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3 Ways to Invest in Real Estate
Wednesday, August 2, 2017

Have you caught the real estate bug? Every year it seems that more and more individuals are realizing that real estate can be one of the most lucrative investments they can make. The problem is that many people don’t know exactly where or how to invest. Here are four options that you may want to consider.

Rental Properties:
One way to get started in the real estate business is to invest in rental properties that you will also be living in yourself. A common strategy known as “house hacking,” this method will allow you to rent out rooms or units in a multi-unit building. You will also be able to buy a property with up to four units and still qualify for a residential loan. If this strategy doesn’t seem appealing and you’d like to continue living in your own place, you can always rent out the entire property as well. Just make sure the combined expenses are lower than what you’re charging in rent. Also, if you’re handy with the toolbox, you might consider managing the property yourself which will save you money and help you learn about the industry.

Fixup and Resell Properties:
We’ve all seen house flippers do their thing and make all sorts of profit on HGTV, but it tends to be a lot harder than it looks on the television. There is a large element of risk because you may never know exactly how much repairs and renovations are going to cost before you’re already invested heavily into the project. The key is to find an experienced partner who has been in the business and who is good at estimating expenses. Another risk you will face is that the longer you sit on the property, the less money you will bring in due to paying the mortgage. You can solve this problem by living in the house while you fix it up (as long as the updates are merely cosmetic).

Rent Out a Room:
The easiest way to start in real estate is to simply rent out a room in your apartment or house using a service such as Airbnb. It’s a very low-risk approach seeing as how you don’t have to take on a long-term tenant, renters are screened by Airbnb beforehand, and your provided protection against damages. As long as you don’t mind cleaning up after people, this option might be how you first dip your toe in the real estate ocean.

Buying and selling real estate comes with a plethora of forms, agreements and due diligence requirements. It is crucial to have an experienced attorney working on your behalf. Contact us by email or call 513-488-1135 to arrange an initial consultation with attorney Steven R. Wolterman.




 
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Wolterman Law Office LPA provides legal counsel for clients in Hamilton County, Warren County, Clermont County and Butler County in Southwest Ohio, including communities such as Loveland, Cincinnati, Mason, West Chester, Blue Ash and Milford.
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