Investing in real estate and homes as a form of income is tricky, but theres a lot of money to be earned there. It is tricky because of the market irregularity due to the lack of same products ( every house is a story for itself ). There is a lot of money to be earned in real estate business because if you know how to do it you will be able to buy cheap and sell a bit less cheap, and earn that beautiful difference.
It is a bit too blatant, but I will still go through with it, and tell you to invest in Gallatin, Tennessee and I will explain you why that would be smart business move.
This town has over 30 000 souls and the number increases by around 500 per year, which means people come and stay there. Advantages of Gallatin is that it is a small and peaceful town, which has relatively good night life for its size. Check this report on the top military boom towns.
One-floor, two-floor and even three-floor houses can be bought in the Gellatin. And that is not everything, because the size of the lot is important for some, and there are really big lots, and then there are lots that have only small backyard. This is important for every investor because you must know what people want and you must read in which direction the trend is going.
Gellatin is a booming town, and more and more houses are built, and a customer may buy yet unfinished house, and ask for specific additions to it while it’s still built. This choice is an critical hit for every investor because those changes, alterations of the basic house are close to nothing in form of expense, if you compare that to making those alterations later.
Crisis that struck whole world was felt in Gellating as well. Many lost the ability to pay their debts to the banks and they lost their houses, and there are people that are still hanging on the edge. This opens two options that every investor is searching for, real estate auctions and bank owned houses.
Real estate auctions are good places to buy houses. In most auctions the owner can be too attached to the house and ask some crazy money for it, but there are auctions in which people realize that they need that money and house is just another house. Those auctions are good sources of cheaper houses you can profit from later.
Houses that banks take from the debtors are best possible option for investors. Banks will sell those houses under-price because their goal is to retrieve the money the debtor owned them. If you stumble on nice property that is owned by a bank, don’t think about it, just buy it.
Finally, if your just not up for the area, than consider the best investment properties outside of your city or state, in markets which you deem more vibrant. Additionally, you may have other ways to generate income from your real estate property.