Let me start by clarifying the definition of an income property. An income property is any property (housing or commercial) that is bought or developed to generate income for the buyer (investor).
A housing income property is one that consists of a house, an apartment, or an apartment building that is rented out. It generates money through its rent and is considered to be a source of secure extra income.
A commercial income property is one that is commercially rented out to businesses, such as medical centers and pharmacies. This type of investment is considered to be very lucrative for the buyer, and one that is worth more each year as the businesses become more functional with a large customer base.
Being your own boss is one of the highlights of being an income property owner. You choose your own property, choose the tenant, choose the rent, and choose how to manage the property.
Another advantage is that rental income goes straight into your pocket! After deducting maintenance costs and/ or any mortgage payments, the rest of the rent goes straight into your bank account. That is called monthly profit.
Taking a commercial medical center property as an example, first, and with the help of a knowledgeable real estate agent, you identify the right area in which a medical center would act as the main community’s medical reference. You then start developing your center keeping in mind the different facilities that could become part of it. For example, a medical center can include a family physician clinic, a pharmacy, and a general dentistry clinic.
Again, with the help of the right real estate consultant, you immediately raise the value of your property the minute it becomes a complete service center. Buying or developing a commercial building that has no purpose yet is much cheaper than buying a fully functional medical center. Hence, the value of your medical commercial property years down the line is expected to increase in folds!
And because not everyone has the luxury of extra time, there are property management companies that specialize in managing commercial properties. Said companies can provide you with services that vary from building a solid business plan to creating a fully functional center, to finding the right tenant for each outlet while managing day-to-day maintenances and collecting rent.
Call me to find out how I can help you achieve all of the above. I have solutions that are designed to provide you with an extra income that only comes with an extra peace of mind.
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