Investments we recommend making in real estate!
When making an investment in real estate making the right one matters, if you make an investment that doesn’t suit your needs and expenses you will regret ever making it! Here are some recommended ways to invest your money the smart way, your way!
01# House Hacking
House hacking other words owning a property that has the ability to be rented by a tenant and to be lived in by you. House hacking is when you purchase a duplex, triplex, or property with two or more living accommodations provided by you. You rent out the other half of the property and live in the other while the rental creates your mortgage payment or income. This investment can be made in different ways…
1. Purchase a property that needs renovation, and is a multi-family investment then rent it out with a matching or similar rate as the area charges. Don’t sell yourself short and lose profit from emotional relationships to tenants, or unfair negotiation and or persuasion.
EX: Charlotte’s average rent fee is $1,230 compared to Aiken which might be $985 per month.
2. Purchase a property that has a one accommodated housing (only if you have a place to stay like with family that is low to none in price)
– this option is mainly for the young beginners who are either in school or aren’t willing to live alongside someone.
House Hacking is a highly recommended option because of it’s level of simplicity, return, and reliability.
House hacking will last you a lifetime and will basically be a a forever passive income once it is completed. It is a perfect life long investment to have and to pass down or even sell for more down the road.
House hacking is an investment that you want to make early in your real estate journey if you need any financial help to get you where you need to be while or when making this investment visit personalloans and obtain the right loan for you. We believe financial assistance is honestly a necessary option with how our economy is today, don’t hesitate to make your future brighter! Start your investment! Do your research and START!
What you might need...
Take a look at our personal loans page!
02# Commercial Real Estate
Commercial seems scary…well it is kinda scary. With a lot of people commercial property seem to be properties only owned my the extroverts, but that shouldn’t be the case.
They come in different forms, forms we recommend are:
- Multi-family apartments like townhouses – which usually are apartment-like housing in the center or within the town limits. Which is convenient for people who are looking for work / college housing so a tenant should be easy to obtain if you also put in the effort to spruce up the property.
- Mobile Home parks – these include tiny home parks, trailer parks, housing centers, but these can vary in price. If you are starting out and you believe a mobile home park is the best investment for you look at low income area’s and or not the best trailer parks where you are able to renovate and fix up places. With these you can look into section 8 tenants or find tenants or market to area.
- Office property – If the property has a building you can use it to help law firms, dental offices, HR firms, and more companies who need office space in which they will rent the property from you.
03# Land
Surprisingly enough most people don’t consider land as real estate, but it technically is! The good part about this is land is basically the blank canvas you can paint on. If you choose to purchase land location, location , location is key in most cases.
1. Locations near the coast
2. Locations near the mountains
3. Locations near cities or town central areas
4. Locations that pertain to event areas.
Here are some ideas to profit from: Venders rent, storage rent, event parking charge, storage for construction company, starting a small business, host family friendly events, host annual, monthly or weekly 5ks, rent from car show spots. If the area is wooded: paintball course, hunting, camping, start a park for RVs. It’s endless.
All these recommendations have a profitable return if you are smart about the purchase! If you are a beginner do not zone your focus on the overpriced land. Start out with something affordable, self sustainable, and medium to low risk.
04# Fix and flip
Fixing a run down home or a foreclosure home can be risky financially, and mentally. If you are looking into buying a fixer upper you need to be sure you are capable of providing a down payment, mortgage payments, and renovating costs. Taking this investment route takes time and patience. The usual fix and flip can take around a year or so to be complete. A similar option to a fix and flip is fixing a home then renting it out once it is up to code. However flipping is a good option to we recommend flipping gives teaches you life lessons, gives you an understanding of what people are looking for and it allows you to purchase another property at a higher level in a popular area or high income area.
Things to consider
- Consider the area’s value and crime rate
- Make sure you visit the home before purchasing or attend an open house prior
- It’s best to make sure the basic necessities work on the property like roofing, mold, electric appliances, water, plumbing, electrical, etc. These are the things that can sky rocket your fee’s and drain your wallet.
- If you are a first time buyer and this property is strictly for you a rental income you can acquire an FHA loan that covers closing costs and renovation fees. The only downside is good credit is usually required for this loan. We offer loans if on our personal loans page, you can acquire a personal loans for as much as $35,000.