Looking to invest in real estate? It’s a profitable business, but one that requires a bit of shrewdness and a great deal of elbow grease. Here are three ways to get started:
While Flip or Flop and Fixer Upper may make it look easy, flipping houses is a lot of hard work. There’s a saying in construction that “everything that can go wrong, will go wrong.” This means that to be successful at flipping houses, you not only need an eye for design, but lots of patience and excellent problem-solving skills.
That said, when done properly and consistently, flipping houses can be an excellent, and profitable, way to invest in real estate.
Renting Out (Residential or Commercial)
Purchasing residential and/or commercial properties as rental units is a lucrative way to invest in real estate, especially if you excel at tracking trends. To be successful, keep your eye on developing areas. If you buy at the right time, rent should steadily rise to meet the demands of the area and you’ll earn your investment back in no time. As risk is the name of the game, you can also consider purchasing buildings slightly off the beaten path if you believe the demand for commerce will eventually reach them.
Owning rentals can function as a passive income stream, especially if you have a property manager.
A property manger is responsible for the operation, control, and oversight of real estate, often for a third party. If you cannot yet afford to invest in real estate financially, investing your time in the business as a property manager is a useful way to learn the ropes and begin developing the skills you need to succeed.
This way, when problems with tenants or logistics arise for property that you actually own, you already know how to handle them.
Are you interested in real estate investment? Please contact us as we look forward to working with you.