Residential real estate investment is quite simple to understand. If you are already living in your own home, the idea is to buy a second house and rent it out. By setting the monthly rental price above that which you pay for as the home’s owner, like insurance, mortgage payment, and property taxes, you will ideally be collecting a couple hundred dollars a month in passive income. At worst, the income from one property will cover any unforeseen events that could happen to your home, put some extra cash in your pocket, and you will own an asset that is only going to gain value in a growing market like Spokane. One house often is not enough for people once they get their first taste of residential real estate investment though. You can read about some average Americans who after starting with one home, got into the right housing markets at the right time, and are now making hundreds of thousands annually from their residential investment portfolios.
Land real estate investment or, property investment, is a bit different then residential investment real estate, in that you buy the property to either sell for more in the future to some type of developer or you buy the land to develop a building, like a house or an office building, to sell or rent out upon completion. Buying the right piece of property could also be a more affordable way to both design and build your own dream home instead of finding an already completed house. Spokane itself has over 3,700 vacant lots around town available for those looking to get started in property investment in what is a growing market. Already, Spokane natives have successfully been buying these lots to build homes on and sell.
Overall, when in the right market real estate investment is one of the best investments you can make. Currently Spokane is the right market to be investing in real estate, the housing market in Spokane has been rising over the last couple of years while good rentals are becoming harder to find. Spokane’s population is also predicted to continue growing over the coming decade and 10 years from now any property in Spokane County is going to be worth more then it is now.