Even though the COVID-19 pandemic, recession, and social turbulence have affected our nation, the US housing market is rising in the certain areas. Specifically, the smaller cities and rural rentals, many of which we can find here in Macon County. The age group is taking advantage of it may bewilder you – it’s the millennials.
A Real Estate Investing Report by Harris Interactive revealed that 55% of Millennials said they were interested in real estate investing. Because millennials have an abundance of savings, (1 in 6 people in this generation have a savings exceeding $100k, according to a Bank of America Survey), Millennials are dominating the housing market charge through long distance real estate investing.
Long Distance Real Estate Investing
In 2007, approximately two-thirds of investors were mainly concentrated on the stock market. That number has lowered to 50% because many Millennials are choosing to invest in real estate instead, according to RealWealth. A few ideas that point to the movement are the unpredictability of the stock market, prosperous real estate in the US, and millennials going after the very real adventure of owning a home.
Though another huge aspect that contribute to this drive is the growing number of US millennials longing for early retirement and considering real estate investing as a possible source of passive income.
Real estate has evolved to be a multi-faceted investment vehicle for growing wealth. Investors no longer need to buy a home for the purpose of living in it or retirement. In fact, millennial investors are doing quite the contrary. By investing in single family rentals, they are using their investment as a cash-flow generator to amass wealth – and eventually, reach the “retirement at 40” goal.
Buying Out of State
Big down payment and costly properties within your hometown are the leading barriers for real estate investors. But companies like Roofstock are making the method of investing in real estate as easy as placing an order on Amazon.
Roofstock is an online platform that gives investors to buy and sell single family rental properties remotely – without ever having to physically visit the property.
The way Roofstock works is generally easy to understand. There are tons of low-cost turnkey properties listed on their online rental marketplace for investors to pick from. Some of these properties are as low as $38,000 which would earn you $725 per month in rent.
This online marketplace offers listings in major US cities some of which include Atlanta, Memphis, Indianapolis, Jacksonville, and the greater Chicago area. With 70 options for real estate markets, the platform gives you the chance to invest in out-of-state, which gives you access to tons of affordable rental properties.
So what makes it distinct in the overly-crowdfunded real estate market? The naked truth is that it’s focused on the consumer experience. It doesn’t matter if you are a buyer or a seller. Roofstock prepares you with attributes including neighborhood ratings, property inspection reports, floor plans and much more. All of this is there to help you make a wise financial choice.
Even moreso, it unites you with vetted property managers in the event that you don’t want to take on the inconveniences that come with property management such as rent collection, emergency repairs etc.
How to Get Started?
Whether you are hoping to dabble in real estate investing or measure your rental investments, we suggest chatting with us about what your options are for real estate investments. You can call our team of professionals at (217) 422-3335.
If you would like to learn more about investing, check out this Millennial Guide to Investing.