So you’re looking to buy an investment property in 2021. While it may seem as simple as purchasing and renting a home, there is actually a lot more to it.
That’s why we went to Michael Andrew Lauchlan to get his best strategies on buying a rental property deal in the next year. Lauchlan has an extensive history in Las Vegas real estate and is the perfect person to get insights from. Let’s get into it.
Don’t Write-Off House Flipping
While it may seem like a large investment, house-flipping can actually be very lucrative done right. Take a look at fixer-uppers in your area that can use a little TLC.
Because of the global pandemic, it is likely what you are able to find a decent property at a good price. Flipping a house gives you full control of the property, which means you can probably make a higher return on investment than expected.
Look at Commercial Real Estate
There are a lot of great advantages that come with commercial real estate. Because of the pandemic, there are tons of open commercial spaces looking for buyers.
However, things will eventually go back to normal. Buy a commercial space now and prepare it for future rentals – it can yield a high return in the long run.
Buying and Holding is Always Safe
The buy and hold strategy is where you buy a property and rent it out for a long time. I always recommend this to new property investors because it allows you to get a good scope of the industry.
This is a really stable form of investment, and with mortgages low right now, you can pay off your mortgage a lot faster.
Try Out AirBnb
Given that many people are working remotely in these times, setting up your rental property as an AirBnb can yield a high return. Short-term renters are less likely to damage the property and often have to pay a little more than if you were renting long-term.
Also, AirBnb does a great job at marketing your property for you – all you have to do is list photos and details. The rest is taken care of.