07/15/2020
We HAD to share this post with you because we know from personal experience that investing in real estate is "A Good Thing"!
We both have experienced the benefit of purchasing and selling homes for ourselves that have resulted in substantial financial security and/or gain over the years so we knew that real estate was a good investment but never had considered getting into the rental property market until in 2011.
Our Mom had been living in her dream apartment for a couple of years, but she could not afford it on her own and we had agreed to pay the balance that she could not cover each month so she could have that dream apartment - but EVERY year the rent was increased and we finally got fed up with that, and with interest and housing market prices being at low point, we decided to look into buying a place for her.
In 2011 we (Annette and Joy) purchased a turn-key, 8 Year Old, 3 Bedroom, 2.5 Bath, 2 Car Garage townhome in Mountlake Terrace for $209,000. Initially we purchased this home for our Mom to live in and she paid us the same amount she was able to pay at her old apartment and then again we personally covered the balance - but this time we were paying our own mortgage and not someone else's! Mom lived there until she needed a more accessible home in 2016 and then we were able to rent the property out at the full market rental price, and it has been rented 100% of the time (to the same amazing tenants) allowing us to cover our mortgage and also continue to help subsidize our Mom's rent at her new senior living apartment - all while we were gaining more equity in our townhome.
Now, in 2020 this property's estimated value is around $441,500 - that is a 111.2% ROI in 9 years (minus what we both were contributing to the mortgage while our Mom lived there). The only con we see now on this investment - is WHY didn't we buy buy the other unit that was for sale at the same time at about the same price! Hindsight is always 20/20 - right?
We also purchased a 2nd investment property last year and will continue to keep our eye out for other investment properties that could suit us or our clients needs.
Interested in exploring buying a vacation home or investment property to put you on the path of growing your personal financial wealth - give us call or message us at 206-992-4366 or 206-300-9667 - we have the experience and the passion to help you accomplish your dreams! Put your money to work for you!
Some Highlights Real estate has outranked stocks, savings accounts, and gold as the best long-term investment among Americans for the past 7 years. The belief in the stability of housing as a long-term investment remains strong, despite the many challenges our economy faces today. Of the four listed...
