The vast world of Real Estate offers a variety of ways to make big, big money. If you’re retired and looking to occupy your time a bit more, chances are getting into Real Estate is a great fit for you. Don’t worry, this doesn’t involve putting on a suit every day and showing houses to strangers around your neighborhood, or praying that your own house’s value goes up a good amount before you sell it. These are great strategies for making big money instead of spending your days thinking about Medicare supplement plans.
Perhaps one of the simplest ways of making money in Real Estate is buying a house and renting it out. If you don’t have the cash to buy a house outright, there are still a few ways of doing this: You could split the house cost with a friend or relative and go 50/50, or with a group of people and each take an equal share. You could also go to the bank and take out a loan to buy the house, or again, with one or more people and split the cost. As long as your rental income is more than the loan payments and cost of upkeep, you’re making a profit.
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If you’re not a handyman or not interested in dealing with house maintenance, all you have to do is hire a property manager to take care of it for you and factor the extra cost into what you charge for rent. You could hire an experienced professional, or if you bought a house in good condition, perhaps paying your Grandson a few extra bucks to fix things up every now and then when they’re needed will suffice.
While rental income will pay you indefinitely, it’s possible to make a larger amount of cash in a much shorter amount of time by flipping houses. This requires a lot more time, skill, and effort, but that could be a great way to keep yourself occupied during retirement.
You can use the same strategies as outlined above to buy the house, but this one should require fixing so it’s of lesser value. Then you, or a team of skilled carpenters you hire, fix the house up so it’s much more valuable than it was when you bought. All that’s left is to sell it, and hope you can sell it for much more than everything you put into it. It’s probably best to partner with a professional at first while you learn the skills you need, and eventually you’ll be able to do it all on your own for big bucks.