Making Money in a S-l-o-w Real Estate Market
If you are looking to profit from the real estate market, do not let a slow market scare you away from the potential to earn a bit of extra money and seriously increase your cash flow. There are ways around a slow market that will allow you to earn an income, even while the home sales in your area are low.
One of the best ways to make real money in real estate is to buy and fix distressed properties, or to "rescue" foreclosed properties from auction. Buying houses at such a discounted price means that you can fix them up and sell them under the market average and still make a tidy profit in the mix.
If you are not a handyman, and don't want to learn, you can still hire out the work on these properties, but be prepared for a much slimmer profit margin. Focus on the less expensive but more valuable repairs, and you will have yourself a saleable home in no time at all.
If you are looking for more than a quick fix of income, consider keeping the property on as a rental property or lease it out to tenants. A residential rental agreement can keep the cash flowing your way for years to come, and if you find yourself reliable tenants the income could be a steady thing for decades. If your tenants move, it is a perfectly simple procedure to touch up the house and re-rent it. If you play your cards right, one property becomes two or three, and soon you will be able to live on your real estate income alone.
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