Looking to create a business that has the potential to do well, or invest your money into something you understand?
For some who feel it’s less risky than over options, property can be a good method. It’s something that can be in high demand, and while there are rises and falls in the market it generally appreciates in value over time.
It’s not without its own hassles but here are some of the ways you can make money as a landlord or property investor.
Buy and Sell
There’s a lot of money to be made in flipping houses. Buy a run-down property for cheap, do it up and sell for huge profits. However, there are downsides. First, you really do need to know what you’re doing- many newbies try and fail with this. Many only manage to break even after fees and everything else, some even lose money. You need to have a good team of reliable tradespeople on hand, who you know will do the work quickly, efficiently and for a good price.
You also need to have a good understanding of the property market, things like ceiling prices will affect how much you should spend on a property since you will be limited in the maximum amount you will get back.
But if you do your research, and go about things the right way you could make massive sums of money in a short space of time, giving you chance to move onto the next property. The only issue is you need money up front for the property you’re buying as well as the renovation costs which could run into many thousands. You can borrow small loans from this company if you just need to add the finishing touches, your money will be repaid plus a lot more when you successfully sell up.
Become a Landlord
If you don’t want to buy and sell, or don’t have money up front to do this then buy to let is a good option. You can take out the mortgage and get tenants in, their rent will pay off your mortgage. In some cases you might be able to make some extra money on top of this too depending on how competitive the rental market is where you live.
By the end will have your house completely paid off for you, allowing you to either sell or continue renting to make a profit. You could even go a step further and invest in a few rental properties, if you can pay for the houses up front you will get money in your bank each month without doing much work at all. In fact, if you have an agent manage them all for you then you won’t even need to deal with tenants problems, viewing, referencing, eviction or anything else.
Buy a Holiday Home
There’s no doubt that purchasing property abroad can be more difficult than in the country where you live. However, there’s the opportunity to earn even more money. If you’re letting to tourists, you can charge a large amount per week- far more than if you were renting out a home. On the plus side, you get to enjoy the property yourself too, saving you money on vacations.
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