Sometimes investors do not think about what they will do with the property in the future. Just looking at the property as an income property that has no equity can be a costly mistake.
I had a call from an investor that had purchased a property through another resource and the deal did not go well. They leased the property and the tenant quit paying rent. They evicted the tenant and now want to sell a property that is not in a very good area. No equity does not create wealth.
So what happens? The investors that buy these types of properties lose money because they cannot wait to get rid of their issue.
One of my clients that purchased a property from me 2 years ago decided that he wanted to sell the home and purchase another. We put the property on the market and sold it for a nice profit for that client.
The client benefited from the monthly income and then also benefited by the equity later by selling the property. That creates wealth for their portfolio and they can move on to the next deal and start all over.
Need quality real estate? Call me (Brett) 216-703-5740 Fathom Realty
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Thank you