The rental housing industry can be very profitable and a pathway to greater wealth. However, this industry is not for everyone. Many people get into the rental business and think it’s as easy as signing a lease, handing over the keys, and then sitting back and collecting the rent.
It’s always exciting to be able to invest in the next big neighborhood. Gentrification around city centers usually goes in a pattern that starts with artists and others who need cheap housing that no one else wants. Then their friends and others interested in vibrant culture start to move into the area, particularly if there are older houses that surround the area. Then recent college grads with entry level jobs move into the area. Soon, those recent college grads become professionals bringing in more professionals into the area, particularly if there are single family houses for sale. Now the neighborhood has fairly well gone mainstream. While this process is well understood, another factor that many metropolitan areas, like Seattle, have within their expanding cities is the LGBTAQ+ community.
Cameron Cowan | Knowledge Steward
There are some really great and interesting ways to build your real estate portfolio and in this blog post we're going to talk about two of them. These aren't always easy but it can help people at different economic levels enter the real estate market and start building wealth. Both of these options are really popular for younger people, including our younger members. They make getting into rental housing more affordable and they both provide the foundation for a great rental housing business.