The real estate industry is booming right now. Over 700,000 homes were sold in the U.S. in 2019 alone. Now, thanks to the COVID-19 pandemic, it’s expected that the housing market is going to rise even more as people are looking for a change of scenery.
But, there are more ways to make money in the real estate industry than most people realize. Whether you’re a realtor, a house-flipper, an investor, or you’re just interested in learning more about real estate, in general, it’s important to know as many unique ways as possible to increase your cash flow.
With that in mind, let’s look at a few creative ways you can make money with your investment in a property, and why investing in real estate is one of the smartest things you can do.
1. Contract Flipping
If you don’t have a lot of capital to get started in the real estate industry, consider contract flipping. Unlike house flipping, you don’t actually have to do a lot of work when it comes to fixing anything up or physically working on a property.
Instead, contract flipping involves finding the right people and the right situation. Typically, this includes a homeowner that can’t afford their current home and an interested buyer. Instead of going through a traditional sale, you can enter the interested buyer into a contract right away. It’s a win for the person who isn’t able to keep up with their contract, a win for the buyer, and a major win for you.
In order to be successful as a contract flipper, you need to always be on the lookout for vacant homes or houses with mortgages that aren’t being kept up.
2. Cell Tower Leasing
If you have a certain property in your name, have you ever considered cell tower leasing? This is a process in which there is a cell tower on your property, or a company wants to build one there. You can “lease” out that section of your property to whatever company wants it.
In essence, what you’re doing is creating a bidding war between companies that want access to that cell tower – usually major phone companies. You don’t have to lift a finger when it comes to making money this way. But, you may want to work with cell tower lease experts to make sure you’re getting solid offers and that you settle on a fair price. Lease experts like Vertical Consultants (https://www.celltowerleaseexperts.com/) can help.
3. Vacation Rentals
If you don’t want to get into the process of selling or leasing homes on a long-term basis, why not consider vacation rentals?
Depending on where you’re located or where you’re able to secure a house, you can rent out a vacation home for quite a bit of money, and you’re in control of every logistic. You can decide how long to rent the home out for, what’s included, etc.
Renting out a vacation home can take a little bit of research. Educate yourself on other vacation rentals in the area. What are they offering? What do their rental agreements look like? By scooping up as many properties as you can in a hot vacation destination, you can turn it into an incredibly lucrative business without having to do much aside from general maintenance and upkeep.
4. Sell/Rent Commercial Property
You might think that dealing with commercial property would be more difficult, but it doesn’t have to be. That’s especially true if you’re already into house-flipping or you have past experience with it.
When you buy up commercial properties that need work and invest in them, you can turn them around quickly to startups or businesses looking for a new location. Not only is this a great way to make a profit quickly, but if you live in a desirable area for businesses, your profit will be a sizable one as well.
If you can manage to scoop up several commercial properties and get them “business ready”, you can create quite a lucrative operation for yourself, especially if you choose to lease them to businesses, rather than sell them.
As you can see, there are more ways than you might initially think to make money in real estate. Consider your skills and natural talents as well as what you’re willing to do and the kind of work you want to put in. There’s more to real estate than just the standard buying and selling of homes. These options allow you to get creative, and make a nice profit while you’re at it.