More and more Americans are building multiple income streams using real estate as ever before. The last decade has produces countless real estate millionaires and many more are attempting to follow suite. In fact, building an investment portfolio with real estate as the primary source of cash flow, many savvy investors are able to achieve financial freedom and begin living a better life with more freedom. You too, can start checking off your bucket list and live life on your own terms through carefully planned Pittsburgh real estate investments. Sounds great, right? So, how do you create multiple income streams with Pittsburgh real estate?
When endeavoring to build your Pittsburgh real estate investment business, it is essential to set goals. Clearly defined investing goals allows you to reach forward and strive for some level of success and help to influence mindset and contributions to a project.
Buyers should diversify their real estate investments to add a layer of protection against changes in the Pittsburgh real estate market by having other sectors in their portfolio that continue performing. Additionally, you can gear your investments towards short and long-term investments, giving you the advantages of increased monthly cash flow and building long-term appreciation.
We will explore just a few of the options available for investors in the Pittsburgh market and how they contribute to your income stream.
Flipping
Buying properties to flip will help you to create multiple income streams with Pittsburgh real estate. Flipping would be considered an addition to short-term investments in your portfolio. Flipping homes, when done right, can be highly profitable with a quick turnaround on your investment. Unless you are a construction pro looking forward to long hours and hard work, hire reliable professionals to get the job done quickly and within budget. From locating the right team, inspecting and purchasing a good deal, and handling negotiations through the planning and execution of rehabbing the property, professionals will allow you to learn the steps that lead to flipping success. Working with experts means you will be avoiding the missteps of beginning investors that try flipping on their own and, best of all, ensure the highest return on your investment.
Rentals
Renting your investment properties is a great way to create multiple income streams with Pittsburgh real estate. Income properties provide both short and long-term income streams. However, the investment focus should be the rental income. As you build your real estate portfolio over your working years, paying down the mortgage, eventually, none of your rental streams will be going towards mortgages, and your monthly passive income will increase. One of the bonuses of this investment is rental rates tend to grow at the same rate as inflation. This hedge against inflation is an additional layer of protection for your monthly cash flow. Additionally, the equity built up over time allows you more leverage towards increasing your real estate holdings, with an eye on your future passive income streams.
Owner Financing
Owner financing opens homeownership up to a pool of buyers that may not quite have all of their financial ducks in a row and just need time to fix any credit issues. Offering owner financing is a beneficial way to create multiple income streams with Pittsburgh real estate, providing you with increased cash flow during the contract’s life for short-term income, much like flipping on a two to three-year delay. You will have a significant profit in a shorter time if you do your homework and purchase a genuine bargain. These buyers will be responsible for maintaining your property and are willing to pay a premium purchase price for all of the benefits of homeownership. The advantage goes to you through an increased sales price and higher monthly rental payments, some of which may or may not apply to the down payment. So you get the down payment, they are paying the monthly mortgage payments, and should they fail to come through with the purchase, you still on the property, a win-win situation for the seller and the buyer.
Data Driven Deals
Work with us to find the best properties to create multiple income streams with Pittsburgh real estate. We are ready to be your dream team! At Data Driven Deals, our experienced professionals will take the time to listen to your questions or concerns. Whatever hurdles you may be facing, Data Driven Deals will help you find solutions so you can get started! If you have problems keeping you from investing in Pittsburgh real estate, the pros at Data Driven Deals will find the answers that work for you. Data Driven Deals has a steady inventory of investment properties available. Because Data Driven Deals professionals know the market and maintain a steady watch on trends, you can adjust investments along with any Pittsburgh real estate market fluctuations. Working with you step by step, guiding you along the way, Data Driven Deals will help you to create a well-balanced real estate investment portfolio that will carry you through in style into your golden years. Send us a message or call Data Driven Deals at (480) 764-1199 to learn more about what we can do for you!