Property is a dynamic marketplace and though it has its own risks, bricks and mortar tend to be a lot more secure than other types of investment.
This is what makes property such as an inviting opportunity for anyone with some money to invest.
However, deciding how you are going to profit from your property is crucial for setting the right goals for your business plan. For example, do you want to keep the property long term or are you looking to profit from a sale? Are you building a portfolio or planning to move from house to house?
In the end, there are three basic options to consider.
Fix a fixer-upper
Buying a house that is a little worse for wear is a good way to make a profit on a sale. However, do be careful that you have any properties surveyed to avoid any nasty and expensive surprises later on. You will also have to factor in the cost of any tradesmen you bring in to do some work for you.
If you plan on doing some of the work yourself, you should also make sure that you don’t push yourself out of your comfort zone without the proper safety equipment and training. You might think that you’ll be fine on the roof, but the reality is that falling could be traumatic at the very least. Get the right training and the right safety equipment (https://www.fallprotectionpros.com/ is a good place to start) online.
Host with Airbnb
Another option is to host using Airbnb. This website has revolutionized the way that people visit new towns and areas and you can use your own property or do up a property specifically. Having a theme or a unique selling point is always a good thing to make you stand out and Airbnb offers all kinds of amazing spaces for rent.
Hosting with Airbnb also comes with some risks and you will need to make sure that you are happy with the terms and conditions before you begin. You can choose to host personally while you are there or simply hand over the keys. Keep in mind that you are treating your Airbnb as a business and ensure that every visitor is happy with the service and will give you a good start rating.
Build a property portfolio
Once you have started earning with your properties, either by renting them out or doing them up, you might start thinking about building a property portfolio. This is essentially owning several houses or properties that are rented out on long or short-term contracts. If you aren’t familiar with the role of the landlord or you are using this as an investment and not a full-time job, hiring a realtor to deal with any day to day issues is a good idea.
Getting into property is a good way to invest your money, but do be wary of how you are spending and where you will profit to get the best results.
Like this article? Take a second to support us on Patreon!