Hurricane Florence is quickly approaching the Carolinas and Southern Virginia area. However, that doesn't mean that surrounding areas will not be affected as well. Have you taken the necessary measures to minimize the damage to your investment property?
When it comes to renovating an investment property, investors rarely — if ever — slap some new paint on the side of the house and walk away with a profit. There are usually a few major repairs, additions, and more. These jobs are called “fix and flips” for a reason, so get ready to fix some things.
When it comes to fix and flip properties in Philadelphia, PA, there’s a lot of resources you should be aware of — it’s rare to find a property where all you need to rehab it is a bit of paint and elbow grease. The guide below provides helpful tips and resources, from picking the right property to picking up the actual supplies you’ll need.
Multi-family real estate investing is a great way to scale your real estate investment career. To get some deeper insight into the multi-family world, we recently spoke with Lucas Hall, founder of Landlordology. Lucas started his career at 24 years old with a rental property and has since developed a profitable real estate portfolio across three states. In addition to his properties, he teaches other property owners and managers how to successfully manage their rentals, build wealth, and keep their tenants happy.
Active income is the money earned on work that is performed on a daily basis. Some people have the ability to produce passive income, also referred to as residual or recurring income. Passive income is money you continue to earn after the initial work is completed. The goal for many investors and entrepreneurs is to keep earning money after the heavy lifting is done, with a stream of income outside of their regular paycheck.
There are a lot of benefits to single-family real estate investing, whether you’re planning to fix and flip or take on tenants. It’s a great place to start out with investment properties, allowing you to learn the ropes in a lower risk scenario. But just about every real estate investor eventually sets their sights on multi-family properties, and for good reason.
Successfully completing a fix and flip investment project can be tough. Finding the right property, securing financing, partnering with the right contractor, figuring out renovation and design plans, researching comps, enhancing curb appeal ... it's a lot to handle, and that only scratches the surface.
Single-family properties are exactly where beginners to real estate investment should start. You’ll get a great idea of how to scout for properties, how much those properties should cost, how intensive the renovations will be and how much you’ll be able to sell the property for when you’re done. They’re perfect for people looking to cut their teeth in a new financial endeavor.