Nowadays, many are hooked in watching real property shows from home DIY renovation projects to multi million property investments. While it is entertaining to watch these shows, it can be more fun to be involved personally both for personal enjoyment and money making activity as well.
Here are 3 ways for regular individuals to get into real estate investment.
- House-hacking
The most usual way of delving into real estate is buying a property and renting it out. Check out real estate for sale in Whistler. This can be thru a single family house or a small apartment building. The best way to cash out in this kind of investment to make sure that the rental income covers the expenses in mortgage, taxes, insurance and periodic maintenance.
A good way to start in this kind of investment is to rent-out a part of your home thru Airbnb. This is one of the easiest way to make some cash without committing to a costly investment and long term tenants.
Another good example, on the high side, is to buy a multi-unit apartment, live in one of the units and rent out the others. This way the personal apartment cost covers the owner’s rental cost while making some cash with the other units.
- House Flipping
Flipping means buying a house with an intention to renovating and selling it. The basic idea in doing this is to “buy low” and “sell high”. Buyers should carefully think through the renovation plans in order to make money with the lowest cost and effort. Generally, a well renovated house should have a non-leaking roof, a working downsprout drainage and gutters and solid walls. Renovating houses can be done through DIY projects or getting contractors.
- Crowdfunding
This is one of the most lucrative way to invest in real estate nowadays is available through several online platforms. The biggest benefit of this is access to investments that traditionally are open to the big players only. Such investments are not limited to single property but can be injected to several projects of different magnitudes and locations. Such investments provide monthly or quarterly payouts based on income or profitability.
There are more ways to invest in real property, however, you should bear in mind that this is a long term investment which requires patience and careful planning. And like other investments, there are risks involved and one should be financially ready to take on the challenge.