Buy That House!

Don’t Hesitate on the Real

Opportunities in 2023 exist in real estate and here is how you can claim your piece of the real estate pie.

If you do not currently own the home you live in, start here. Create a plan to determine what is holding you back from owning a home. There are several free resources such a HUD Housing agency that can help repair your credit for free. If down payment money is holding you back, the State of Ohio and local cities have down payment money available. You can also tap into resources such as 401K to access down payment money.

It is important to buy as soon as possible so you are not outpriced of a market or neighborhood you want to live in. Interest rates are a concern but not a major concern as one may think. You can always refinance down the line when interest rates come back down. The main thing you want to focus on is can you afford the monthly payment on the home you are considering without it being financially draining.

Consider a multi-family home. If you are in your 20’s or have a small family, this is a great option for you. A multi-family home allows you to live in one unit while in most cases the rent from the tenant in the other unit can cover your monthly mort-

Estate Market – Part II by Andrea Wilson, MBA

gage payment. The thing to remember is after about a year you can keep this first property as a rental property and move into a single-family home if you choose. We call this a house hacking method in the real estate industry.

If you already own a home and are open to real estate investing, I have the same advice. Buy now. The longer you wait, competitors will continue to buy up the affordable real estate leaving this option eventually out of reach for you. The City of Cleveland and pockets of surrounding areas have been plagued with absentee owners. The abundance of absentee owners in these areas hurt our communities and provide high crime areas. Streets filled with blight and dark areas are not a safe place for families and children. In many cases these absentee owners live out of state and out of the country. They purchased these “cheap” housing inventories so they would not miss an opportunity. They have failed to make these properties livable.

You know these areas, in fact many of you and your family members currently live or grew up in these areas. You have an opportunity to rebuild. You are at an advantage because you are local, and by helping provide quality housing to families, you are helping build stronger communities. We know that when fami- lies and children have stable housing, they perform better in school and are better community citizens. If an out of country investor can invest in our real estate, so can you.

In closing, real estate ownership in the form of owning your own home or owning rental properties is a method of forced savings. As you make mortgage payments each month, you are building equity in your home. Those monthly collected rental payments can help offset other expenses such as college tuitions, household expenses, or helping start that other business you have always wanted to start.

The contractor services needed, or property management services are details that can be handled with the right team. Seek a knowledgeable mentor or real estate agent who specializes in working with investors and homeowners who view owning real estate as a business decision and not just as a roof over their heads.

The key to success in real estate is educating yourself and securing a trusted knowledgeable team of accountants, attorneys, and realtors before making your first move. As always, remember now is the perfect time to buy.