Investing in real estate is often a smart move. It presents opportunities to diversify your portfolio, help you build long-term wealth, and provide a nest egg for retirement.
But there are so many ways to invest in real estate, and they’re not all right for everyone.
Are you considering getting into property investing — or continuing to broaden your real estate investments? Here are a few options, plus how to determine which methods might be right for you.
Vacant Land or Knock-Down Properties
This can be a great option if you find land at a good price — whether you want to develop the land yourself, get building approvals or think it will be in high demand with developers down the line. Be prepared to research local zoning regulations, building codes and other details to be sure you’re purchasing in the right area.
Investing in residential real estate can be smart to rent out short-term for vacationers or long-term for regular tenants. Multifamily properties allow you to rent out to several tenants simultaneously, but be sure you can handle the work and costs.
Are you the handy type? Fixer-uppers may be another option. These properties need a bit of work: You can update them, make repairs, and resell them for a profit. You can also pick up several of these at a time if you have the funds (and the contacts for getting renovations done quickly).
Commercial real estate may be something to consider, too, though it’s very different from residential. Strip malls, office buildings and warehouses fall under this umbrella.
No matter what kind of property you choose, it’s important to have a knowledgeable team on your side. Get in touch so we can work together to find the right investment for your goals. Team up with Michelle Mumoli today. Michelle has invested and resided in Jersey City for nearly 20 years and has extensive insight into the Jersey City real estate market and with all of its incredible neighborhoods, Michelle Mumoli will have you create a comprehensive media & marketing plan along with AI enabled distribution to get you the best eyes on your property and sell it in the most efficient time.