A career in real estate can provide you with an excellent salary and job stability. In addition to becoming a standard real estate agent who helps clients buy and sell homes, there are many other career paths in this field that are worth exploring. Here are four ways to start a lucrative career in real estate.
Rent Out Apartments
Serving as a landlord while you rent out apartments to tenants and collect monthly rent payments can give you a steady stream of income. You can choose to buy an apartment building to rent separate units or work for someone else to help them manage their rental property. In your role as a landlord, you’ll be responsible for making sure that all rent is paid on time and handling any maintenance or repair issues that may occur suddenly.
Now, if you want to make a passive income off of rental properties, you don’t have fulfill the role of landlord. Hiring an individual or a management company is an excellent option to make sure that your renters are taken care of as well as your apartment building or houses. Depending on the market and your desired profit margins, this could be a smart choice, but make sure you do the math first so that you can decide if it is worth a portion of your profits for landlord services.
Flipping houses involves buying homes that need a lot of work and then selling them for a profit after they’ve been renovated. To be the most successful in this profession, you’ll want to enlist the help of real estate agents, contractors, accountants and attorneys who understand the industry. If you’re having trouble affording the purchase of homes to flip, you can apply for one of the flexible, short-term fix and flip loans that comes with a low interest rate.
One again, we offer the advice to add up the costs and the interest to make sure you are still profiting off the deal. You should know the minimum offer you will accept on a house to make enough money for the venture to be worthwhile. Don’t forget that you shouldn’t just take into account the financial investment you make in these houses but also the time you invest. Make sure you are paying yourself for your own time spent flipping the house.
Consider Investment Properties
Just like with a home that you plan to flip and sell for a profit, you can purchase investment properties that can be sold for returns. Single-family homes, apartment buildings and duplexes are among the best properties to buy and resell to boost your income. Commercial properties can also be excellent investments. You can even purchase some vacant land and sell it to a developer. If you drive past any vacant lots in your hometown, consider tracking down the owner and making an offer, even if you don’t see a for sale sign. You might beat interested commercial developers to the market and make a profit flipping the lot.
If you want to help a property owner take care of their real estate investment, you can work as a property manager. The role of a property manager is to be the eyes and ears of the owner even when they’re not on the premises. The owner will expect you to stay on top of ground maintenance issues and other responsibilities that affect both the owner and tenants. You’ll also likely be responsible for resolving any tenant disputes to save the owner from the hassle.
The numerous possibilities in the real estate industry should help lead you to a career that gives you both fulfillment and stability. No matter what path you choose, you can have an easier time settling into your profession by knowing exactly what’s expected of you and finding ways to do the best job possible.
By Meghan Belnap
who is a freelance writer who enjoys spending time with her family and residing in Oklahoma.