Many people see the benefits of having a rental property so that they can make an extra profit. This is a viable option, as you have the right to buy a home and turn it into a rental property. If your state and local guidelines allow, you can make this happen. Below is more information about the varieties of investment properties, and why you should buy a home to rent or sell today. 

What Types of Investment Properties Are Available? 

In addition to investing in single-family homes, you can also invest in duplexes, multiplexes, or even houses that you want to fix up before putting them on the open market. Some people who are interested in investing in real estate even purchase parcels of land to sell to developers in the future. 

If you are concerned about becoming a landlord or taking on the risks of purchasing an investment property, talk with a real estate agent about the market trends, average sale prices, and areas to stay away from in your city. Remember that property management companies can take care of the day-to-day tasks involved with overseeing a rental property, allowing you to have more time for managing other tasks. 

Why Is Investment Property a Smart Idea?

Investment properties are a great idea for a long list of reasons, but primarily for your ability to earn a passive income. After you buy a home, you can rent it out for more than you pay for the mortgage, helping you to turn a profit and pad your monthly budget with an easy stream of income. 

Additionally, since land and property values tend to increase as time goes on, you could enjoy high profits from selling your rental property, land parcel, or multi-family unit down the road. 

If you want to buy a home, let our team here at Greenways Real Estate & Auction Inc help. For more than 60 years, our team of talented brokers has been helping buyers and sellers to manage their properties, making it easy for people to streamline complex transactions. Let us know how we can help you today by sending us a message online or by giving our office a call at (540) 962-1155.