The Best Real Estate Investments For Millenials, According To Real Estate Expert, Cindey Nordman
For the past 30 years, Cindey Nordman has worked in nearly every aspect of the real estate industry, from property management to construction to investing and helping individuals and families find their dream home. Today Cindey is one of the top real estate agents in Ponte Vedra Beach.
While Cindey doesn’t buy or list homes, she dedicates her time to others making wise decisions about real estate investments. Cindey said real estate is one of the best investments a young millennial can make, and there are some strategic ways to maximize that investment.
Here are tips for millennials looking to invest in real estate:
- Buy a lot less than you qualify.
Whether or not the millennial buyer is single, buying below what he qualifies to make is almost always the best decision when wealth building is the long-term goal. If a person qualifies for a $ 500,000 home, they should be looking at homes in the $ 300,000 range. “Think of your first home as a stepping stone to getting where you want to be in the next 5 to 10 years,” says Cindey.
She recommends that millennials buy the $ 300,000 house and live in it for a few years. If they’re ready to move on, they can rent it out, but now they have this home to add to their portfolio and generate additional rental income every month.
- Consider buying a duplex.
A duplex is one of the best investment decisions a young person can make, according to Cindey. One person or a couple can buy a maisonette, live on one side and rent the other. In many cases, the rental income pays off your entire monthly mortgage! Just like with the single-family house, the thousand-year-old investor can live in the maisonette for a few years, move on and then bring in rent for both sides. This process can be repeated over and over and scaled exponentially.
While making your first home your dream home can be tempting, long-term thinking is the best way to build wealth. Cindey speculates that the number of renters will increase significantly in the next few years as people have lost their jobs due to the pandemic and industry norms shift. Owning rental properties is one of the best ways to move forward and build lasting wealth.
With interest rates all-time low, first-time millennial buyers have a distinct advantage. These interest rates won’t last forever. Visit her website, cindeynordman.com, to learn more about investing in real estate or buying a home with Cindey Nordman.
Published on April 25, 2021