People who are considering purchasing an investment property or a second home, attorney Justin Clark has a suggestion for you: a condotel.
“A condotel is a place where you actually purchase real estate -- you purchase that individual unit,” Clark said. “You use it when you want to, but when you’re not using it, you rent it out almost like a hotel.”
Clark said by renting it out when you’re not using it, your tenants will essentially cover your expenses.
“You own a second home or an investment property that you enjoy using, but you don’t have to pay for it,” he said.
By purchasing a condotel, you can acquire that property without having a huge monthly expense.
To learn more about investing in real estate, watch Clark’s advice in the video above.