In May 2020, investors are poised to capitalize on one of the best buying opportunities in 10 years. Why? Coronavirus has left an impact on the rental market, and some owners may be willing to sell their properties for under market value, right now, or in the next 4-8 months.
Even though the media often reports on the coming economic recession with fear, the reality is that most people who were investors during the “Great Recession” (2007-2009) know that the last downturn offered substantial opportunities for them to add properties that were under market value to their portfolios.
If you have cash reserves, now is a great time to start searching for deals in the real estate market, or you may want to wait for six months (or longer) until the next recession in the United States begins.
Don’t want to buy another rental property? Why not add an Accessory Dwelling Unit (ADU) to your property instead? ADU’s are another great way for homeowners to add equity to their properties while also generating rental income as well.
As David Stein of Principal Equity Group said in a recent GWM interview, the City of San Diego is making it easy for homeowners to add ADU’s to their properties. How? Besides streamlining the permit process, they also have three different sets of ADU plans available that will save homeowners the cost of having to pay an architect for a set of plans.
Besides helping to increase the value of your property, when you add an ADU, you’re also supporting the local economy as well, including contractors, painters, plumbers, and other companies that will work on your ADU.
