You often hear people say that “it takes money to make money”. But is that necessarily the case in real estate?
There’s no question that real estate is one of the most lucrative (and safest) investment options in the market. However, not everyone has the skill or knowledge to procure the funds needed to get started.
Perhaps you’ve inherited a few thousand dollars that you want to invest? Or maybe you have managed to save up a couple hundred bucks. Well, the good news is that there are ways to get started in the industry even when you’re operating on a tight budget.
Which solution is right for you?
1. Real Estate Education
If you don’t have any prior education in real estate, it’s one of the best investments you can make. You can develop a solid foundation before you enter the market. There are many online free courses available that cover a variety of related subjects like modern real estate practice, homeownership, property types, and ethics of practice.
2. Find a partner
If you’re new to real estate, partnering up with someone who has experience in the field is a great place to start. Maybe you can bring money to the deal and learn the nitty-gritty of real estate as you practice alongside them. On the other hand, you could be a handyman while they pool in the resources.
3. Fix and flip properties
If you’ve got a knack for handyman-type work or interior design, then fixing and flipping properties might just be the way to go. Fix and flip properties are bought by individuals who see that the property has greater potential. They improve the condition of the place and quickly re-sell it at a profit.
4. Consider investing in land
Raw land is also a lucrative place to start your investment. It comes with very low holding and maintenance costs and can be rented out as is too. With the growth of trailers and portable houses, buying land and converting it into a trailer park has become quite popular.
5. Rent out a room
Dip your toes into the real estate world by renting out a room in your house. Many people have converted parts of their house into independent structures to rent out. For instance, if you have a garage or large outdoor shed, it can be converted into a separate accessory dwelling unit that can be rented out.
If you’re looking to invest in real estate in North Carolina, work with a reliable real estate broker to learn more about your options. Whether you’re looking for housing or properties for investment purposes, Phillip Fehler, a Broker at Fathom Realty, can help you find the right solution.