There are a lot of ways to make money. The first and most basic strategy is to have a job with a salary. The longer you work in a field, the more you can make because of your experience, landing promotions or obtaining raises through consistent performance. You can also make money through investments.
One industry that provides diverse moneymaking opportunities is real estate. Real estate refers to the buying, selling, and renting of property. A property can encompass buildings and land. Since there are many types of properties in every local market, the opportunities within this industry are numerous almost anywhere you look.
You can build a career or a robust investment portfolio in the real estate industry. Here are a few ideas for getting involved in this field.
Become a Real Estate Agent
The first career path that probably pops into your head within this industry is becoming a real estate agent. It is a unique role because it is entirely dependent on your ability to help clients buy and sell properties to determine how much money you can make. While the brokerage you work for may pay you a stipend for your contract with them, you will only earn a living by facilitating transactions. Many consider this situation to be too risky, but you can make an excellent salary if you are an effective realtor.
Specialize in Real Estate Photography
If you have the eye of a photographer, then you can earn a significant income by offering your services to property sellers. When people want to sell their properties, they need to present them in the best light possible to attract buyers. One of the main strategies for doing so is sharing high-quality photos of the property and its amenities. Research demonstrates that homes and commercial buildings with great photos attract a higher number of offers than those with low-quality pictures. Since many buyers will start their property search online, sellers will pay good money to have digital photos to display.
Invest in REIT
Want to take advantage of the investment opportunities of the real estate industry without inheriting too much risk or increasing your workload? Getting involved in a real estate investment trust is the perfect solution. These trusts will invest in diverse properties using the pool of money from a large number of investors. Due to the diversity of the portfolio, returns are typically reliable, but they are not huge. However, over time, you can reinvest the dividends to generate even more wealth.
Buy Property to Earn Money
Property can be a big moneymaker if you own it. Perhaps you have some savings and want to increase your income stream for greater wealth in the future. Investing in a rental property could be wise since the rental market is very strong. Maybe you want to become a business owner and a landlord at the same time. Purchasing a Calgary, Alberta, restaurant for sale, along with the building it is using, could become two separate revenue streams if other business tenants use the building as well. You could also just invest in a commercial property to collect rent from businesses as you pay back the loan and pocket any profits.
Investors who like to work with their hands may consider flipping houses for profit. Usually, it involves buying a distressed house for a very low cost. Then, you can put money into upgrading and repairing it so that it is ready for another seller. Next, you will put the house on the market for a much higher price than what you paid for it. You have to have a good plan for covering the cost of the upgrades and getting the work done. You’ll also need to understand all the numbers, including capital gains taxes, interest rates, appreciation, and more. Flipping houses for profit is not for the faint of heart and takes a lot of hard work, but some people have made a substantial living on this strategy.
Offer Contracting Services
Working on properties is another way to get involved in the real estate space. Constructing and maintaining these properties may involve plumbers, electricians, roofers, concrete specialists, carpenters, painters, HVAC repairmen, and more. If you have a trade skill and a license, then you can offer your services to property owners and get paid well to do so. Without real estate, you wouldn’t have any work to do, so becoming a contractor is a natural pathway into the real estate industry.
The Real Estate Sector is Overflowing with Opportunity
If you have the right motivation and skill set, then there are plenty of ways to make money in the field of real estate. Whether you become a realtor, a property photographer, and rental property owner, or a contractor, you can make a great living in the world of property transactions and maintenance.