Although most people cannot afford to own multiple properties, anyone can approach real estate from a growth perspective and look at their property (or future property) as an asset and investment in addition to a home. Over my 16 years in real estate, I have observed that the people who are most successful at building equity and leveraging their properties are not necessarily the richest, or smartest, but are those who are most diligent, disciplined and focused. They are the renters who save every penny to build a down payment for their first home. They are the young homeowners who take out a line of credit to build an income-producing suite, increasing their home value (and cash flow). They are the empty nesters who leverage the equity in their home to buy an investment property instead of a new car, boat, RV or kitchen reno.
It is hard to give up current comforts for a distant future benefit. It takes sacrifice to save for a first home, and further sacrifice, guts and good timing to then upgrade or leverage it into a 2nd.
But that benefit is financial independence and freedom. It's never too late to start thinking with this mindset. Being financially, emotionally, and mentally prepared to take action when an opportunity arises is key.
If your future plans include expansion of your real estate assets, I'd be happy to discuss the types of markets and properties to watch for based on your circumstances. Years before you plan to make a move, you can still prepare yourself.
By the way, my weekly real estate broadcast, The Victoria Real Estate Show, has moved. We're now going live Thursdays at 9:30 am. Follow my channel on Facebook or Youtube for show alerts and updates.
Andrew Plank
250-360-6106
www.andrewplank.com
