At first glance, the idea of investing in property would appear to be somewhat archaic and cash intensive when compared to the more modern notion of making money online, either through selling courses, leveraging blog content, or creating a micro-business around a craft or specialist service… yet, it remains an incredibly lucrative and stable way to make cash, both in the short term (through flipping properties) and in the long term (through renting properties out, like in the popular board game Monopoly).
Today, being a housewife is so much more than it ever has been. There’s a vast amount of opportunity to be found and we live in a world where gender equality has never been so prevalent. Once upon a time, a housewife wouldn’t be in the empowered position to run a business from home whilst taking care of their family and the home – whereas today, it’s commonplace for stay at home moms to earn more than their husband with a corporate career.
Now, if you’re looking to take the plunge into something a little more intense (and perhaps profitable) than the online world offers, you might want to divert your online attention to googling terms such as renters insurance cost and foreclosure home deals.
In that vein, there are two areas you will want to consider focusing your effort into when it comes to taking the plunge into property investment; where to source your property and where to buy.
Where To Source Your Property
In real estate the term location, location, location is prevalent… however, in the context of this principle, we’re going to look at where to buy with regard to considering the options of buying at auction, a real estate agent, or direct with the homeowner.
Many amateur property investors choose to head to an auction, thinking this will be the best place to grab a deal, and to an extent they are right – however, there’s often a reason why the property is being sold at auction rather than by a realtor.
A better option, particularly if you are a newbie is to find sellers directly and negotiate with them direct. They can sometimes be a bit trickier to find than going to an estate agent that will offer a brochure, set up appointments, and so on – but in this internet age, it’s very possible to find people willing to sell their homes direct.
Where To Buy: Location, Location, Location
There are several factors to consider that will require significant research; such as whether the area is up and coming or if it’s going downhill fast; aspects to consider include crime rate, the quality and proximity of local schools, transport links, and social amenities.
If you can get your hands on some insider insight, such as from the local council, and find out a major transport hub or large business park is going to be built in the next five years – that would be an obvious positive, however, if you were to find out a new sewage treatment was opening up in a few years time it would be a different story.
The point is, do your homework, as whilst it might feel onerous and perhaps even costly – it will pay off in the long run.
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