BEST Real Estate Investor
3. Think about investing in rental properties
Tiffany Alexie wasn't going to be a real estate investor when she bought her first rental property at the age of 21. Later, a senior at a university in Raleigh, North Carolina, planned to attend a local graduate school and thought it was better to buy than to rent.
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"House robbery allows you to live in your investment property while you rent a room or unit."
"I went to Craigslist and found an apartment with 4 bedrooms and 4 bathrooms set up as a dormitory. I bought it, stayed in one bedroom and rented the other three. "Alexy says. The setup covered all his costs, was far from a simple change for a graduate student, and generated an additional $ 100 a month of cash, enough to give Alexy a property problem. She is now 27 years old, owns five rental homes, and owns the Alexy Realty Group in Raleigh.
Alexy entered the market through a strategy sometimes referred to as home crackers, a term coined by Bigger Pockets, an online resource for real estate investors. Basically, that means occupying your investment property either by renting a room as Alexy did, or by renting a unit in a multi-unit building. David Meyer, vice president of growth and marketing for the site, said the burglary could allow investors to buy up to four real estate properties and qualify for a mortgage. Of course, you can also buy and rent a complete investment property. Find one that has a total cost that is less than you can charge for your rent. You also have to pay the real estate manager if you don't want to be the person who appears with a tool belt to fix the leak, or who calls that person.
“If you manage it yourself, you can learn a lot from the industry and buy future properties to gain more experience,” says Meyer.
4. Consider flipping investment properties
HGTV has come true. Invest in a cheap home that requires a little love, repair it as cheaply as possible, and then resell it for profit. A strategy called home relocation is a bit more difficult than you can see on TV.
“Many calculations behind the investment require a very accurate estimate of the cost of the repair, which increases the risk factor. This is not an easy task,” says Meyer.
His suggestion: Find an experienced partner. “You may have the capital and time to contribute, but find a contractor who is good at estimating costs and managing projects,” he says. Another risk of investing is that the longer you own your property, the less money you make because you pay off your mortgage without generating income. You can reduce that risk by living at home while you repair it. Most updates are superficial and it works as long as you don't mind a little powder.
5. Rent out a room
Finally, you can rent a part of your home through a website like Airbnb to immerse your toes in the water of real estate. This is a breakthrough for commitment phobia. You don't have to hire a long-term tenant, prospective tenants are at least a bit nominated by Airbnb, and the company's host warranty provides protection from damage.
Renting a room feels much more accessible than the concept of flashy real estate investment. If you have a spare room, you can rent it.
As with all investment decisions, the best real estate investment is to provide you with the best service as an investor. Think about how much time you have, how much capital you are willing to invest in, and whether you want to be someone who deals with the inevitable family problems. .. If you don't have the skills of a do-it-yourselfer, consider investing in real estate through a REIT or crowdfunding platform instead of investing directly in real estate.
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