Did you know real estate is a great way to make passive income and great generational wealth?
There are many types of investment properties that you can purchase to increase your profits. It can be overwhelming to know what type of property is best for you.
Well, you've come to the right place. Keep reading to find out everything you need to know about different types of investment property.
Fort Lauderdale Real Estate Facts
If you're looking for a reason to invest in property in Fort Lauderdale, consider the population growth that had continued to increase by 0.9% each year. The more demand there is for housing in the area, the easier it will be to increase your ROI (return on investment).
The average property rents out for about $1,300 a month and the average home price is $350,000. The community is diverse and has many attractions that draw people to the area.
House Flipping
If you aren't looking to invest in rental properties, consider purchasing a fixer-upper. You can either find a property that needs to be completely redone for less money or you can a property that only needs a few renovations.
You'll need to hire someone to do the repairs or do them yourself. Once the home is completed you'll want to sell the property as quickly as possible. The longer you hold on to the property, the less money you'll make.
Residential Investments
Residential properties are great if you want to buy a property and hold it for a while. There are many different avenues you can take with this type of property.
Long-term is an option if you want to have the same tenants for a while or you can choose a short-term option for vacationers. You can't go wrong with either option, it's all dependent on which one is more appealing to you.
Some property owners struggle to find tenants, especially when they are just starting. If you don't live in Fort Lauderdale this type of investment property is still possible with a management company. A property management company will be able to help you with things such as marketing, maintenance, and rent collections.
Real Estate Investment Groups
Types of investment properties include real estate investment groups (REIGs). This is an option for those who want to invest in property but don't want to find the properties or run them.
In this situation, a company will buy or build a community or apartment complex, and then you, as an individual, can buy through the company. Essentially becoming part of the investment group.
Commercial Real Estate
Investment properties also include commercial real estate which is best for long-term rentals. Companies will often rent out commercial buildings or office space for longer than 12 months at a time. It can also be less hassle than having tenants moving in and out of your residential property.
Investment Properties
There are many types of investment properties to choose and it can be overwhelming if you're just starting your real estate portfolio. However, once you start reaping the profits it'll be well worth it.
If you're considering purchasing some investment properties contact us here. We have helped many people manage their properties and build their portfolios and we can help you too.
