When you think of real estate investing, rental properties come to mind. It’s true that apartments and duplexes have the potential to be lucrative, as long as you hire a professional advisor who can minimize your liability and maximize tax deductions, but it isn’t your only option for investing in real estate.
A professional advisor can help you with a wide range of investments, including some offbeat options that you may have never considered before.
Lease a Property
Purchasing a property can be risky, and it can be expensive! Not to mention, if you don’t have the money upfront, you’ll need good credit to get a loan. These two deterrents are enough to keep most people away from getting into real estate.
There’s a better way to get involved if you don’t have a lot of start-up cash or great credit. You can lease a property instead.
Not only is it a great way to get into investing, it can increase your chances of turning a profit. That’s because you can purchase the property at a discount if prices climb after you lease the property.
Just make sure your contract doesn’t require this. That way you aren’t stuck purchasing a property that ends up declining in value.
Rental properties are a popular way to get into real estate, but so is flipping homes. Just turn on the home improvement channel and chances are, you’ll be able to catch a show that does this very thing!
Unfortunately, there’s a lot of risk with traditional home flipping. That’s why you might want to consider contract flipping instead.
It includes a three-step process:
- Finding a piece of property you’re willing to buy
- Creating a contract
- Finding a seller who is willing to agree to the terms of that contract before the sale is complete
Contract flipping is appealing because it ensures you won’t be stuck with a property that you can’t sell.
If you’re looking for a fun way to make a little money on real estate, consider a vacation rental! It does require quite a bit of marketing, and you can’t guarantee that there will always be someone paying to rent the property, but it provides you with a vacation rental that you can use throughout the year as well!
Storage facilities don’t come cheap. The national average is just over $87 a month. Not to mention, Storage facilities don’t have to deal with tenant issues that are typical with rental properties. These two facts alone make building and/or renting out storage facilities a great idea for people who want to get into real estate investing.
Don’t think you’re stuck purchasing an apartment complex or flipping a home if you want to start making a little money on real estate investments. There’s a whole world out there of investment opportunities! Consider the items on this list, gather up a little cash, give one a try, and you just may realize you’ve been bitten by the real estate investing bug!