Ways to make money and accumulate wealth in real estate in kenya
The goal of any investment is to make profits-huge amounts of profits. Accumulating wealth is not a walk in the park or overnight dream. It is a slow by slow process and not a quick one. There are different ways in which wealth can be accumulated, if invested in wisely with proper strategies, persistent and using the right systems. Real estate investment has high returns. Accumulating wealth through real estate requires knowing the process clearly because one mistake would cost you fortunes. It involves huge capital but entrepreneurs who start with little capital still make it through. With lots of effort and plan, the whole process eventually gets off the ground and investors make it. Here are some of the ways in which one can make it in Real Estate through.
- Through flipping
One of the ways to make quick money in real estate industry is through flipping. This is how it works; you buy a house, repair it and make renovations, hold it on for a short period of time then sell it. It is quick to fix kind of method. However, you need to be careful on this type of method because while buying a house you could underestimate the cost of repairing and this would probably lead to a loss or no fast client is you over value the house. Before buying, it is advisable to learn the market tactics and have in mind the buyers’ expectations too. That way, you can practice flipping of property in a safe way.
Investing in Real Estate: Why Real Estate is One of the Best Investments
- Rental Property Investment
There is different investment in real estate industry and rental property is one of them. This type of investment allows you to leverage long term buy and hold residential properties. One of the basic human need is shelter. With the current economy, people will have to work and be closer to where the opportunity is. This means that migration from one place to the other will always be there creating opportunities for rental investments. Among the other types of the real estate developments, rental investment surpasses them all because there is a steady generation of cash flow. You know that in every month, there is always some coins through rent.
- Crowdfunding
Real estate crowdfunding includes allowing enterprise to raise capital through individuals. It involves real estate developers and investors. Developers may identify opportunities and request individual investor to chip in, in terms of capital. It may be limited in terms of; not available to everyone. In exchange for their money, investors receive debt or equity in a development project and, in successful cases, monthly or quarterly distributions (Business Insider Africa).
- Agent/ Wholesaling
An agent is a middleman between the buyer and the seller. You could be the buyer’s agent or the sellers’ agent. An agent could work in terms of commission, that is get the property a buyer or the other way round; try look for specified type of property for your buyer. The amount they charge is the commission and this could accumulate to wealth easily. For wholesalers, they can get into a contract to buy a certain property but find an investor who is willing to pay more. The amount between the contract and the amount the investor pay extra is the wholesalers money. This could easily help one accumulate wealth.
Conclusion,
Accumulating wealth might take long but eventually you will get there. Real estate involves learning the market of property, gathering the experiences on the same. It is necessary to point out that persistence, determination and discipline keeps you in field too. You could also act as the person to lend money to real estate investors and harvest the profits through interest earned as well as buy shares from real estate related company. You could also get paid by being a property manager by starting your own property management company. Always remember Patience Pays.