If you’re like most homeowners, you’ve probably been told myths about buying an investment home that you are pretty sure are true. To help give you a different perspective on these beliefs, here are three myths purchasing a home, debunked.
“It is going to take 30-years (or more) to pay off the home.” While many traditional home loans use a 30-year repayment structure to keep monthly mortgage payments affordable, consumers who know the secrets to real estate investing don’t have to spend nearly this long to repay the principal of the loan. Since most investment properties get acquired out of a distress situation, savvy investors pick these homes up for a discount, do repairs and renovations, and then quickly sell the home for a tidy profit without a 30-year commitment.
“I have to have excellent credit to buy an investment property.” Having a high credit score is always a plus when you’re interested in getting involved in real estate investing. However, it isn’t always required. When you work with a team of experienced real estate investors, you reap the benefits of having a network of people to help you make and finance deals, regardless of your credit score.
“Once I buy an investment home, it’s my responsibility to make all the needed repairs.” When purchasing distressed properties, it is common for these homes to need some work before you can put the residence back on the market. If you’re reluctant to get started because you don’t consider yourself to be handy, this shouldn’t be a barrier that stops you from getting started in real estate investing. Having a team of mentors and a network of supporting investors helps you make the connections with qualified contractors who complete the repair work, so you don’t even have to lift a hammer to start your career in real estate investing.
“I will have to pay outrageous taxes on my real estate investment activity.” Taxes are part of the cost of doing business, however, when you work with an experienced real estate investment team like National Real Estate Investors Group, part of our mentorship program includes tactics to save thousands of dollars on your annual tax bill.
If you have other myths you need to have debunked about investing in real estate before getting started, we would love to talk to you! Simply give us a call at (866) 871-9170 or Click here to register for our next free, live webinar now!