If you are thinking of investing in real estate, you may be considering several different types of purchases. Here are a few types of real estate investment properties that could help you increase your residual income.
A large tract of land could be used for a multitude of purposes that can generate additional revenue. Some landowners use their property as camping sites, renting camping stations out to vacationers and casual campers. Additionally, the land can be offered as an event site. People hosting special events, such as weddings and team camps, could rent the area. Photographers may also be interested in renting particularly scenic areas for photoshoots. A set fee could be charged for a period of use.
If your land has a large amount of wildlife on it, hunters may also be interested in using the land to hunt. Likewise, land that has direct access to a large body of water may be rented to people interested in fishing.
If you enjoy taking vacations, you may be considering purchasing a vacation home that can double as a rental property. When you are not vacationing at the site, renters can pay you for the use of your home.
Be sure to choose a vacation property that is located in a high-demand area, such as a beach town or mountain area. Also, it is often best to purchase a property that has as many bedrooms and bathrooms as you can afford. The higher number of rooms allows more guests to rent the unit at once, and consequently, you can request a higher rental fee.
If you would like to lease a property to tenants, a duplex could be a great option. The cost of the investment is usually quite a bit lower than that required for a full set of apartments. However, you can still lease to tenants year-round.
To ensure that your space remains occupied, look for a duplex in a desirable part of the city. It can also be profitable to purchase a property that is near a local college. Students may prefer leasing from you to living in a dormitory.
A Storage Facility
It can also be profitable to place a storage facility on a tract of land. These types of facilities do not usually require large amounts of acreage. Nevertheless, you can receive steady rental fees from people who lease your storage units. Also, the cost of constructing a storage unit complex is typically much less than the cost of building a residential or commercial multi-unit complex that is occupied by regular tenants.
To see a list of potential investment properties for sale, schedule a consultation with a real estate professional in your local area. Ask them about the real estate in your area.