7 proven strategies in real estate investment
People all over the world have been able to make a good living out of real estate. In order for you to do that, you need to incorporate a few strategies that are sure to bring you the success that you need. The income you earn can either be passive or active but that is dependent on the strategy that you decide to use. Here are 7 proven strategies in real estate investment especially in condos Toronto.
- Long-term tenants
The easiest way to make money in real estate is by having long term rentals. There will never be a time when people will not need a place to live. Capitalize on this factor by ensuring that the location that you have chosen to buy from is appealing enough to have people want to live there for extended periods of time. The location is of more importance than the property.
Investing in real estate needs very effective strategies and one of them is leasing. This is a great way to set your foot into real estate largely because it will not require you to invest so much and your credit doesn’t even have to be that great.
Flipping is becoming quite popular in real estate and this popularity can be attributed to the increasing number of renovation shows. Flipping involves buying a home and renovating it to certain standards so that it becomes more appealing and its value consequently increases. For this strategy to work however, you will have to be keen enough to look for the right houses. The best houses to flip are usually the worst looking ones in good neighborhoods.
- Flipping contracts
Flipping contracts is yet another method that can earn you some money in real estate and you will not require much capital to do this. What you need to do is look for a frustrated seller then find an enthusiastic buyer who is ready to make the purchase.
- A short sale
This happens when an individual who is currently occupying the property is quite late on their payments yet the property still isn’t up for foreclosure. For this to happen though, the parties involved need to come to an agreement. This is because the selling price will now be less than the amount the current occupant owes.
- Leisure and vacation pads
This is an excellent strategy that will bring you so much money especially if you bought property that is close to a place where tourists frequently visit. Rent it out as a vacation pad and see the big bucks coming in.
- Go commercial
It is a proven fact that there is so much money and so much success in commercial real estate. This strategy means you not only get to flip property but you develop and upgrade it as well.