How Unleashing Your Inner Data Scientist Can Do Wonders for Your Business w/Anna Myers
Breakaway Wealth: Episode 22 – When it comes to real estate investing, what steps can you take to ensure you’re making the right decisions? How can you invest in such a way that you’re eliminating at least some of the risk?
On this episode, I talk with Vice President of GroCapitus, Anna Myers, to discuss the benefits of owning multi-family properties and investing in ‘opportunity zones’. She shares valuable advice for seasoned investors and those just starting out!
“The most important thing is paying attention to how you pick your markets”. -Anna Myers
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Three Things We Learned from this Episode
Consider multi-family properties
A lot of investors favor single-family units. While this can certainly ease your administrative duties as a landlord, it can leave you unstable if the single family chooses to move out. Try investing in a multi-family property. This way, should one family relocate, you’ll still receive an income until you can find a new tenant for a specific unit.
Research your market
Before you invest in a new property, pay attention to everything with the potential to affect it. Research area trends, look at the property’s location, and be sure to check on the local market. You have to know as much as possible of what has happened in the past to be aware of what could happen in the future.
Invest in ‘opportunity zones’
Opportunity zones are something of a once-in-a-lifetime experience. Essentially, these zones (designated by the governor of each state) are in need of financial investment. For new investors in these designated areas, the government has provided some incentives: a deferral of taxes and a guarantee that any gains on the property within a 10-year period will be tax-free for life. Consider investing in this program if possible.
Investment in real estate comes with some risk, but there are ways to minimize it. It all comes down to research. Don’t jump into decisions when buying properties. Pay attention to the markets and any factors that could hinder your return. Don’t allow fear to stop you from investing in real estate, either. And remember: it’s not about what you have— it’s what you keep.