John Coons
Realtor®
408-985-2100
ext:229
408-203-4882
john-coons.com
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By John Coons
Part 2
Buy Up
Buying your first home to live in can be the best investment you can make.
Some people plan to live their entire life in one home. Other people buy up
and up as their family grows. As they get older they sell a big home, and buy
a smaller, less expensive, home and pocket some money to use for retirement.
Fix Up
Buy buildings that are not in good shape. Fix them up and sell them for a
profit. Don't buy a fixer in a run down area. Try to buy fixers in areas that
are nice. If you are a plumber, buy homes that need plumbing. You can fix
it yourself.
Buy Your Retirement Home Now - Before You Retire
The home you live in now may not be the one you want to live in for the rest
of your life. You may want to live in a different area. If you can afford to buy
your retirement home now, you can rent it out until you are retired. Many
people live in a given area for a job. They live in the city and work in the city.
When they retire they plan to live in a resort. You may want to buy in the
resort town now. This is what I did. I could not afford to buy my resort home
now. I paid $325,000 in 1994 and now it is over $1,000,000.
When the retirement home is paid off you can move in to it. This is not just
about investing, but also about securing your place for retirement.
Buy In Another State
You may want to tap some equity in your home to buy a home in another area
to get a return on dead equity.
Buy Multiple Units
Consider buying duplexes, triplexes, or other multi unit rental properties.
As time goes on rent goes up, and so will your income.
Convert To Condos
Consider buying multiple units. As time goes by try to convert them to
condos. Sell the condos. Apartment buildings normally sell for much less
than the sum of the sale price of all the condos.
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