Creating passive income, or buying a multi-unit for your first home where your housing costs are covered by the rental income is a great way to build wealth.
The economy and the real estate market go through cycles. The best way to weather through any economic changes is to have passive income. When the market shifts, rental demand goes up, and rental prices often go up as well. But how to get started and where to invest?
If you haven’t yet begun to buy investment properties, let’s talk! I’ll help you get qualified, look for lending options that can include your renovation costs and explore what neighborhoods offer the best options for you.
Philadelphia remains a very affordable city, with strong rental neighborhoods. Unfortunately, our poverty rate remains very high – approximately 25% of our population lives at the poverty level. There’s a wide range of demand for rentals – from the luxury Center City executive, to low income PHA housing.
Across the river is another strong market area for rentals. If you haven’t considered Camden – it’s worth looking at! A recent article shows a significant decrease in the poverty rate, driven largely by increase in jobs and development along the waterfront:
For more information on how to get involved in investment opportunities, contact me for a private consultation and we’ll explore the best areas to accomplish your goals.
In the meantime, please download our Landlord Guide for critical information and tips to get started on your path towards building wealth through passive income.