Is the world of mortgages only limited to residential real estate? Of course not. However, most people only assume that mortgages count when it comes to buying the dream home that they’ve always wanted. Yet if you’ve checked the Euro Millions results and saw that you won, your world is about to change and change big time.
Your first idea might to be to get a mortgage to take care of a residential property that you’ve always wanted, but why not pay it off in cash and then focus on the world of commercial real estate? Believe it or not, using real estate as an investment is still alive and well. A lot of people really think about the type of profits that they can make in other areas, but you don’t always get rich playing the stock market. It’s a long term play, much like real estate. Commercial real estate is interesting because you can do a lot with one property. You might go in with someone else and do office buildings, or you might just settle for small storefronts. If the money is stable, there’s a lot of residual income just waiting for you.
Why would you want to get to a point where you’re not able to get anything done – That’s just silly! But you will need to exercise caution and care when it comes to real estate.
If you’ve already received your lottery money, you need to really build your dream team so to speak. These are going to be the experts that you can turn to when everything seems to be going bad. These are the people that will give you their professional advice when you need it most. These are the people that are going to understand the tricky lines of the legal world for you, so that you’re not making costly mistakes that take away everything that you’ve always wanted to have.
We’re not saying that you have to “bet the farm” on commercial real estate. if you really want to go into residential real estate anyway, make sure that you’re still doing your homework. People are often far too sentimental about houses than they are about office buildings. You’re still going to have to be a good landlord and focus on the bigger picture, but it can really feel like there’s just now ay to get things done.
Surely there’s a better way, right? Surely there’s a way to get things done, right? Well, it all starts with planning the direction you want to go — start today!