This Article is About
condominium property
achieving financial freedom
positive cash flow
wise investor
passive income
prospective tenant
investing in real estate
earning income
decorating ideas
amount of money
How To Invest And Achieve Financial Freedom By Buying A Condominium Property In The Philippines
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How to Invest And Achieve Financial Freedom By Buying A Condominium Property In the Philippines

Buying a condo is not just for residential use but also for business. If managed properly, it can be a first step towards achieving financial freedom. Financial freedom is every one’s dream. However, not everyone gets it because not all are making the move to make a financial freedom dream or plan a reality. There are a lot of ways to achieve financial freedom. One of which is investing in real estate.

A Path to Financial Freedom

Financial freedom can be achieved through investing in real estate. First, real estate investing, such as having a condo unit, may involve some amount of money while the investor keeps his business or job. Second, a rental fee for a property can give passive income. Third, the real estate owner can leverage the equity in his properties to buy more condo rental units or fund other personal businesses to increase passive income. Passive income is a contributing factor to financial freedom. It is earning income without much effort. Real estate investing has proved itself effective in achieving financial freedom based on many people who are already enjoying financial freedom because of it. Make money in real estate is definitely possible.

Go for Properties Having Positive Cash Flow

A wise investor should make sure his investment gives positive cash flow as soon as possible. Invest in properties which cash flow is positive. Otherwise, do not invest. Consider the location of the property. It should be one where real estate appreciates faster and where condo decorating ideas can thrive. It should not be affected by politics either and is a good place to live a life.

Find Good Tenants for a For-Rent Property

For a condo owner who puts his property to be rented, he should make sure to find a good tenant who pays the rental fee well so as to have a continuous passive income. Set standard rules for the property. Make sure not to bend them, even to the extent of long vacancy. As much as possible, do some homework for the prospective tenant. For example, check his credit standing and background. Also make sure that the property maintenance is taken care of to attract good tenants. If the owner is too busy for that, he should hire a property manager to do it for him.

Decrease Property Maintenance Expenses

Decrease property maintenance without adversely affecting the property. Cut off unnecessary expense. In the first place, one of the sound condo plans is to purchase a property that is made of strong construction materials. These materials must be built to last without much care. It is ideal that the owner engage in preventive maintenance himself.

Fix the areas that need it before things get worse. For example, a leaky roof, toilet or faucet. These might bring additional damage to other parts of the property. It is also good to have an able handyman which the owner can immediately call on for repairs and fixings. Some owners also turn to rent-to-own scheme, wherein they give the tenant a chance to own the property in a specific term. This can get help from the tenant in property maintenance, gives the owner more cash flow and shall free the latter from property maintenance later. Some Metro Manila condominiums are put to rent-to-own by their owners.

Refinance Any Mortgage With Banks Having Lower Rates

Other properties involved long-term loans upon purchase. If this is the case, scout for banks and other financial institutions that offer lower interest rates. Consider also shorter paying periods. Shorter paying period can give lesser interest rates. Loan refinancing gives the owner the chance to decrease his monthly expenses especially the mortgage installment amount as well as paying the mortgage in full. Investing in a good real estate investment company and having that mortgage paid off sooner can be very fulfilling.

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