A 2016 report published on Gallup, poll results revealed that 35% of Americans said that Real Estate is the best Long-term investment.
With more than a quarter of Americans choosing real estate as the best way to spend money, many of them choose this because they want an extra and stable income.
There are so many different property types that you can make money with; you just need to find the method that suits you best.
Here are 7 great ways that you could make some extra money with Real Estate:
1: Renting out your house
If you have some extra cash to invest, why not buy a property and rent it out.
By spending your money on property, you can later use the assets for retirement or for the children and when they grow up. Investing in Real Estate is becoming more popular with US citizens due to the downturn in the stock markets.
2: The Fix and Flip options
Fix, and Flip is when you buy a home, do it up and then sell it on for a profit. However, you need to be extra careful with this option, and you have to make sure that you get the property for the right price. Many people, particularly at auctions, bid way over the top and end up either just breaking even or come away with a loss. You also need a lot of time to find deals, manage contractors and keep track of the accounting.
3: Vacation Rentals
Buying property abroad or in popular tourist areas such as Florida or California and renting it out when you aren’t staying in it is an excellent way to pay for your holiday home. It can be a risk though because inflation in certain locations can go down in price, so you could end up losing money.
4: Hybrid Fix-N-Hold for Single Family Homes
This is becoming a popular option and involves remodelling a home from the fix-and-flip but the long term benefits of the buy-n-hold, a single family home is sold for a low price, when the market is low and revamped and held back until the market improves and is sold at a profit. This way you can maximize your ROI and limit the risk of losing out on profit.
5: International Real Estate Investing
Many investors live abroad, and while there are some challenges to renting out property this way, there are many rewards for those who can manage international real estate investing. Why not consider an agency to take over the property management services, they will make sure that your property is looked after and ensure that you are paid.
6: Cash Purchase and Sell on Contract
Have you ever thought of buying properties and selling them to buyers who can’t get a mortgage? You can carry the mortgage for as long as you like. If you are considering this, you will need to have to have a large deposit.
A lease-option is when a person is allowed to take ownership of property by leasing it with an option to buy the property at agreed price within a period. The investor makes money by being the “middle man.
These are just five great ways to make money in Real Estate, but there are lots of other way’s to make money this way. If you need any advice about investing in Property or finance contact Real Estate experts like Kappel Gateway, who will be more than happy to answer your queries.