Investing in real estate is one of the most trending investment possibilities right now and we will give you some examples of how you can jump on this train too
Rent a part of your apartment
If you are living in a 3 bedrooms apartment it’s a good idea to get some extra cash by renting one of the bedrooms to a college student or a person who is willing to live with a roommate
We are talking about $5-20k a year of rent here. Choose a person who is reliable, has a job, or is studying.
Put your advert in Craiglist or AirBnb and check how many calls, and messages you are getting. If you are getting a lot of messages – raise the price of an apartment. We are looking here into profits and not into the charity
This one requires more knowledge and it’s riskier. More risk – more profit you can make
Consider starting low. If you can buy a one-bedroom apartment for $30-$50k it should be a good starter for you.
Remember – we are not looking into apartments that are in great condition. These apartments will cost much more than $40k
Plan you need to have in mind. It will require your time and money. You need to have at least $10-20k on top of all possible obstacles you will face
Things you need to consider while flipping the property
- Setting a timeline for selling the property
- Don’t spend money on unnecessary upgrades
- Hire a professional photographer
- Put your property on Craiglist or any other website you trust in
- Aim for a realistic price
- Negotiate all offers you will get