Invest In Property In Kenya For High Returns
So even though you may not be able to achieve to goal of purchasing 130 properties in 3.5 years (that is one property every 9-10 days) it is very likely that you can start by purchasing one positive cash flow property with the goal of owning 13 properties in 35 years.
Have a good think about what your requirements are for the land and plot you wish to purchase. If you are a keen gardener then perhaps you will consider buying a plot that is large enough to keep a good sized garden. Towns and city areas normally have a higher availability and choice when it comes to property investing.
This is best part, once you have completed the purchase there is so much you can do. You can fix up the property and find tenants for your suites. You can hire a property management company that will take care of the building operations. You can even turn around and sell the property.
The ones that were investors, he would strike up a conversation with. He’d let them know when a new property became available he would contact them to see if they had any interested in buying or flipping it. During his conversation he asked if they knew of a good accountant, lawyer and so on. As he asked each of them for one good referral, he began building a power team of the members he needed.
There are several ways where you can get cheap property. People will usually sell property below its market value if they need the money fast. You can find these people from public auctions, divorce settlements and bank foreclosures. In that situation the price is not the important thing for them, but the quick settlement is. Buy buying below the market price, you can sell it immediately at market price to get fast profit. You can also find old listing and ask if their property is still unsold. The person selling might lose hope of selling the property so you can get lower price.
However, even though you may not be able to achieve such a huge task everyone can do something, and just starting to invest in property could help your finances a great deal.
With leverage, you can actually make a huge return in your expense. This is because you’ve gotten less capital tied up while in the earliest destination. In the event you get an asset for only 20 %25 down, you can individual and regulate huge amount of appeal.
Property investors are also offered great tax benefits. All expenses for the house are tax deductible. Furthermore, if you are unable to get a tenant and your house was bought on loan, meaning you have to make mortgage payments, your property will not be taxed for that year. Moreover, if the value o maintenance and repairs exceed the amount the property is bringing in, then you are also exempt from paying taxes for that year.