A long career as a professional engineer requires fortitude and focus. This golden rule applies when you first enter the trade, and lasts all the way to your retirement day. Sure, engineering acumen helps you achieve a certain level of success, but combining this with a understanding of real estate finance takes millennial engineers’ earning potential to new levels.
In fact, most millennial engineers and beyond don’t really understand these concepts. If you want to set yourself apart from the rest of the pack, follow this advice to grow your net worth. Ultimately, it’s simple advice for anyone who understands engineering math.
Find a House Worth Fixing-Up
Buying a house at a price lower than other properties in its neighborhood is a smart strategy. Chances are, it only needs some minor repairs to bring the property up to speed. A lower down payment also makes it easier for you to get credit approval at a good rate.
Spend some sweat equity improving the house’s curb appeal and sell it after two to three years at a significant profit. If you made it your primary residence over that period, the capital gains tax hit is minimal. This approach is easily repeatable with other properties once you understand the practice.
Consider Purchasing a Multi-Unit Property
Buying a duplex or another property with three or four units is another wise tactic for maximizing your revenue. This approach lets you collect rental income while living in one of the units. One-to-four-unit properties are considered residential properties, allowing you to pay a smaller down payment when purchasing.
Depending on the specific numbers in the transaction, you may be able to live for free while collecting rent from tenants. As such, a monthly profit of up to $1,000 is possible.
Simply Take Over an Underwater Mortgage Payment
Search for underwater properties with a low monthly mortgage payment. For whatever reason, that property’s owner may simply want someone to take over their mortgage payment. This provides an easy way to grow your real estate portfolio – and rental income – without having to make a down payment.
Repeat this practice on multiple properties for the additional monthly income that compliments your engineering salary. These are simple ideas that are easily executable, provided you have the drive for financial success.
When you need additional advice on growing your engineering career, speak with the experts at Venteon. As one of the top technical staffing agencies in Michigan, we know the companies looking for fresh talent. Apply online today!