If you own a second home or other income properties, you can create a long term sustainable income that can help provide for both current and future needs. You may be looking at getting started with investment properties from a conventional perspective, but there are plenty of options for people who are just starting out. You don’t have to own several full size homes to be successful in the rental property market.
Try Renting Smaller Spaces Initially
If you are hesitant about getting started with short-term rental (STR), check into some small homes or camp options to get started with a minimal investment. Small house, tiny homes, and duplex properties are ideal for people who are just getting started. You can also enlist the help of a trusted partner to maximize your buying power or even rent out that summer home that sits vacant throughout the rest of the year to vacationers. In some cases, you may even have the opportunity to purchase hunting cabins, fishing camps, and houseboats that can be bought for a low price and generate income for a good portion of the year.
Buy Fixer Uppers To Renovate
A great way to get started making steady income with rental properties is to purchase a home or space in need of minor repairs and cosmetic improvements. You can purchase those types of properties for a low price and use the remaining funds to make improvements that can help you get a higher price from future tenants. A great way to discover fixer uppers is to subscribe to auction listing sites or check out foreclosure properties in the area. Before you buy, be sure to set a budget for your purchase and a separate budget for renovation costs and stick to it. Before you make the purchase get an estimate on the cost of repairs to help determine if it is worth your time.
Try Using Short term rental management apps
There are no shortage of house rental apps on the market. Perhaps the first and still most popular was AirBnB, but there are plenty of competitors on the market too, so renting out your STR (Short-term rental) to vacationers and tourists is a great way to generate steady income. If you are unsure how these platforms work, or you simply don’t have time to manage your property or multiple properties, you can enlist the assistance of a property co-host. They can provide a variety of services including showing the home, greeting guests, and coordinating calendars and other services required for the property. A great website that offers a wide range of co-hosts to choose from is Cohostmarket.com. They have Airbnb co-hosts and property managers available in 190+ countries and offer everything you need to conveniently rent your home without having to do all of the footwork.
If you have considered getting started investing in rental properties, you should consider these options and start building a more stable financial outlook for you and your family. Over time, people who invest in rental properties can afford to retire earlier and do more of the things they want to enjoy in their free time.