Do you own a home? Did you purchase a home because you were told it was the biggest asset you could own?
When buying a home, many people believe that their home is the greatest asset they will ever own. But in a real estate investor’s point of view, a home can either be a great asset or huge liability.
Your home is a liability to you when you, the home owner, have to work hard to pay for the house, which means every month you send a cheque to the bank from where you borrowed money to purchase the home. In other words, money is coming out of your pocket each month to pay for something you thought was an asset. It’s not just the monthly mortgage payments that you have to pay for, but also property taxes, utilities, and repairs. Anything that causes money to leave your account without creating income for you is a liability to you, not an asset, which means your home is a huge liability to you but an asset to the bank and service companies.
How do you know when your home is an asset to you instead of a liability? Your home is an asset to you when you are making money from the property so you don’t have to pay all the home expenses out of your own pocket. You make money from your property by renting parts of it to tenants, such as any spare rooms you may have, or the basement, or garage.
After you pay your mortgage, property taxes, utilities, and put money aside for maintenance and repairs, you should have money left over to keep as your cash flow. While the tenants are paying down your mortgage, you’re generating income for yourself in the form of cash flow at the same time. Money is coming in instead of going out of your pocket each month.
We focus on making your home cash flow. We show you what to do to get your available spaces ready for guests, and then we manage all the bookings for you, including finding the tenants and managing turnover.
With our expertise and experience, we will show you how you can convert your home into an income generating property so that you can maximize on this investment called your house.
Contact us today to start making money with your house!
All quotes are free of charge. No obligation or hidden fees.