Winston Deloney is a Chicago-based real estate investor, entrepreneur. He is very enthusiastic about teaching and advising people on all aspects of real estate.
We had a fascinating discussion with him. Winston Deloney provided excellent real estate buying advice. You can check out his real estate blog for more helpful advice and tips from him at no cost.
Winston Deloney, as someone who doesn’t have experience how can one test the waters to know how it really is?
The first thing you have to do is to do extensive research and study on the real estate market. Diving straight into the market without careful study or examination will hurt you in the long run.
So, in order not to put yourself at a grave and avoidable risk and mess, then you have to make findings of the whole market.
This is more of a side hustle than an investing plan, but it’s always worth noting. It’s easier than ever to rent out your house while you’re not there or to rent out a spare room in your home for a few days here and there, thanks to sites like Airbnb.
One fascinating part of this technique is that you don’t have to pay tax on the money you earn if you rent out your house for less than 14 days a year. Whether you’re going out of town for the holidays or a summer break, renting out your house for a limited period will help you cover your travel costs with tax-free cash.
What is the most advisable property one can invest in?
There isn’t a single correct answer. You must choose the right alternatives and determine which would be best for you.
There are a variety of options to invest in real estate, each with its own set of capital needs, risk tolerance, and investment dynamics. But I personally will advise getting a rental property.
Related: Real Estate Expert Winston Deloney Shares Common Mistakes All Landlords Should Avoid
Is it compulsory to own a place before going into real estate investing?
No, it is not. You probably would never invest in real estate if you wait before you own your own home.
If you don’t have enough money to begin, start small. Depending on how much money you have, you can get a little bungalow or a duplex. The home would either be leased or rented.
This will be used to supplement your salary. You can also buy your dream home with the money you get by saving. Another way is to get a mortgage loan.
What does the term house hacking mean?
House hacking is a cross between purchasing a primary residence and purchasing a residential house. In general, the term applies or purchasing a two- to four-unit residential property and staying in one while renting out the others.
The good thing about this type of real estate purchase is that while living in your own home, you will get extra cash that can be used to either pay up the mortgage loan (if you took one) pay for the housing expenses and other expenses or just save up the extra income for future purpose.
Which location or area will you recommend people purchase properties?
I recommend that you purchase a property in a place that is developing. This should be an environment where urbanization is anticipated.
This way, you will get the property at a rather cheaper price. You’ll be able to significantly raise rental rates in the future.
This is because the world around your house is changing, and more affluent people are moving in. You will be able to recoup all of the expenses in the long term.
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