“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full and managed with reasonable care, it is about the safest investment in the world.”- Franklin D. Roosevelt
Without a doubt, real estate investment has always been one of the avenues for financial freedom. In fact, it has proven to be one excellent way to produce wealth—surpassing any other industry in the world and in the history of time. Unfortunately, even with its excellent track record in finance, people remain to be skeptical as regards real estate investment thinking it too much of a risk. To most individuals, success in real estate largely depends on a combination of skill, talent and a stroke of luck. While all three are helpful in your endeavors in real estate, they are not absolutely necessary as some individuals have fairly succeeded without it. You do need to be able to find the money to start out.
In any case, if you are planning to have your 2br condo for rent in BGC or elsewhere, here are some of the ways you can make money:
- Long-term residential rentals
If you want to have a better leverage on your rental incomes and finances, the consider trying the long-term buy and hold residential rentals. Although it seems like an intimidating pecuniary venture, you need to consider that people would always need a place to live—there is no way around that. If you selected a prime area for rental such as lots near office spaces and schools, you can potentially make a fortune on rentals alone.
- Lease options
If you are on the hedge as to real estate investments or are wary in shelling out a significant amount of capital, then you have a myriad of lease options. In this regard, you would not need so much for capital and great credit, albeit recommended, is unnecessary. After all, you are leasing with the option to buy. Make sure that the real estate market is on the rise so that you can create a pre-set price which you can then later buy the property at.
- Home-renovation flips
Flipping houses has already been a thing and you can make a lot of profit out of it. In fact, over the years, the fix and flip culture has exploded owing to the popularity of home renovation shows. Today, you can even buy a downtrodden house, renovate it and sell it for twice its original value. Sure, it sounds like a real moneymaker from the get go, but do remember that this can be quite tricky to navigate. So, tread the waters carefully especially when you lack the knowledge and expertise. If you do decide to take this tack, research as much as you can and get some useful tips from the experts.
- Vacation rentals
Since the advent of Airbnb and various booking sites such as Trivago, vacation rentals have no presented a unique and lucrative way of making real estate profits. If you have vacation houses that are used roughly for only one time of the year, consider renting them out—especially if they are located in a highly-trafficked locale.