Several resources are available to get real estate advice, but little reveals the tricks used by the rich to become a millionaire. There are more and more original ways to invest in real estate. Allow me to mention some of them. All these ways are legal and very well documented. Remember, the more you invest in investing, the better your chances of success.
Buying your home
One way to go is without a doubt buying your home or condo as your main home. This investment is often the first made by a family. Instead of paying rent every month, the money is used to pay the mortgage and build equity with his house. When you buy a principal residence, there is a program that allows you to access the money invested in your RRSPs to pay the initial cash amount required by the banks. This government program is called a Home Ownership Plan (HBP).
Buying income properties
The purchase of a residential building, duplex, triplex, 5 or 6 homes is also a way to invest in real estate. It’s an investment called ACTIF. Tenants become your customers and you must take care of them as well as a company vis-à-vis their customers. If you run out of time and have trouble completing your schedule, this investment may not be for you. The aspect to consider the most in rental real estate is the amount of time and work you have to spend on maintaining your investment. When you buy a passive investment as a mutual fund, it is simply in your brokerage account. If you invest in a rental property, you have many responsibilities as owner. When the heating system stops working in the middle of the night, you will receive the phone call. On the other hand, if you have free time and you are somewhat handyman, go ahead, go for it. For the right boston real estate option this is the best deal.
Buying real estate before construction
Another very lucrative way to make money is to buy a building before construction. The more we are able to take it early in the project, the better our chances of success. There are different types of projects available on the market; condominiums, home parks, villas, cottages, land, shopping centers, etc.
Use your RRSPs
Many people do not know that you can own a property without ever taking money out of your RRSPs. This can be done in many ways. You can buy a portion of your home with your RRSPs. You can invest in real estate via bonds (Bond). Have you thought about buying land near big cities using your RRSPs? The companies that offer this service take care of everything and you enjoy good returns. This type of investment is considered passive. You do not have to worry about anything because professionals do it for you.