The Two Worst Ways to Make Money in Real Estate
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Many people turn to the world of real estate for their big payday. However, many self-proclaimed ‘gurus’ out there will try to talk a lot of people into getting involved with rental properties or house flipping, but when it comes to making big money for very little work, these two endeavors are the WORST ways to make money in real estate.
First, let’s start with the landlord game. Unlike buying foreclosed properties, buying rental properties is a lot of work and leaves very little profit up front. Sure, you might make a few bucks at first and increase your earnings as time goes on. However, you also have to deal with the headaches of tenants, repairs, monthly mortgage payments, and other hassles that you might not have been prepared for in the beginning. You’ll probably end up spending more than you make because of all the different things that can come up, leaving you high and dry with a bunch of properties that you can’t unload.
House flipping is similar in that there are usually more expenses than profits. Sure, it’s true that you have to spend money to make money when you’re doing rehabs, but you shouldn’t be paying out more than you’re bringing in. If you buy a house to flip, you’ll likely be tied up in it for at least 3 months or more, meaning that you’ll make those three mortgage payments. Add to that the expense of fixing everything and your tab is quickly growing. By the time all is said and done, you’ll be lucky to come out on top and make a small profit for at least three and maybe 6n months or more of hard work. Doesn’t sound very successful, does it?
Some people prefer to learn how to buy foreclosures, which is one of the best ways to make money in the real estate game. When you learn how to buy foreclosures the right way, you’ll find that foreclosed properties are much easier to deal with.
You won’t have money tied up for months on end, you’ll be making bigger cash profits up front, and you’ll walk away with money quicker than you would with either of the other two real estate ideas. Sure, real estate flipping can be fun and being a landlord might be a profitable experience over the period of a lifetime, but if you’re looking to make cash now, you need to get into the foreclosures game instead.
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