In today’s society, everything is about making a quick buck. In most business ventures, it’s the convenience and security of being your own boss, along with the promise of “easy money” that push people into action. However, if you are considering starting a real estate investing career, you should know that it is definitely not a “get rich quick scheme.” It takes hard work, finesse and determination. But don’t dismay, that doesn’t mean that there is not easy money to be made, because there most definitely is. Just don’t go into it thinking that your million dollar deal is going to somehow come knocking on your door!
Perhaps the easiest way to make money in real estate is through appreciation. I know that sounds boring, but if you have time to ride out the market ups and downs, and make smart real estate purchases in the process, you are bound to come out on top. This method is not quick, but it is definitely easy.
The real estate cliché is definitely true-you make money in real estate when you buy. Knowing when and where to buy a property should be of the utmost importance to you as a real estate investor. Lower income properties are not always good buys unless you get them at a mere fraction…and I do mean fraction of what they are worth. In fact, you can often times come out further ahead by securing a decent deal in an excellent area because the appreciation of the property will be far greater than a quick sale on a rehab.
Lastly, making money through rentals is easy money. The key to making money with rental properties is that you have to keep them long enough to see debts fall off and rental rates rise. If you have owned a property long enough, you will owe a fraction of what is being paid in rent and that makes for very easy money!