1. Own a shared holiday home.
Cost investing in Co-ownership to buy property is not new. Trustworthy companions are hard to find. Many co-ownership agreements are difficult. Unless you’re an experienced real estate investor, you may feel overwhelmed.
New technologies simplify co-ownership. Plum CoOwnership makes it easy to co-own with friends or investors. Plum matches groups, guides you through the buying process, and stores all your documentation. Financials and house rules. You can leave your contract and sell your stake easily. Co-owning a holiday house has significant investment benefits. Unlike timeshares or rentals, you own the property. Co-ownership offers flexibility. You can rent out “your” days or sell your part. Reduce predicted and unexpected maintenance costs.
2. Rent-to-own as cost investing
Co-ownership is similar. Yet, Gen Z and Millennial homebuyers like it. 55% of Gen Z would rent-to-own, according to Javelin Strategy & Research. Younger customers struggle to buy their first homes. Cost investing issues prevented over 20% of Millennials from buying a home recently. Rent-to-own makes sense for folks without families to help with a down payment.
Unfamiliar with rent-to-own investment? Investors can rent properties from sellers. You can buy the house after a certain leasing period. You could sell the house then.
Rent-to-own contracts can sell a property that’s not selling. Selling may be easier. Though you’d be a landlord for a time, you’d have a better chance of selling it for a particular price.
3. Buy and live in a multifamily property.
Forget growth hacking. Househacking is needed. This real estate investment entails finding and buying a multifamily property. You wouldn’t rent all the rooms. You’d reside somewhere in the house. Say you find an affordable duplex. You’d rent half the house to a reliable tenant. Rent covers many of your expenses, reducing your out-of-pocket costs. Who wouldn’t want decreased or paid utility bills, mortgages, etc.?
If you pursue the “passive income” approach, set an aggressive mortgage timeframe. There are 10-year, 15-year, and 20-year mortgages besides the 30-year. Your mortgage may be paid off faster if someone else pays it. You’re not stuck in your multifamily unit either. Save and invest to go forward. You may want to keep the rental to give to family members. Keeps the cost investing lower.
4. Airbnb and couchsurfing is cost investing
Airbnb seems ancient. Democratizing vacation property rentals revolutionized the hospitality and tourist industry. Airbnb, VRBO, and other sites enable premium space sales.
Couch surfing starts with a room with a bathroom. In a popular city, you benefit. Off the main path, you may locate short-term rentals.
Furnished Finder offers medical professionals rooms and apartments. Rent your guest bedroom and bath to doctors and nurses if you live near a hospital. Just verify your property ownership.
You may receive regular room rental money. As the average medical traveler stays 92 days, you may only have four new guests per year. This real estate cost investing technique has one drawback: strangers in your home. Nonetheless, being a landlord may be easy.
5. Become an “estate bird dog” lower cost investing
Bird dogs make hunters successful. Bird dogs must locate prey. Real estate “bird dogs” are just as significant. Bird dogs connect wholesalers to real estate investors. Bird dogs find distressed or discounted properties for investors. They then sell the properties to investors and get paid.
Bird dogging is great because you can do it part-time. Unfavorable? Starting may be tricky. You’ll need to network unless you know hungry real estate investors. It’s achievable but time-consuming.
Know this workaround:
- Bird dogging applications exist.
- Bird Dog ExpressTM is notable.
- Starting Bird Dog Express requires little knowledge or resources.
- Bird dogging can earn you investment bucks with a smartphone.
Power-flip is good cost investing
House flipping reality shows dominate HGTV. Flipping requires patience and skill, despite what TV shows. Flipping profitable fixer-uppers requires surrounding oneself with experts.
Talking to other flippers is a good start. They’re common in home auctions. Ask them about flipping. Before bidding, learn as much as possible.
Flipping can be profitable. When renovating your flip, you can live there. It’s comfy if it’s habitable. You’re only visiting. Keep track of each flip’s real and hidden expenses. To evaluate if flipping is right for you, you must know your earnings.
7. Own a parking lot for financial freedom
Last real estate investing tip:
Purchase parking. Park in major cities for a premium. You probably did it.
If you can’t find a parking lot, consider distressed properties that could be demolished and paved over. Razing a building is expensive, yet distressed properties with acceptable footprints sell for less. Calculate how soon you can start making money.
To run your new facility, you need a parking lot attendant, insurance, etc. Market it too. It can become a veritable money tree.