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It has been a long time coming, but I can finally say that this is the best time during my 22 year career to create wealth in real estate.
Today, I am going to show you how to live virtually for free, and how to start growing rich through a creative way to buy a home.
Now this method won't be right for everybody, but if you are young and adventurous, this is a great way to create wealth in real estate.
One Way To Create Wealth In Real Estate
If you are willing to live in a nice multifamily building, then the FHA has a loan program that will make you money. You can create wealth in real estate with this program because it offers you the ability to borrow money at a VERY LOW interest rate and then rent out your adjacent units for a monthly profit. Here's how it works.
Say you find a 4 unit town home in a good rental area. Each of the 4 units rents for $675 per month, and they have a great history of consistent occupancy.
You can purchase the 4 unit property using an FHA loan, and your out of pocket money will be around 5% of the purchase price.
In today's real estate market, something like this in great shape can be purchased for well under $300,000, and your monthly cost of ownership will be less than the rent you would pay to live in one unit. In fact, it will be less than zero!
When we run the numbers on the example from above, it becomes apparent that you really can create wealth in real estate.
At the right, we use a purchase price of $270,000 and borrow 95% of it at the crazy low rate of 3.50%. It is this rate and loan program that make it such a great time to create wealth in real estate.
In this scenario, the total monthly payment (PITI) is $1680. I have discounted the rents received by 25%, as there will be times that you have vacancy and collection losses. So your three tenants will pay ($675 x 3 = 2,025 x 75% = $1,519) on average all of your payment except for $161 per month.
How To Create Wealth In Real Estate
Thus far, you have reduced your effective monthly rent from $675 per month to just $161 per month. That in itself is proof positive that you can create wealth in real estate. But the benefits keep coming...
You will receive $219 per month in federal income tax savings (owners get to write off interest and depreciation, tenants do not)
You will reduce your loan amount by $432 each month (it's like putting money in the bank)
And over the long run, your investment will appreciate at $675 per month
When you combine those three added financial incentives, you can see how you can create wealth in real estate by using a smart buying strategy with a great loan program.
If you would like to know more about how you can best create wealth in real estate, just drop me a note and we can find something that best fits how you want to live.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.