Depending on the currency, a certain level of prestige is associated with being a millionaire. 'The lesson I learned here was to assess honestly how much cash I have available for a project and how much work I can afford to take on comfortably.Global share of wealth by wealth group, Credit Suisse, 2021Ī millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. 'Sometimes it's better to get a property that doesn't need quite so much work, even if you have to pay a bit more for it,' says Castro Socas. But what she didn't think about was all the actual cash she'd need to spend on the repairs, which added up to more than she expected. She knew it would take some time and she'd need to pay the mortgage while the home was being fixed up.

When she purchased her first investment property, it was a fixer-upper that required remodeling. I also search for the lowest-priced properties, since I assume my budget won't be big for my first investment home.Ĭastro Socas says that searching for the lowest-priced home isn't always the right move. In my free time, I like to look at properties for sale to see which ones I'd be interested in buying if I had the cash to do so today. Paying a lower price isn't always the best deal To help figure that out, I spoke with Marcia Castro Socas, a real estate investor, home renovator, and real estate broker who has generated millions from her investment properties over the years, about what she'd tell any new investor.

In addition to finding out how much cash I'll need for a down payment, renovations, insurance, taxes, and to cover fees before a tenant moves in, I'm also eager to find out what else I should know before I enter the real estate investing space. While I'm years away from being in the position to buy my first investment home, I'm doing what I can to understand how the whole process works. I've always wanted to own a handful of properties, all around the country, that I rent out to tenants as a way of making passive income. One of my biggest financial goals is to invest in real estate. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our

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