from property management and construction, to investing and helping individuals and families find their homes. dreams. Today, Cindey is one of the top real estate agents in Ponte Vedra Beach.
Although she doesn’t buy or advertise homes, Cindey dedicates her time to helping others make sound real estate investment decisions. According to Cindey, real estate is one of the best investments a young millennial can make, and there are a few strategic ways to maximize that investment.
Here are tips for millennials who want to invest in real estate:
- Buy much cheaper than what you qualify for.
Whether or not the millennial buyer is single, buying below what they are entitled to is almost always the best decision if wealth building is the long-term goal. If a person qualifies for a $ 500,000 home, they should look to homes in the range of $ 300,000. “Think of your first home as a stepping stone to getting to where you want to be over the next 5-10 years,” says Cindey.
She recommends that millennials buy the house for $ 300,000 and live there for a few years. When they’re ready to move, they can rent it out, but now they have this house to add to their portfolio and a way to generate additional rental income each month.
- Consider buying a duplex.
A duplex is one of the best investment decisions a young person can make, according to Cindey. An individual or a couple can buy a duplex, live on one side and rent the other. In many cases, rental income will pay off their entire monthly mortgage! Much like the single-family home, the millennial investor can live in the duplex for a few years, move out, and then earn rent on both sides. This process can be repeated over and over again and scaled exponentially.
While it can be tempting to make your first home the home of your dreams, thinking long term is the best way to build wealth. Cindey speculates that over the next few years the number of tenants will increase dramatically as people have lost their jobs due to the pandemic and industry standards change. Owning a rental property will be one of the best ways to move forward and build up a lasting heritage.
With interest rates at historically low levels, Generation Y first-time buyers have a clear advantage. These interest rates will not last forever. Visit her website cindeynordman.com to learn more about real estate investing or buying a home with Cindey Nordman.
Posted on April 25, 2021