Top East Coast Agent Talks How and Why To Buy
Many millennials are failing to capitalize on the value of buy vs. rent and the financial reward of real estate investment. This missed opportunity is not the result of affordability; in fact, there are only 9 states in America where it is cheaper to rent than own. Even still, a whopping 65% of Americans choose to rent instead of buy.
Ralph recenlty caught up with with Joe Viganola of Residential Home Funding. Joe, a millennial himself, bought his first investment property at 23 and was recognized this year as a leading mortgage professional by Top Agent Magazine. His advice to millennial investors? Look for multi – family homes close to public transportation. “My first purchase was a three family close to public transportation, I would go the multifamily route any day. Metropolitan areas are the best bet, anything close to public transportation, bus lines, trains, light rail, ferries anything along those lines is always going to be a popular place to be.”
In terms of returns, Joe warns that while real estate rewards can be great it is by no means a get rich quick strategy, “ Coming from a finance background I knew the importance of long term investments and I knew real estate was the safest bet. It’s not a short term game, if you’re looking to make a quick dollar this isn’t the game for you, however long term, i can’t think of a better investment.”
There are as with any investment, risks and drawbacks to consider. Home prices in today’s financial climate are rising while employment and income have yet to follow suit. However, interest rates are low and real estate ranks as one of the more stable long term investments you can make. It is always best to consult with a mortgage banker or financial planner to access the best course of investment action .
For his part, Joe is helping the next generation of home buyers by educating middle-school students on the importance of personal finance and budgeting through the NYC Citizen School Program.