INVEST IN HIGH-DEMAND AREAS As mortgage rates start to increase, it is very important to make sure that you choose an investment property that has features that will continue to build your equity, no matter what. In Boston and the Monadnock region, location is key and the main things that people are looking for is the proximity to the incredible schools and universities there. With the number of families and students that move to the area, having a multifamily property that is within close proximity will guarantee that you will always be able to build equity. You are able to increase prices if necessary with the rates rising and there will still be a demand. It is key to still look for demand that will be stable and long term as other factors shift quickly.
SLIM DOWN YOUR COSTS
Slim down the costs related to rental properties in 3 ways:
1. Buy in bulk. Save money by buying bulk materials that your company uses frequently (doorknobs, paint, flooring, lightbulbs, etc.). The increased prices on these materials and goods are not ready to return to pre-pandemic levels. 2. Shop around for insurance. It’s common to shop for all insurances every 6 to 12 months. Now is a great time to find the best prices. 3. Lower your tax liability. The rising interest rates will also raise the amount of depreciation to write off. Lowering tax liability is the key to keeping a healthy portfolio.
IT IS KEY TO STILL LOOK FOR DEMAND THAT WILL BE STABLE AND LONG TERM AS OTHER FACTORS SHIFT QUICKLY.
LOWERING TAX LIABILITY IS THE KEY TO KEEPING A HEALTHY PORTFOLIO.
Courtney Shier The Masiello Group Peterborough, NH Connect with Courtney
Connor Gail Lee & Associates Cleveland, OH Connect with Connor
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