Interested in real estate as an investment opportunity? Entering into the world of real estate can be a way to make an extra source of income, and make a dent in your own mortgage! Luckily, there are several different options from flipping to renting, so it can be simple to find one that best fits your lifestyle. In addition to our residential clients, realtors can also help potential investors find properties that are worth their while. However, taking the time to nail down what type of property you’re interested in is essential!
First things first, consider how much time you’re willing to put into a property. Besides just money, houses are time consuming purchases, and some will “cost” a lot more time than others. If you’re looking into flipping houses, first consider how much time you’re willing to spend fixing it up. While discounted properties that need a few updates are helpful in terms of seeing a quick return on investment, it’s important to be realistic about the amount of work it will take before you’re able to resell. One should note, doing the remodeling work yourself is the best way to take advantage of a discounted home, as paying for an outside source to update and remodel the home often eliminates the advantage entirely.
Another avenue is renting. Rentals are a popular way to make extra cash, as they can be done right from the comfort of your own home. Traditionally, renting a home includes long-term tenants that stay in a separate property, or even in a private entity within your own personal home such as a garage apartment. However, short-term rental sites such as Airbnb and VRBO are making it easy for just about anyone to begin renting. With this method, you have several different options, such as renting a single room, multiple rooms or an entire property. Additionally, you can pick and choose when you want to offer your rentals throughout the year. This flexibility is a huge perk for many people. However, because the rental terms are typically shorter, there is a lot more upkeep associated with cleaning and preparing the property for new guests.
With a little consideration, you can easily find an investment opportunity that will work for you. If you’re interested in beginning your search for an investment property and have any questions, don’t hesitate to reach out. Give us a call at (832) 866-6122 or email us at christine@richardsrealtygroup.com!
