Become a millionaire with real estate
Building a real estate portfolio with Condos and Single Family Homes
You can build a real estate portfolio in West Hollywood just like any other business. This is something which should be done to show the finance companies you are a good credit risk. You may need to generate a positive cash flow and sometimes the only way to do this is with a loan, remember leverage is a key to wealth. Having a good business portfolio shows you are serious about your business, it will take discipline and hard work but at the end you will have the results.
You do not need much to start building a real estate portfolio in West Hollywood, condos, single family duplex, four-plex or even land. There are parcels of land, empty lots, in areas where new developments are going up. This may only seem like a small investment. The day will come when someone wants that vacant lot and will offer to buy it. The land does have a value.
In order to increase value you can have your lot re-zoned. A residential lot for single family homes can be worth quite a bit. Getting an over sized lot zoned for multi-family housing can increase the property value, especially if the area is growing. When a property can be zoned with a dual purpose it makes it more attractive to developers, your job is to find and buy these overlooked properties.
Using the vacant land in your real estate portfolio for collateral on a loan will allow you to further your real estate investments. You may not think these little pieces of land can amount to much. The lender can assess the properties to determine the value. You may be surprised to find that as few as 2 vacant lots in the right district can generate a portfolio worth $200,000. That is a substantial amount of money when trying to get a loan.
As you get to know the real estate market you are dealing with, condos, single family you will want to check with the regional planning board for the area. You may come across plans for a development to be implemented in 5 or even 10 years. This is the area you will want to purchase any vacant lots available. There will come a time when these lots can more than double in value because a developer needs them to start or even finish a project. Building a real estate portfolio is easier than you think just by using vacant land.
Rental properties have value also. There are many distressed homes in West Hollywood that an investor can pick up for pennies on the dollar. Fixing them up and renting them out can generate a positive cash flow almost immediately. This looks good in any real estate portfolio. You may even consider getting the rental unit approved for HUD housing. The income is guaranteed. When you have a guaranteed income, the lenders tend to favor you more.
www.SunsetStripRealty.com
www.ForecloureListLA.com
www.CasasEnLA.com
Article Source: Messaggiamo.Com
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