New York City investment property lawyer Natalia Sishodia releases a new article (https://sishodia.com/secure-your-passive-income-with-an-investment-property/) discussing the ways to generate passive income through short-term rental investment property. The lawyer mentions that it may be a good idea to invest in a second home while the interest rates are still comparatively low. Having a second home may be a great investment for the future.
“Imagine for a second being the owner of a lakefront home, oceanfront retreat, or a cottage in the mountains by a ski resort. A second home may hold an appreciation over the years and assure as much as a 10% return on your investment. Buying investment properties takes expertise, and whether the project is lucrative or puts you in an unfavorable financial position than you were in before depends on the choices you make,” says the New York City investment property lawyer.
The lawyer explains that having an investment property is a great way to generate passive income. A rental property is a very attractive investment for new investors and the returns are promising. According to Airbnb data, there is approximately $3.4 billion in revenue and over $193 million in bookings.
Attorney Natalia Sishodia adds that for a fresh investor who is trying to start a short-term rental business, research can take a lot of time, and managing the investment property can be overwhelming. However, working with experienced professionals such as real estate brokers and real estate attorneys may be helpful when it comes to understanding the rules of real estate.
In the article, the lawyer also enumerates some tips about dealing with short-term rentals. Attorney Sishodia says that it is important to choose the best location, keeping in mind what would be most attractive for tourists and those who want short-term rentals. Looking into properties that have been foreclosed or listed as short sales may be helpful too.
According to the lawyer, “When it comes to buying an investment real estate property, it is important to involve a knowledgeable real estate broker to run the comps for you so you can understand if it is a good buy, check the ongoing rental rate on Airbnb’s website, be ready with a reserve as you may be negative for the first year in business, and consider paying off your mortgage faster by making larger payments.”
Lastly, the real estate attorney emphasizes the importance of having a skilled attorney when it comes to dealing with matters such as investing in properties. An experienced lawyer may be able to help the client understand their rights and make guided decisions about their purchase.
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Sishodia PLLC’s team of professional investment property lawyers pride themselves on their ability to give the most comprehensive advice and guidance possible to their clients. The lawyers at Sishodia PLLC take time to fully understand each client’s unique goals and circumstances, minimizing potential risks and issues. Call them today at (833) 616-4646 for a consultation.
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Sishodia PLLC is a boutique New York real estate law firm offering experienced, individualized legal solutions to clients ranging from first-time homebuyers to seasoned real estate investors.