Types Of Investment Property
For those who want to make some money in real estate, there are many different types of investment property from which to choose. Depending upon your skills, you may choose to invest in a rehab house, a foreclosure, rental property or a new home.
Across the United States there is a drought in the real estate market. In most cities across the United States, there are more homes for sale than there are buyers. Although the real estate market is depressed, now is a good time for those with money to find many different types of investment property.
If you are a tradesperson, or have family members in the trades, you can invest in land and build a home for much less than you would pay to buy a new home from a builder, or, in many cases, than you would pay for an existing home. By doing the general contract work yourself, you can save thousands of dollars in costs and if you invest wisely in a good piece of property in a desirable location, your home will gain equity as soon as it is completed.
Another type of investment property is a rehab house. This also makes sense for people who have some trade or knowledge of a trade. Many homes that are run-down are listed as "handyman's specials." These homes are usually priced quite a bit lower than others in the same market, simply because they need repairs. Many people often think of purchasing rehab properties when thinking about types of investment property.
When discussing types of investment property, the subject of rental properties often arises. Rental properties are purchased solely to rent to other individuals. In this way, you can own a piece of property with or without a mortgage, and gain income or pay the mortgage from the rent.
Foreclosures are one type of investment property that many are hot to find. Foreclosures are properties where the mortgage holder defaulted on the loan. In such cases, the bank or lending company takes over the property and tries to sell it, usually for the amount that is owed on the loan and in many cases, even less. Many people purchase lists of foreclosure property hoping to make a good investment.
Not all real estate markets are depressed. In areas where the homes are rapidly appreciating in value, investors often purchase a home that is under construction, or new construction offered by a builder. Investors put little money down, wait for the home to be completed (at which time it is worth more than what they originally paid) and "flip" the home by selling it to another buyer at the time of the closing. Many investors make thousands of dollars playing the flip game in the real estate market.
Your circumstances, knowledge, capital and skill must all come into consideration when thinking about types of investment property you wish to purchase. The types of skills and knowledge you have will determine which type of investment property is right for you.
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