In the last six months, there were 310 properties sold in the Akron Ohio area from $0-$20,000. Of those Akron properties sold, the AVERAGE sale price was $10,805. Just think of the cash flow you will be able to generate with rents of $400-$600 every month. Below is an example of how you can use real estate investment property income to generate long term wealth:
Purchase Price: $15,000
Repair Work: $5,000
Total Cost: $20,000
Monthly Rent: $500
Monthly Taxes&Insurance: $130
So, using this basic example, it would take only 54 months before your Akron real estate investment is completely paid for. Once paid for, your investment property is increasing your bank account an extra $4,440 per year; and that's assuming you never raise the rent of your Akron investment property. Just imagine if you owned 3 investment properties in Akron and used the exact same example. That's an additional $1,110 per month or $13,320 per year!
**The Real Estate Industry**
In my opinion, the real estate industry has produced the largest number of self-made multi-millionaires (and billionaires). In fact, nearly all of the richest people own significant real estate investmentsâincluding land, commercial buildings, and residential housing. Unaccounted for amongst the âForbes 400â list, are thousands of âsmall-timeâ real estate multi-millionaires.
In addition to income and price appreciation, real estate provides significant tax breaks, which allow for further wealth building. (Source)
If you own one or more investment properties in Akron or would like more information on cheap investment properties in Akron, contact me NOW!