Property is a great investment, and if you’re looking to start a business for something that’s always in demand with the potential to earn a lot- this is a good place to consider. Everyone is always going to want houses, property will always be valuable and so as far as business goes it’s a pretty safe bet. But how exactly can you make money with property?
Flipping Houses
If you want to make a lot of money in a relatively short time period, flipping houses is a great way to go about it. Here you will buy a run down property in need of renovation for cheap, bring it up to scratch and sell for huge profits. You can make hundreds of thousands in a year if you go about it in the right way and is one way to turn a sum money into a lot more. Of course, there are some drawbacks to this. First you need to have money upfront to pay for the property and the renovation, so you need to already have some wealth to start with. Secondly, go about this wrong and you could end up losing money, property can be complicated so a good working knowledge of the property market and things like ceiling prices is essential. You will also need good contacts with a reliable team and access to materials at low prices to be able to make a decent profit. Start small and build your way up, seek help when needed. Once you have a good understanding of what it takes to flip houses it could become and incredibly lucrative.
Renting To Tenants
The great thing about renting out properties, is once the homes are purchased and you have good tenants in you make money each month without having to do much. You could be as involved as you like, but if you’d rather it was just passive income then let an agent manage the properties for you. That way you’re not having to deal with tenants directly, there’s no chasing for rent, conducting viewings or anything else. The money simply lands in your account each month and if you have a number of properties it could be one of the easiest ways you can ever earn money. Don’t forget to factor in additional costs such as agent’s fees and insurances- there is also cheap renters insurance that tenants can purchase to cover their own items. But providing you get the right people in, it could be a fantastic way to earn money with property.
Renting a Room in Your Own Home/ Your Property
Another option for making money in property, even if you don’t have lots of money to buy multiple homes is to make money from just the one. Tenants will generally pay for nice houses, if you have a room or two spare in your home you could be a live in landlord and essentially have all of your bills and mortgage paid by this. This then frees up your own money which you could use to save, and potentially put down a deposit on another house. Another thing you could do if you own a home, is rent out the entire thing. If you can find a apartment with cheap rent or live with parents for less than what you’re charging for rent, you’re earning money while the tenant pays off your mortgage!
