Now is a great time to grow your net worth. Here’s why.
I just had a conversation with one of our agents who has a young client that just bought their first home and then discovered that a trio of triplexes would be built right next door.
Upon realizing that they’d soon have nine renters for neighbors, they decided they wanted to sell their newly owned property. Their agent initially agreed with them, but then I sat down and talked with them about their client’s long-term objective, which was to grow his net worth.
That’s when I explained that now was a perfect opportunity to do that. Homes are appreciating at an all-time high and interest rates are down to 3%, which is practically free money. If property values are going up and money is cheap to borrow, why pay money to get out of a house? Why not just have his client turn that house into a rental and make that his first investment property. If he needs more money to buy a new house, he can use the income from that investment property. It makes more sense to buy a new house, which would become an asset and help him grow his net worth.
“If property values are going up and money is cheap to borrow, why pay money to get out of a house?”
During this conversation, I admitted that I wish I would’ve known this strategy when I was 22 years old. About 90% of my net worth is through real estate, and that took a long time for me to even consider building my net worth this way.
No matter what age you are or how many properties you own, now’s a great time to add more real estate to your portfolio and grow your net worth.
If you’d like to know more about growing your net worth or have any real estate questions at all, don’t hesitate to reach out to me. I’d love to speak with you.
