According to Ryan Dean Hoggan, real estate is the best long-term investment. Even though it costs a significant amount of money to begin, it’s still a very profitable investment. Most of your investments can be financed by borrowing money from a bank and repaying it over time.
Various tax rules specifically benefit property owners. You can enjoy more cash flow stability and maintain your asset value with the right property. We had an interview with Ryan Dean Hoggan and this was how it went.
Can you tell us about the funniest mistake you ever made when you first started out? Can you tell us what you took away from it?
It’s important to have stable planned out ideas, but I’ve learnt through the past that even when everything look perfectly planned out there can be some unforeseen event. Take the pandemic for example, it was not expected by anyone.
This made me understand the need for a backup plan, you should always have a backup plan in place.
What effect does the epidemic have on the real estate market?
First, there have been serious effects on the real estate industry. It’s impossible to list all of the effects, but I’ll mention one that had a direct effect on everyone.
There was a decrease in the interest made, this was due to a rise in real estate property values. People were hit hard by the surge, but things are starting to even out.
In some areas, progress is still being made, but overall, the situation is not as dire as it once was.
Will these effects be long-term or are they just a blip on the radar?
My response is multi-faceted. The point is, some impacts have occurred, and we have felt their effects, but they are now water under the bridge. However, I cannot say this for everyone, as some have long-term consequences.
This is why I’m going to pass on this opportunity. The ramifications of the epidemic are so far-reaching that they will be recognized as a watershed event for many years to come.
What are the trends in real estate right now?
Despite the fact that the pandemic is not as prevalent as it used to be, its effects can still be felt everywhere. While industrial buildings and multifamily homes are hot on the market, properties in the retail sector like stores are not doing so great.
That’s because a lot of businesses now have virtual stores and are reluctant to go back to physical locations.
Office buildings on the other hand are going through a change. Flexible layouts and better ventilation as well as location are now very important factors when it comes to picking an office building. As a result, the industry is adapting.
What are the most important factors to consider when investing?
The first two factors to consider when making financial investments are risk and time horizon. You’ll have to take a lot of chances if you want to make a lot of money.
Depending on your requirements and interests, you can invest in a variety of ways. These include safe but low-yielding certificates of deposit (CDs) and highly volatile but financially rewarding investments like equities and exchange-traded funds (EFTS).
As a result, you must first assess whether you can tolerate a higher level of risk in exchange for a higher return.
Knowing your risk tolerance can help you stay calm and plan for the future if your investments fail. Always keep in mind that if your investment is going down, it still can go up.
Keeping your money in the bank for longer periods can reduce your risk. This is because you allow adequate time for the markets to experience ups and downs.
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