Investing in real estate can be one of the smartest things to do with your money. Especially in today’s strong market, there are less risks. However, investing in real estate can be intimidating if you are also on a budget. Here are ways to invest in real estate that are more realistic and won’t take millions, according to realtor.com.
Practical Ways to Invest in Real Estate
1) Purchase a vacation home, and then rent it.
Here in Miami, we see many, many vacationers. These visitors always need a place to stay. If you were to invest in a vacation home, you could rent it out for much of the year. And sometimes, you could even come enjoy it yourself. Check out the gorgeous properties we have available that could be perfect for you as well as some renters. RE/MAX Paradise can help you purchase as well as rent when the time comes!
2) Convert a garage or basement into an apartment.
You might already have space that you aren’t using that could be invested in for a tenant. You could easily maintain it and keep on eye on it.
3) Invest in a single-family home.
“There is always demand for single-family homes,” says Bruce Ailion, an Atlanta-based Realtor® and attorney.
You could invest, fix-up and resell, or rent it out. Supply is tight on homes these days, so demand is high.
4) For a little more money, a small apartment building
While this investment is on the more expensive end, with more space to rent out comes more revenue. Although being a landlord for one of these buildings can be tough, having more than one space means better probability for stream of rent.
If after reading these ways to invest in real estate that are not so intimidating you are ready to make the purchase, contact one of our agents today!