Real Estate Ideas for Beginners

     Hello everyone! On my first day of blogging, I talked about the basics of real estate. Taken from what we have and where we are. The starting point is where we live. Possibilities are:
 
     1) We own it
     2) We are renting it.
     3) We are living with relatives.
     4) Others: Like it could be staff housing from our companies or for government employee housing, etc.

     Now, in what way can real estate work for us given these scenarios? Today is going to be like a workshop. Mind exercise. Together let us explore the basic idea of real estate.

     In the first scenario, we own the house we live in.

     1) It's great because we don't pay rent.
     2) If we own it and we are not paying rent, check if you can make a passive income from it. How? Is there space to develop and make a rental income out of it? A bed space/bedroom for rent? How about a space to convert to a dwelling space for lease? Maybe, commercial space for lease?
     3) If we are paying it in installment, it's fantastic because we are not paying rent and the monthly payments we do will not be wasted because later on the house and lot or condominium we live in will be ours once it is fully paid.
     
     It is also an investment because the value of the property increases over time.

     In the second scenario, we are renting it.
   
     1) This is challenging because a significant amount of our family income is dedicated to the monthly rent. How do we work around this if we are thinking of getting our own house? Remember in my blog yesterday, we need 3.5x of the monthly payment for our income in order to qualify for a housing loan. Someone in the family or maybe 2 from the family needs a big income. The family can also engage in business. I suggest if you haven't read my blog yesterday read it for ideas.

     In the third scenario, we are living with relatives.

     1) This gives us an opportunity to prepare for buying our own house. Provided, we are qualified to buy in cash or perhaps thru a loan. The key is savings and financial capacity (income).
     2) Another opportunity is to acquire a real estate property for passive income such as a condominium or a house and lot, or maybe even a lot only for investment which you can use for yourself in the future or sell later on. Remember the value of a real estate property increases over time.

     In the fourth scenario, we are living in staff housing from our companies or for government employee staff housing.

     1) This is similar to the third scenario. The only difference would be the income and the loan vehicles, for example, the military or government agencies have their own financial housing loan institutions.

     Ponder on these guys. Maybe you can come up with solutions and explore even more. My objective here is to make everyone more aware of real estate starting with what you guys already have and open more possibilities for you and the generations to come.

If you have questions, feel free to email me at clairecarlos.realestatebroker@gmail.com.

Photo Source: Pinterest Ailani Apartment Journal