Owning an Investment Property Before a Primary Home: It’s Possible!
If owning a home has never been one of your aspirations, does that mean you’ll never need a mortgage? Of course not! With the soaring popularity of home improvement television shows, you might catch the investment property bug.
Let’s say you’ve been renting for a while and would like to earn some extra income. You have the time to commit to an investment property, and you have your financial ducks in a row. On the downside, you’ve never owned a primary residence. Does this negatively impact your ability to qualify for a mortgage?
Not necessarily! At MortgageDepot, we have a program aimed at first-time buyers who want to break into the investment property market.
Investment Properties: What’s the Buzz About?
If you’re on the fence about purchasing an investment property, you’re not alone. Sometimes it’s a risky move, but the rewards can be massive. Here are some of the benefits:
- You have the potential to increase your monthly income significantly.
- You might be able to sell your investment property for profit in the future.
- Owning an investment property comes with attractive tax advantages.
- Real estate investors act as their own boss.
Owning an Investment Property Before a Primary Residence
Are you becoming intrigued by investment properties, but are you concerned about your lack of homeownership experience? Rest assured that t. are ways to get the job done. Here are three ways that you can become a property investor before you own the home of your dreams:
- Pay cash for your investment property.
Paying cash is always an option, but you’re probably reading this because you need financing to purchase the investment.
- Buy an owner-occupied multi-family home.
Purchase a duplex, triplex or another multi-family home and occupy one of the units. Many property investors begin their journey this way.
- Contact MortgageDepot.
Our loan professionals have a solid track record of helping buyers secure financing for investment properties, even if they are new to real estate.
Owning an Investment Property: Reap the Rewards Today!
If you’re ready to jump into the investment property game but are a real estate newbie, let us help! Contact us to learn more about financing options designed specifically for those who want to buy an investment property before owning a primary home.
Connect with one of our loan consultants to learn more.