Rethinking Wealth Building 2024: Embracing Real Estate Investment

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2024 Wealth Building Options – Rental Real Estate

Hey there! Another year down, another whirlwind of financial twists and turns. Check some new strategies to shake things up a bit and explore alternate ways to secure your financial future.

Let’s start with the classics, like RESPs. They’ve been reliable for stashing away savings, but with education costs skyrocketing and stock market turbulence, maybe it’s time to think outside the box.

That’s where real estate comes in – the old faithful of investments.

Real Estate – Everyone Needs a Roof

It’s like your rock in a stormy sea of financial chaos. Why? Like Robert Kiyosaki has taught, no matter what…people always need a roof over their heads.

And that means a steady flow of income for you if you own rent producing real estate.

Plus, did you know that Canadian property values typically climb about 6% each year? With the obvious ups and downs for sure.

Currently however, there is an acute housing shortage (not to mention a massive shortage in rental units driving up rents) along with the continuing arrival of nearly 1,000,000 new Canadians each year. 

Stats are saying we need to build 6 million new homes over the next decade to meet this demand.

Good luck.

Strategies to Improve Your Real Estate Cash Flow

But wait, there’s more! Ever heard of cash damming? It’s this neat trick where you use your rental income to pay down your mortgage faster.

It’s like turbocharging your wealth-building journey.

And here’s the kicker – you don’t need to be swimming in cash to dip your toes into real estate.

If you already own a home, you’ve got equity just sitting there, waiting to be put to work. So why not use it to snag another property and supercharge your wealth?

Conclusions and Further Thoughts

So, what’s the bottom line? In 2024 and beyond, it’s all about mixing things up.

Sure, traditional investments have their perks, but if you want to ride the wave of uncertainty and come out on top, you gotta get a little creative.

Let’s chat about how real estate could potentially fit into your wealth portfolio.

Contact Huber Mortgage to talk through your options!    Over 50% of my clients are self-employed! Contact HERE.

Sincerely,

Michael

PS – One of my hobbies is blogging about mortgages, debt and government policy.  During the day I’m a MORTGAGE BROKER in Kelowna, BC!

Check out the Huber Mortgage Home Buyers Guide HERE

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