For many people, real estate investing has been a vehicle to make wealth outside their 9-5. The best part is, you don’t have to be a millionaire or have any background in real estate to get started. Maybe you are interested in venturing into investing but are concerned about being able to afford this side-hustle. Understandable! That’s why we’ve compiled a list of affordable real estate investing opportunities that can work for anyone. Here’s what you need to know.
Affordable real estate investing opportunities
Fix & flip
If you, or someone you know, is handy and likes home projects, buying a fixer-upper could be for you. With this type of investing, you buy a distressed property to repair and renovate. You can put your interior design or handyman skills to work and increase the home’s value without spending much capital yourself. You then can sell for a profit or keep it as a rental property for consistent income.
Wholesaling is a great option for investors with low budgets. Wholesalers will enter into a contract with a seller while at the same time lining up another buyer. The difference then goes to the wholesaler. These properties are typically distressed and need renovations. Unlike flipping, a real estate wholesaler does not do any of these renovations and therefore does not incur the costs.
Lots & land
Raw land and empty lots are typically the least expensive pieces of real estate. It can give you a place to start if you are low on funds. It also gives you time to save up money and make decisions about what you will build. This offers a lot of options.
Strategies to find affordable real estate investing opportunities
Find a partner
If you can’t afford to purchase an investment property alone, go at it with a partner! This is a great way to not only lower costs, but if you are new, you won’t be doing it alone. This is a more inexpensive way to get your feet wet with investing. Maybe you are handy and could handle the renovations while someone you know has the capital needed to buy!
Private lenders, also called hard money lenders, are very popular among real estate investors. The process to get a loan from them is often much shorter and less stringent than traditional lenders and can be an easy way to secure financing for your first project.
Invest in your education
Investing in your education can save you (and make you) money in the future. With the proper guidance, you can know how to best maneuver situations in which you find yourself. It could even save you from sticky legal situations or from making poor financial decisions that could have been avoided. You don’t know what you don’t know, and taking the time to learn from others who have gone through this will be to your best benefit.
Intro to Real Estate
If you are interested in learning more about making real estate investing work for your circumstance, consider our team’s real estate education courses. We know firsthand the freedom and possibilities real estate investing offers, and we want to share what we know.
Our courses are for those looking to leave their 9-5 in pursuit of something more fulfilling, no matter their prior experience or learning style. We use real-life investing scenarios to effectively equip our students with the tools they need to succeed.
If you are ready to invest in your future, start by investing in your education. Click here to contact us today.