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1. Buy the house next door
I dare you to buy the house next door, there are several reasons for this. Imagine
building your property portfolio from houses on your street. Monitoring your properties
would be as simple as walking outside. You’d save time on inspections and as a busy
property magnate, time is money.
Building your property portfolio of houses on the same street is very attractive for
several reasons. The major reason is that when it comes time to sell, you could sell
the properties in a package to another investor, earning yourself an outright lumpsum
on top of the income you have accumulated over the years as you have purchased
the houses on your street.
When you buy the house next door you are securing three advantages to this method:
Firstly, is the advantage of convenience. This goes a long way and makes it a lot easier
to communicate with your tenants and monitor the maintenance needs of the property
as time goes on. By having a good relationship with the tenants, they’d have an
incentive to stay for the long term.
The second advantage being security is a big one. Being able to monitor the condition
of your home is an advantage in terms of insurance but also in the event of a burglary.
The third advantage is that you will likely be able to negotiate a better rate with your
real estate agent. Getting a better rate puts more money in your pocket.
If you have any ideas or experiences you’d like to share about buying the house next
door to you get in touch so we can improve this article.