15 Ways to Make More Money in Real Estate

February 21, 2022

The good news is that real estate has been a solid investment for decades. The bad news is, we all know what it’s like to have our investments go down in value after the housing market crashed and we’ve all heard about how some people lost money when their rentals went vacant. It doesn’t have to be that way! There are lots of ways you can make more money in real estate without risking your existing investments or adding stress to your life. Here are 15 ideas: 

1 – Invest in Multifamily Buildings Instead of Single-Family Homes 

If you’re looking at investing in property right now, multifamily buildings might be a better fit than single family homes (or duplexes). A single-family home may not rent as quickly as a multifamily building because there aren’t that many households with three or four children in the area to compete against. 

2 – Buy Properties That Are Next to College Campuses 

You don’t need to actually own property near college campuses, but if you buy one just across town from where students will be living, you’ll likely find it easier to rent out. Look at the surrounding neighbourhoods around colleges and universities, too; they tend to have higher crime rates than other parts of town. 

3 – Rent Out Rooms in Your Home or Apartment When You Go on Vacation 

Unless your vacation destination is somewhere really expensive, you should be able to pay for your trip by renting a room in your house or apartment. Many people would rather stay in someone else’s home than stay in a hotel while traveling, so this is a great way to make extra money. 

4 – Rent Out Storage Units 

Storage units are a popular business idea in most cities, especially during the winter months. If you have access to storage space, consider renting it out to people who need it. 

5 – Offer to Hire People to Do Yard Work for Them 

People who love gardening are often happy to pay for someone else to do their yard work while they’re away on vacation or at work. This is another service you can offer to tenants as well if you manage a rental property. 

6 – Become A Property Manager 

Property managers get paid a portion of the rent they collect each month and they usually handle everything related to tenant complaints, maintenance requests, etc. It’s not an easy job, but if you enjoy managing properties, it could be worth the effort. 

7 – Start A Rental Business with Friends and Family 

Many entrepreneurs start small businesses with friends and family members, and that’s true for rental businesses, too. If you have a friend or relative who owns rental property, you could help them with whatever tasks they need assistance with, such as showing the property to potential tenants or collecting rent payments. 

8 – Find an Agent Who Will Help You Negotiate Rent Rates for Tenants 

There are some real estate agents who will negotiate your lease rates for you instead of leaving that decision up to your landlord. This can be helpful if you want to charge slightly higher rent than you were originally offered. 

9 – Consider Renting to Students 

Some landlords choose to rent to students because they don’t have many options if they want to earn more on their properties. However, if you live in a busy neighbourhood, you might be better off renting to professionals who have steady incomes. 

10 – Be Creative with Your Listings 

When you list property for rent, it’s important to be creative and think outside the box. Post signs around your neighbourhood; there are even apps that allow you to post rental listings. 

11 – Have A Regular Maintenance Checklist for Each Property 

It’s important to keep track of the condition of your property and take care of any problems as soon as possible. Write down a regular maintenance checklist for each property so you can easily check things off as they’re fixed or replaced. 

12 – Pay Attention to What Other Landlords Are Charging 

You can learn a lot about what to charge for rent by watching other landlords and keeping an eye on what’s happening in your local real estate market. 

13 – Don’t Assume You Need A Lot of Cash to Start Investing 

It’s true that you may need a decent amount of cash to start investing in real estate, but that doesn’t mean you need a lot of money. There are plenty of investors out there who started out with very little. If you do invest in real estate, remember that it takes time and patience to build wealth through this type of investment. 

14 – Take Out A Mortgage Loan to Buy A Rental Property 

If you want to purchase a rental property, you can borrow the funds you need using a mortgage loan. If you don’t have enough cash to purchase the property outright, a mortgage is often your only option. 

15 – Think Outside the Box 

A lot of people look at real estate as a way to make money; however, there are many ways to use this kind of investment to achieve your goals, whether those are financial or personal. 

Final Words 

As you can see, it doesn’t matter how much money you currently have; there are plenty of ways to make extra income in today’s world. As long as you’re willing to put in the effort, you should be able to turn your spare cash into additional wealth. 

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