Do you have a passion for real estate? Perhaps you love watching property shows, and find yourself browsing home listings just for fun. Maybe it’s something you’ve always wanted to go into as a career but found yourself not knowing where to start, or maybe just talking yourself out of it. Here are a few different options for ways you can make money with real estate:
Develop or Renovate Property
Developing property is a fantastic way to earn money- and you really can earn a lot. You could buy run down houses cheap, bring them up to a good standard and sell for a large profit- otherwise you could rent them out if you want to create a long term income. Another option would be to buy a plot of land, get planning permission and build from scratch. There’s a serious amount of profit to be earned, but of course there are some drawbacks.
Firstly, you need to be knowledgeable about property and the market. Some areas will have a ceiling price, limiting the profit you can make. Other areas will be up and coming and others will be in decline, and you’ll need to know what kinds of properties are in demand in which places. If you’re new to property then it’s important to get clued up on the topic before spending your money. The second and the biggest drawback for most people when it comes to becoming a property developer is that you usually need money upfront to buy in the first place.
You do have the option of getting a buy to let mortgage if you want to purchase a property to rent, but to renovate and buy you will need the cash to do so. If you’re buying at auction, then this will require cash. If you’ve got savings, an inheritance or access to money then this could be a rewarding and fun way to earn a living. But be sure to go into things with your eyes open.
Become a Real Estate investor
If you want to earn money from property but don’t fancy rolling up your sleeves and getting your hands dirty, you always have the option to invest and become a ‘silent partner.’ If you have a business partner, family member or other trusted associate who wants to renovate or develop, you could contribute towards buying the property and then leave them to get on with the work. Decide on how the profits will be split, and then once it’s sold you have money in the bank without having to do a thing.
Become a Real Estate Agent
Another way to work in property in more of the traditional career sense would be to become an estate agent. There’s advice online on how to become a real estate agent, and it generally involves taking a course and gaining your license. From there, you can go on to specialist if you wish. You get to match up clients with their perfect home which can be really rewarding, and you can make good commission on top of your earnings.
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