Real estate investment can seem like a seasoned investors game. But the truth is that almost 79% of millennials are interested in personal real estate investments, and about 49% interested in commercial real estate investments. So why shouldn’t you start now? If you’re on the fence, here are a few reasons to consider investing in real estate during your twenties.
Lower Down Payments
The majority of banks will require an investor to put at least 20% down on a rental property. It may not seem like it, but that’s a lot of money for a property that may require significant internal and external repairs before it’s commercially viable. Fear not. Options are available for investors of multifamily properties who choose to occupy one of the apartments in the property. Banks will require only a 5% down payment for an owner-occupied property as compared to 20% down for non-owner-occupied property.
Why is this easier when you’re younger? More often than not, you’ll have the flexibility to move into a home and put the work into it than someone older with a family to factor into the equation.
You Don’t Have to Purchase Property
There are plenty of ways to invest in real estate without buying property. Real estate investment companies and real estate investing apps have made it much easier to access real estate investments. Crowdsource investing allows multiple people to invest alongside each other into a property. You don’t need hundreds of thousands of dollars. With only $500, you can start investing in property through crowdsourcing.
There’s an app for that. Literally! If you want an app for investing in real estate, it exists! With apps like HappyNest’s, real estate investing can finally enter the 21st century. And when you can access all of the information you need via an app for investing in real estate, the whole process is a lot less intimidating.
If you’re on the fence about investing in residential or commercial property, don’t wait until the opportunity passes you by. Investing in your twenties might be the best thing you ever do.