Don't assume that all houses (including yours) are good investments — because, frankly, many houses are not. Tell me if one of these thoughts has ever crossed your mind:
- "I'll live in this house for a few years, then rent it out, and then maybe sell it when it rises in value."
- "I'm going to remodel big-time before I sell; I bet I'll get top-dollar."
- "Renting is just throwing money away."
Not so fast. Before you start throwing a massive chunk of your income toward an untested assumption, read on. The following could save you tens of thousands in unnecessary costs.
Myth No. 1: There's No Difference Between Your Personal Home and a Great Investment Home.
Myth No. 2: All Remodels Are Profitable.
Myth No. 3: Buying is Always Better Than Renting.
For the truth on these three myths, please read: How to Avoid a $20,000 Housing Error
Paula Pant owns five houses — yes, five. No, she's not rich, but she's a real estate investor who built a portfolio of rental properties that cover her entire cost-of-living. She's 30 years old, and she invites you to check out all the details about her real estate purchases — including the numbers — on her blog, Afford Anything.
For current Portland Real Estate advice, sales and purchases, please call or write.
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