After the crisis and the burst of the real estate bubble in 2006, the market is fully functioning again, and people know and understand that large profits can be made once more. What they don’t know, is that there are more ways than one, to make a business out of real estate. Here are a couple of tips and tricks on how to be successful in the real estate industry.
Be a landlord
This is the oldest and most known real estate business idea. To own a property and rent it out. It does not matter if it’s for a long or short period of time. By renting, there are 2 ways you can make money. The first is to receive a stable cash flow every month from a tenant. The second way – appreciation of the property’s equity. You have to wait for the rise of value of the property, they rise along with the developing market. Owning a property is an investment and brings you income every month, what can be better than that? The concept of a landlord came from medieval times, when real lords were collecting payments from people around the town for living in houses owned by state. These days, the real estate market is turning people into billionaires. The best example is John Jacob Astor, who bought land in NYC in the 18th-19th centuries. He leased that land to developers, who build properties on it. At the time of his death, he was the richest man in the United States of America.
Flipping the property
In the past several years, flipping a property has become a huge trend. People even started creating TV shows about it. The whole idea behind it is that you buy a rundown house, fix it up, decorate it, and sell it for a profit. Usually, a buyer is a retail customer who pays more than a company. This kind of business requires a lot of investment at first, scouting for possible gems in the market and getting a good one-time profit. General contractors, for extra money will flip a couple of houses per year. Also, there are investors whose main business is flipping houses. You don’t need an office or a team, you can flip houses from your home by hiring workers or doing it yourself if you know how.
Be a Real Estate Agent
Agent positions relates to the modern property market. It is really hard start up, because the competition is huge and the industry is harsh. Most places require higher formal education or some kind of certification, proving that you are qualified to be a real estate agent and that you are trustworthy to handle people’s property. There is also no real requirement for a business office because you can work as a freelancer from your home office.
Become a real estate photographer
You won’t have to own a property or sell anything, you just need to have good skills and a camera. This is a marketing position, and mostly a freelance one. Real estate photographers take pictures of houses for owners and agents to post them online and use it as selling material. Your hours depend on how much work you can take on, and how many sites you can do per day. If you enjoy taking pictures and being on the move all day, then this is a business idea for you.
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