If you are looking for investment opportunities, one standard option is real estate. Oftentimes people think of investment properties as large apartment buildings that take a lot of work and maintenance. There are other alternatives that can make buying rental properties a great investment without too much stress. Here are four ways that purchasing a rental property can be a good option in the long run.
1. Vacation Rentals
These days with so many vacation brokers and listings online, making money off of a property for vacation purposes is a win-win. This type of rental can circumvent long-term tenants, and there will be less wear and tear on your property. Your home can be taken off of the rental market at any point if you need it for other purposes, such as your own vacation or family home.
2. Business Rentals
Offices, warehouses and businesses can be rented out and maintained easily, and can be a better investment opportunity than apartments or homes. If you can find a company that wants to upgrade an office space specifically for their needs on their own budget, this can help raise your property value. This is less stressful than long-term tenants and can be maintained more easily since this will most likely just be an office environment.
3. Source a Property Manager
If you do end up with a multiple-unit home, you can always find a property management company that can handle the day-to-day maintenance of your property. This might involve interacting with tenants when it comes to details surrounding moving in and moving out. This can be worth the cost if you don't want to deal with general tenant-related issues, but can still provide income in the long run.
4. Duplex for First Timers
A great way to have property income is to buy a duplex and live in one of the units. You can then rent the other side to tenants and be right there for any maintenance or emergencies. This is a great option for home repairs too. You can do large projects such as painting and roofing to the entire building at the same time and raise the value of your home and rental property.
Thinking outside the box when it comes to buying rental property for real estate as investment is important. There are different opportunities to make money off of rentals, and one of these options might be a good fit for you. In the long run, investment properties are worth it if you can find the right fit for your needs.