I dare you to buy the house next door, there are several reasons for this. Imagine building your property portfolio from houses on your street. Monitoring your properties would be as simple as walking outside. You’d save time on inspections and as a busy property magnate, time is money.
Building your property portfolio of houses on the same street is very attractive for several reasons. The major reason is that when it comes time to sell, you could sell the properties in a package to another investor, earning yourself an outright lumpsum on top of the income you have accumulated over the years as you have purchased the houses on your street.
When you buy the house next door you are securing three advantages to this method: Firstly, is the advantage of convenience. This goes a long way and makes it a lot easier to communicate with your tenants and monitor the maintenance needs of the property as time goes on. By having a good relationship with the tenants, they’d have an incentive to stay for the long term.
The second advantage being security is a big one. Being able to monitor the condition of your home is an advantage in terms of insurance but also in the event of a burglary.
The third advantage is that you will likely be able to negotiate a better rate with your real estate agent. Getting a better rate puts more money in your pocket.
If you have any ideas or experiences you’d like to share about buying the house next door to you get in touch so we can improve this article.