You have your investment property. Now, what are you going to do with it? This can be a tough decision, especially for the beginner. There are many reasons to do either, but if you’re new to investing, you can be left confused rather quickly with this next step.
“Should I flip or rent my investment property?”
Successful real estate investing is not simply about holding out for the perfect profitable opportunity. If you’re sitting on a premium rel estate property, simply weighing your options against flipping a property and renting property, well, these answers are found by researching the market.
The seasoned investor usually has a good sense of what to do with a property they have just purchased, this is more of a starting point to lay the groundwork. Which reminders we’ve included in this blog, hopefully you too, can become successful through house flipping, managing rental homes, or just being a full time real estate investor.
Well, do you want to keep your day job?
1) Define your goals.
If you’re already working full-time, but want to invest, where do you start?
You need to start by figuring out your goals. Is this just a one-time thing, or do you want to end up in a position where you’re able to quit your day job and gain a passive income? You need to get to the core of how far you want to take your potential investing career. If you’re currently working, and want to get started but don’t know where or how to start, New western is a great launching pad.
Personally, since you’re already working a full-time job, you may want to consider beginning your investing ventures with a rental property. It’s easier and takes much less time to manage compared to flipping. It can also allow you to use your current income to gain more properties, whereas getting a loan can be difficult without a job. This is, of course, a matter of opinion, but if you want to get your feet wet before jumping in, this may be your place to start.
Renting your investment property: it’s only the beginning.
1) You’re not stuck.
Just because you chose to invest into a rental, doesn’t mean you are now doomed to be a property manager for life, in fact, it’s quite easy to hire a property manager if you work the numbers before you purchase. Renting a property out generates a passive income, you will not earn as much, as quick, as house flipping, but it’s a permanent income.
2) Be confident.
Once you have been in the business a while you’ll be able to purchase other homes with the cash flow brought in from your rental property. This is where your business can take off. The cash you earn from your rental property can lead to making the next moves in your REI career. It doesn’t stop with renting; you’ve gained the knowledge and capital to begin investing into flipping homes now, if your heart desires. Flipping homes has the potential to make a quick profit, which can help you gain more properties and sail you away into real estate bliss.
3) It’s Both.
In short, there is no one answer as whether to rent or flip your rel estate investment properties., The short, yet not-so-simple choice, is to do both. New Western, gives you the tools and information necessary to bring the novice investor to a full-time REI champion. Don’t have an investment property? You can get started now with a personalized property list from New Western.
A profitable ROI that’s more than just wishful thinking.
New Western is all about giving you a head start on a fantastic profit. New Western’s investment properties are all pre-screened to provide a high ARV, and since our properties aren’t even made public on the MLS, you’ll have exclusive access to deep discounts before anyone else.
Invest in a premium, off-market New Western investment property, and you’ll see a significant ROI. It all starts with a New Western property search, and you can start yours right here!
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