When people think of purchasing a property, they typically think of living in their home forever. Then, when they pass away or decide to move homes, they sell the house and typically make a profit. Although this is one way of making money in the real estate market, it is by far the least lucrative.
If you’re looking to become a real estate tycoon and turn your properties into a profitable business, keep on reading, this is the article for you.
Create a Holiday Rental
Holiday rentals are a great way to bring in some extra cash during the special seasons. Look for popular holiday destinations, for example, homes for sale in Portland and take advantage of supply and demand by pricing your holiday home according to high and low seasons.
We recommend that you list your home on several booking sites rather than limiting yourself to one. You can also make your own website or create a social media page to showcase the design and feel of your home.
Renovate Run Down Homes
Another way you can make money in the housing market is by renovating run down homes and flipping them for a profit. This is an incredibly lucrative and relatively quick way to make money. Although margins differ wildly according to the scope and size of the project, most homes make a profit of $30,000.
It’s important to develop a system and have all your finances in check when deciding to get into this side of the real estate sector. Don’t skimp out on cheap contractors as you may be forced to re-do certain aspects and hire an entirely new team.
Downsize and Rent a Room
If your kids have left the nest or you’ve simply found yourself with more space in your home than you need, why not downsize? If you have a spare room that never gets used, you can decide to rent it out to someone.
Depending on the size and structure of your home, you could even turn the property into two separate units. This is a fantastic way to bring in additional income.
Rent Out Land for Events
If you have plenty of land or a sizeable garden, you can rent this space out to others for events. This may not work if you only have a small terrace, but some people live out in the middle of the country with more space than they can handle. You can even run this idea by an events management company and let them take care of all the hard work.
It’s important to do your research before you sink any money into a property. Learn as much as you can about the neighborhood by speaking to those in the local community and doing your research online.
You should also make sure your finances are in check before you take on such a large responsibility. All in all, be wise in your decision-making process and start turning a profit.
Rent Out Storage Space
One option is to rent out storage space. If you find that you have space in your home which you are not using, it might be great to rent it out as storage space. This can be done in a number of ways. For example, you could advertise storage space on websites that list houses for sale. You could also put up flyers in local businesses or post notices in community centers. Storage space is always in demand, so there’s a good chance you’ll be able to find tenants quickly. And, because you’re renting out space that you already own, there’s no need to make any major investments upfront. So, with a little effort, renting out storage space can be a great way to generate extra income.