Vicki Carlson Have you been considering joining the world of investment property? You have options for how you get started and with what kind of property. Depending on your budget and your goals, you can dip your toes or just jump right in.
Commercial Real Estate
One way to get started with a splash is to purchase a commercial property Virginia. This type of real estate can be leased or rented out to businesses, as retail or office space, or to multiple tenants in the form of apartments or multifamily housing. The possibilities with commercial properties are plentiful and the income potential is high.
Offering retail space for shops, restaurants, and other businesses allows you to play a role in stimulating your local economy by attracting new businesses to the area. Increasing available housing by leasing commercial space like apartments can also bring new people into town, which stimulates the economy, too.
Rental Properties
Renting out houses, either in the traditional sense or as a vacation rental, is a popular way to earn rental income. Purchasing properties in addition to your current home allows you to list them for rent and earn relatively passive income.
If you’d like to start a little slower in the income property game, you can become an owner-occupant of a duplex. This is where you live in one unit of your duplex and rent out the other unit. This method is great for beginners and first-time homebuyers.
House Flipping
There is no shortage of television shows featuring house flippers, so you probably already have the gist of this concept. Buying properties that need a ton of elbow grease and a few decades’ worth of updating can be daunting, but this is a great option if your budget is low and your gumption is high.
With some creative thinking and number crunching, you can find the ideal way to start your investment property journey.
