Did you know that one ambitious millennial got into real estate and now has seven separate sources of income? With many millennials suffering from college debt, this is an impressive accomplishment.
If you want to reinforce your income or start changing the course of your entire career, real estate investing is a wonderful option. Of course, you can’t simply jump into it and start making money right away.
Are you wondering how to start investing in real estate? It’s not as intimidating as you might think. Keep reading to learn all about how to start investing in real estate with this basic guide.
Online Real Estate Investment
When it comes to investing in real estate, the simplest way to dip your toe in is by using an online platform. From there you can browse a wide range of real estate investment opportunities.
The downside to these platforms is that you often need to be an accredited investor, which means proving you make a certain amount of money, usually over $200,000 for a single taxpayer. You’ll be glad to know that some platforms don’t have this requirement.
A Rental Property
One of the most intense yet rewarding ways to invest in real estate is by buying a rental property. If you or a friend are good with renovation and home improvement, then you could work some great real estate magic.
Not only will you get constant income, but the properties themselves will appreciate over time. However, it can sometimes be a hassle to manage your tenants and if you have vacancies in your property then that ends up being money lost.
Get Real Estate Investment Trusts
When thinking of different ways to invest in real estate, you should consider getting one or more real estate investment trusts (REITs). Like a mutual fund, REITs can be a great source of regular income. If you’re ambitious, then you can use the profit of your REIT to invest in more trusts.
This is a great opportunity to prepare for retirement. However, not all REITs are the same. Unless you’re a housing market expert, it’s best to consult a professional before investing.
Rent Out a Workspace or Room
Another way to try out real estate investment without making a huge commitment is by renting out a workspace or room on your own property.
For instance, if you have a shed, you could renovate it as a retreat for artists to stay in. It could even be a cozy little place for a bed and breakfast. The possibilities are endless.
Now You Know How to Start Investing in Real Estate
Now that you’ve learned all about how to start investing in real estate, you can begin spending money to make money. With more experience and the right strategies, you can really make it big.
There’s a whole lot more to know when it comes to real estate and financing. If you want to be as prepared as possible, then don’t hesitate to bookmark our site.