How to make money in real estate? That’s a very popular question and has tons of answers! You can literally make money with lots of different options, and each option has multiple ways to execute them. On top of that, you can apply each of those options to different areas of real estate like residential, commercial, industrial, etc. I could go on for a while with these but I won’t. Soooo see ya next week!?
NAAA! I’m just kidding…had ya for a minute though didn’t I? You thought I was going to take my dozens of blog dollars and disappear for ever didn’t you? Actually, I’m just going to touch on a few popular options and a few lesser known options on a higher level. In a future post I’ll break each of them down in greater detail, but for now we’re just going to dip our toes in the water on how to make money in real estate. Read more
Comparison sites have been around a long time; you’ve almost certainly used some yourself. Have you ever searched for a trip on Expedia or Kayak? I do it all the time, you can usually save a few hundred dollars on trips you’re planning. They’re also great research tools to help plan and budget your trips.
Have you ever bought anything on Amazon or eBay? Me too! You’d be foolish to buy something online and not consult these sites for price comparisons. You’d also be foolish to not check a site like Ebates to get an even further discount on your trips or products or money back.
While the above-mentioned sites work great for 90% of our purchasing. They unfortunately don’t help us with big ticket items like insurance and mortgages. Insurance typically is worth thousands of dollars and mortgages are often in the hundreds of thousands. You can save more on these than you would on almost any other purchase, besides the houses and cars themselves. Apparently, Canadians just don’t do this. According to a recent study by LowestRates.ca only 8% of respondents used a comparison site to source their most recent mortgage! WHAT?!?
Why would no one use these financial comparison sites?
Money tips for any age
Here are four money tips that you will either have success with, or you will regret not following. The choice is yours!
Never finance depreciating assets
If you’re borrowing money and the asset depreciates in value you’re paying much more than you think. Debt is not a bad thing if used correctly. If you use it to purchase properties that increase in value it can be worth it. You can borrow at 3% on a mortgage and you gain 4% each year on average on that house value, your net worth will still be increasing. If you buy stocks on a margin and they gain more than the cost to service your debt, you’re still ahead.
It’s when you buy everyday products on a credit card and don’t pay it off before you incur interest when you fall behind. With a depreciating asset you’re losing money over time on owning the asset and you’re also paying interest to own it. Look at owning a new car for an example. Buying a new car at 0.9% interest is a pretty good deal as far as finance rates go, but you’ll still pay more to lose money. Buying one at 0% is even better, the car will depreciate but you won’t be on the hook for any interest. Read more