Real estate investment is an exciting means of enriching both your portfolio and profile. There are a few different ways to get started you may not have thought about, including empty lots, unlisted properties and foreclosed homes.
Buy Empty Lots
Mark Twain famously stated, “Buy land they’re not making it anymore.” On that note, a great way to get started in real estate investment is by purchasing vacant lots. An agent can help you as you move forward with your investment. Keep in mind what property values are in the area, as this will affect how much house you can construct. Once you have your property inspected, you are ready to build your dream investment property.
Purchase Unlisted Properties
Sometimes when you’re looking for a house, the one you want may not be listed. However, that does not mean they are not available. Some houses are open but are not listed publicly. You can buy off market property as a way to find and invest in areas you may not have considered. This will open doors to new neighborhoods, and provides you the means to expand your portfolio without bidding against other investors. This method is an exciting way to get started in real estate.
Finally, consider investing in a foreclosed property. These are listings of houses that have been seized by the bank or government for various reasons. The risk of these properties is that owners may damage the house before leaving it, leading to higher repair costs that may not necessarily be disclosed before the sale. However, the benefits are also great. These houses are often listed at below market value. Before you invest, familiarize yourself with the dos and don’ts of buying.
Whichever way you chose to invest if you go into it well informed you are sure to succeed.