Passive income is a huge source of wealth for many millionaires. Not only does it not need an abundance of time and effort on the part of the wealthy, but it ensures that no matter whether you decide to work one day or spend a large chunk of equity the next, there will always be income coming in.
One of the most successful forms of passive income for prosperous wealth management is real estate investment. There are many benefits of real estate investing to grow and preserve your wealth.
In addition to the passive income you will acquire, your investment in real estate in Canada can become a tax benefit for you. For example, all interest paid on the money borrowed to invest in real estate is tax-deductible as long as that property is intended to generate income for the buyer. You can also, in many situations, transfer the proceeds of your personal home mortgage to that of your loan used to buy a rental property.
What’s attractive to interested real estate investors in Canada is that it doesn’t take a large sum of money to get started. Many people have saved up for a year to gain a down payment on a small residential property and then rent that property out at a profit to cover the mortgage payment and begin the savings process to purchase another.
Many successful investors will agree that once you’ve gained that first mortgage, you’re more likely to be approved for a second or third. Within 5 to 10 years, the chance of becoming a millionaire is high.
With dedication from yourself and the area’s top-ranked real estate team.
The Real Estate Group can connect you with the right resources and tools you need to maximize your mortgage approval amount and ensure it’s going into the right investment property. Now is always the best time to invest in real estate.
