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Creating Additional Income
From Real Estate
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The beauty of real
estate as a field and industry is
that there are so many different way
to make a living from it. The rental
business is a great foundational
platform to launch other ancillary
services and profit centers. Your
existing housing business (rentals)
make an excellent platform from
which to launch a parallel business
opportunity.
For instance.
Suppose you want to make a go at
full-time real estate, but the 10
properties you currently own just
aren't enough to make a full-time go
at it. Couldn't you easily provide
your superb services of rental
preparation and perhaps maintenance
skills to other investors? Yes, you
could. By marketing yourself
cleverly as a rental preparation
expert you can save other investors
a lot of money and provide a
complimentary income stream for
yourself.
From here you could
expand into additional services
like:
- Land Trust
Trustee Services
- REO Repo
Cleanup
- New
Construction
Cleanup
- Eviction
Services
- Monthly
Maintenance/Service
Contracts
- Consulting
- Winterizing
and Property
Security
- Services on
vacant units,
etc.
Suppose, you're not
the hands-on type, couldn't you
start a home-based mortgage
brokering business. If you're a
detail, paperwork type of person
there's substantial money to be made
here. Perhaps, getting into
so-called "bad paper" or judgment
recovery is another option.
Let's not forget
professional title searching. Again,
you can get started in this business
working from both home and from the
courthouse, therefore, not needing
an office. While this is more like
buying a job, you can take this
valuable skill and begin to either
buy bad paper for literally pennies
on the dollar and recast it or buy
distressed properties loaded with
junk liens and with your title
expertise effectively--de-lien the
title (certain liens will expire),
thereby letting time clean the
title.
Let's not forget
buying and selling properties. The
two biggest opportunities here are
the Rent-to-Own / Installment Sales
house business. Or the wholesaling
game. Right now the wholesale game
is looking great because the
investment markets are flooded by
burned out stock investors. These
folks want good investments. As a
wholesaler you tie up the deals and
let others close in your place. The
profits are smaller, but it's faster
and cleaner.
The rent-to-own
house business is another great
opportunity because you as a
professional buyer set up base
financing with the seller and then
resell with your own custom credit
package, also know as
lease-purchase, land contract, or
RTO. There are thousands, no make
that, tens of thousands of folks who
need your custom credit deals to get
into a house. Best of all, most of
these properties can be sold in some
sort of fixer upper condition as
long as the major mechanical
problems are fixed. Get ten or
twenty installment deals going and
you'll see how good this can be.
Do you consider
yourself somewhat of a marketing
expert. Why not start a real estate
marketing consulting practice where
you help licensed agents and brokers
market their own business? A real
estate marketing specialist.
There are literally
dozens and dozens of small business
opportunities that you can start
with minimal cash investments. Find
something that interests you and get
started building another income
stream into your business. If you
are in the rental business look for
rental-related services you possibly
could add to your business mix. For
instance, if you just rent houses,
consider buying or building basic
garages. There's good potential
offering low-cost storage space. Did
you know you can buy distressed city
lots for $500 at tax sale? Then for
another $3,000 you can put up a
basic cement block garage. You can
typically rent these out for between
$75-200 per month! Not a bad ROI.
There are countless
opportunities with land, mobile
homes, paper, sales careers,
property management, maintenance,
consulting, furnished room and
apartment rentals, investor
services, and much more. Open your
mind to the idea of adding a new
twist or service to the business you
already have! |
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Foreclosure Process