One thing I do often is buy up housing that's somewhat small for a good deal, fix them up and then I rent them to low income individuals. It isn't much money, but most people I rent to pay on payday and are reliable. I plan to buy more near a block I live on, so that I can rent out the whole block of houses to people. Could be interesting.
I will be going with small housing until I can afford to get into selling bigger houses. I have my eye on a few properties right now, and I can see myself getting them. I will be fixing them up, and then I will sell them to gain more properties.
Small homes are a lot easier to fix up and flip for sure but you have to be sure to do it to code in your area. I have heard of people losing a lot of money and ending up in massive amounts of debt doing this without knowing everything.
If you’re young and you’re looking to purchase a new home to live in, maybe you should consider turning your first home into an investment property. While most people wait until after they’ve bought their first or second home to begin investing in real estate,Many people, especially in the wake of the mortgage crisis, have found themselves wondering: “Is buying a house a good investment?” One way to ease your worries about whether buying a house will pay off is by renting out the first home you buy. By turning your home into an investment property, you can leverage your less-than-perfect credit, less-than-perfect lifestyle and limited responsibilities into an investment. you could start much sooner than you think.
I have done this myself. I find it to be the most fun and rewarding to buy them smaller and easier to manage by myself. It takes longer, sure but when you are able to finish things up and see a happy person or couple buy their first home, it makes it all the sweeter.
I have never been a person to want that much responsibility. I know there is a huge market for it though. A friend of my wife's well a family friend, has several properties she rents out. I think something like 15 homes. She and her son manage everything and she is a millionaire.