Editorial

4 Lucrative Ways To Earn Money with Real Estate

Contractor Facing Kitchen Photo with Page Corner Flipping to Drawing Behind

The real estate industry has many opportunities for anyone to create wealth. And unbeknownst to many, it doesn’t need significant capital to partake and earn from it.

You can take advantage of the active or passive way to invest your money in real estate. Here are the different ways to use real estate to grow your money, whether as a side hustle or a full-time income.

1.Invest In Real Estate Apps

Businesses on the internet can experience more growth than those relying on traditional marketing. But those able to operate through downloadable apps have even more leverage. Investment platforms are often the entities taking advantage of this technology. And when you merge real estate and an investment app into one form, it becomes a convenient way of investing.

Real estate apps similar to Concreit make it easy for investors with various risk appetites to grow their money. There are apps where beginners can buy shares or real estate investment trusts (REITs) for as low as USD$1. REITs are like mutual funds. These companies gather investor money, and a fund manager oversees the earnings.

These apps work for beginners because they can invest only under USD$5,000, plus a 1% management fee. You can get dividend payments weekly, which is fitting for low-risk investing. Companies backing the apps might also welcome accredited and non-accredited investors.

2. Long-Term Property Rentals

Housing is a necessity, and it will always be indemand. It’s also why renting out properties is one of the most common ways of real estate investing. Families and individuals who need a place to live prefer homes near public amenities. These are schools, shopping establishments, hospitals, police stations, and more. When seeking residential property to buy and rent, it is absolute when one says that location is critical. 

Accessibility to public amenities makes daily living convenient. People can receive the essentials and services they need faster. People with hidden talents can develop their abilities and get employment near their homes. They can get to these places without trouble, even by vehicle.

Run-down homes are easier to rent out if they are close to these landmarks. Location will also improve the asset value of your home when it’s in a developed area. When looking for properties to buy, ensure it is in a great location. 

3. Rent Out A Part Of Your Home

If you want to become a landlord but are short on capital, you can make money off real estate by renting out a vacant room in your home. Optionally, you can also try house hacking, renting out a portion of your residential property. It will help you earn additional income for your household expenses. For example, if you live near the beach, you can rent a room in your home to someone who loves being near the water.

It’s also up to you what kind of tenants want to rent from you. But before you get into renting, check out more about regulations and restrictions. Some localities might not allow residents to rent out portions of their homes. 

Young couple, family at meeting with realtor, interior designer, decorator, landlord making deal. Husband handshaking with man in suit. Concept of meeting with client, customer

There are a few options for how you can make house hacking work for you. You can purchase a property with multiple bedrooms and rent out one of them. You can buy multiple units and lease only a few if you have enough budget. House hacking doesn’t have to cost you so much. Plus, it’ll help you gain landlord experience.

4. House Flipping

Renovating run-down homes is also a way to make money off real estate. Media promotes television shows on remodeling fixer-uppers and continues to gain popularity. People are doing renovation flipping by buying homes to improve and sell. If you’re handy with tools and equipment, try flipping houses to make an income. 

To begin, you can call your real estate agent for information on homes for sale and the area’s status. The location also matters because it can help increase the home’s asset value. Also, look for homes in good neighborhoods that you think you can improve.

Once you find what you’re looking for, plan your renovation. Estimate the cost to repair and enhance the home. Ensure to provide an allowance for the budget in emergencies or setbacks. Remember, you need to make a profit. Give the kitchen and bathroom an updated look and improve the house’s curb appeal. Learn the different house features that can increase the value of the home.

Conclusion

You can make money by dealing in real estate in various ways. You can even start with something as simple as using real estate apps. If your interest develops, you can try renovation flipping or being a landlord. Research before diving into an investment that will take not only money but also your time. Making money with little to zero mistakes is tricky in real estate.

The more you know, the more you can grow your income!

Related Articles

Back to top button